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Nigerian Stock Exchange Watch: Bearish Sentiments Prevail on ASI (-0.32%)

By Afolabi Ogunde on May 21, 2012

Bearish Sentiments prevailed across the entire Stock Exchange as the All Share Index dropped 0.32% to close at 22,309.61.

The top-tier banks, UBA (+4.25%), First Bank (+0.86%), GTBank (+0.31%), Access (+0.29%) all recorded positive uptick with the exception of Zenith Bank which traded flat today.

The story was quite different across the rest of the banking sub-sector as virtually all the mid-tier banks recorded negative price appreciation. Stanbic (-3.81%), Fidelity (-3.03%), FCMB (-4.87%), Union (-4.89%), Diamond (-1.82%) and Skye (-0.31%) were just some of the banks that closed in the red.

The consumer goods sector was led by Dangote Sugar (+5%). Cadbury (+0.63%) and Nigerian Breweries (+0.06%) recorded slight price appreciation.

On the flipside Guinness (-5%), Dangote Flour (-4.91%) and Honeywell (-4.21%) saw significant price depreciation over the day’s trading.

The Insurance sub-sector saw Goldlink (+3.64%) firm up on a significant block trade. GTAssure (+2.52%) was also up in the day’s trading.

The Oil and Gas sector was predominantly bearish with Eterna (-4.94%), Total (-4.99%) and Oando (-0.66%) shedding points. Forte Oil (+0.53%) gained marginally.

The volume of stocks traded, 191 million units was 32% less than the previous day. However the value did increase 3.64% at N 2.28 billion.

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