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Nigerian Stock Exchange Watch: ASI (-0.1%) Dips Marginally, Dangote Flour (+4.95%) on Bull Run

By Afolabi Ogunde on May 10, 2012

Now is a good time to envy investors holding Dangote Flour shares. The company’s stock is up 16% this week alone propelled by rumors Tiger Brands of South Africa is planning to make some sort of investment or acquisition in the company. Alhaji Aliko Dangote confirmed the rumors himself today at the World Economic Forum in Ethiopia.
“We are actually trying to have a partnership between us and Tiger Brands,” he said. “We believe they are much better than us in terms of the retail business.”

The All Share Index closed down by ten basis points settling at 22,511.30.

The banking sub-sector was pre=dominantly skewed towards the sell side as heavy hitters GTBank (-1.21%), Zenith (-1.19%) and UBA (-4.97%) shed points in the days trading. Skye (-1.37%), Fidelity (-2.21%), Diamond (-0.99%), and Stanbic (-4.35%) were also on the decline.

Access (+2.15%), First Bank (+1.56%), FCMB (+0.19%) and Sterling (+0.74%) were the participants closing in positive territory.

CCNN (+4%) led the Infrastructure sector. Lafarge (-0.13%), Berger Paints (-4.95%) and Portland Paints (-5%) closed in negative territory.

Dangote subsidiaries led the Food and Beverages sub-sector, with Dangote Flour (+4.95%), Dangote Sugar (+0.56%) and NASCON (+2.08%). Cadbury (+4.76%) and Flour Mills (+1.64%) also performed well.

Over 330 million shares valued at N 2.38 billion traded today on the floor.

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