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Nigerian Stock Exchange Watch: Bearish Sentiments Prevail, Dangote Flour (+4.91%) Still Upbeat

By on May 15, 2012

The Bears dominated the market today forcing the market to retreat 58 basis points as the All Share Index closed at 22,422.43.

The banking sub-sector was entirely virtually in the red with the exception of Unity Bank (+1.96%).  Top tiers First Bank (-4.23%), GTBank (-2.34%) and UBA (-2.5%) experienced extreme selling pressure, even as Zenith closed flat due to respite in the form of last minute BUY transactions.

The Consumer Goods sector saw Nigerian Breweries (0.02%) rise marginally. Dangote Flour (+4.91%) continued its takeover rumors driven ascent. Cadbury (+4.67%), Dangote Sugar (+1.01%), and Honeywell (+1.81%) also closed in the green.

Presco (+4.95%) led the entire market in price appreciation and was also ahead of the Agriculture sector.

Law Union & Rock (+4%) led the Insurance sub sector in gains. Also in the green were GTAssure (+2.58%), and Goldlink (+3.64%).

The market capitalization of the bourse stands at N 7.15 trillion ($45 bn), and the year-to-date performance is currently +8.16%.

 

Market @ a Glance:

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