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Nigerian Stock Exchange Watch: ASI Downturn Sustained by Price Fall in Dangote Cement (-5%) and Nigerian Breweries (-1.19%)

By Afolabi Ogunde on June 6, 2012

The All Share Index shed 115 points in today’s trading largely due to a price drop in the bourse’s most capitalized stock, Dangote Cement (-5%). Another notable price drop was Nigerian Breweries (-1.19%).

The banking sub-sector saw the top tier banks recover from previous day losses as Zenith (+4.48%), Access (+3.04%), GTBank (+1.82%) and First Bank (+0.18%).

Sterling (+1.74%) and Stanbic (+0.17%) also saw positive price movement. On the flip side Skye (-2.08%), Diamond (-1.24%), UBA (-2.14%) and Fidelity (-3.23%) all shed points.

NASCON (+3.20%) led the consumer goods sector even as this space was relatively quiet. Price fall in Cadbury (-0.97), and Nigerian Breweries (-1.19%) caused the sub-indice to shed 50 basis points.

Across the Insurance sub-sector Continental Re appreciated (+2.82%) after posting strong Q1, 2012 results.

GTAssure (-4.52%), and Custodian (-1.82%) shed points in the day’s trading causing the sub-indice to retreat 113 points.

The YTD performance of the bourse stands at 3.15% and the market capitalization is N 6.8 trillion.

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