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Nigerian Stock Exchange Watch: Market Dips 0.31%, Dangote Stocks Drive Bourse Performance

By Afolabi Ogunde on May 14, 2012

The Nigerian Stock Exchange dipped in today’s trading shedding 0.31% on the back of a bearish outing by the highly capitalized participants. Names such as First Bank (-1.77%), Zenith (-0.27%), Nigerian Breweries (-0.01%), and Dangote Cement (0.00%) were either in negative territory or neutral.

Dangote Cement’s Corporate Action of Bonus Shares in the proportion of 1 for every 10 held also helped to skew the market towards the red.

The Agriculture sector was bullish as Presco (+4.98%), Okomu (+4.97%) and Livestock (+4.17%) all recorded sharp price appreciation. Presco recently released results that reported net income at N 1.6 billion in its Q1, 2012 earnings.

Across the banking sub-sector, only 4 participants recorded price appreciation. UBA (+4.99%), Skye (+4.48%), Access (+2.54%) and Diamond (+1.01%) all closed in positive territory. On the flip side Fidelity (-1.5%), Stanbic (-1.06%), Sterling (-1.58%) and Union (-4.81%) all closed in the red.

The construction sector was pretty upbeat as Ashaka (+4.96%), Berger Paints (+4.98), Paints & Coats (4.76%), and Julius Berger (+2.96%) all saw price appreciation.

The Food and Beverages sector was led by Dangote subsidiaries Nascon (+5%), Dangote Flour (+4.99%) and Dangote Sugar (+4.76%). On the flip, Nestle (-2.26%) and Honeywell (-1.78%) shed points in the days trading.

The All Share Index closed at 22,552.46.

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