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Nigerian Stock Exchange Watch: Dangote Cement (+3.42%) and Nigerian Breweries (+4.17%) Lift Bourse from Slump

By Afolabi Ogunde on June 11, 2012

The stock market snapped out of a 9 day consecutive slump due to impressive performance recorded by two of the Exchange’s most capitalized companies, Dangote Cement and Nigerian Breweries.

The banking sub-sector was relatively quiet, Access (3.65%) led the performance of the banking sub-index (+0.15%). Adding to the positive performance, GTBank (+0.6%) and UBA (+0.54%) recorded marginal upticks.

The consumer goods sub-index was up 1.53% largely due to the big gain in Nigerian Breweries (+4.17%). Dangote Sugar (+0.28%) was also up, however Dangote Flour (-4.92%) shed points as investor appetite for the stock was not robust in today’s trading.

Wapic Insurance (+3.45%) and Law Union & Rock (+3.85%) led the Insurance sub-sector’s performance. However losses in GTAssure (-0.71%) and Custodian (-4.97%) led to a drop of 0.91% in the sub-index.

The Oil and Gas sector was p 0.39% spurred by gains in Oando (+1.86%). Forte Oil (-4.21%) and Eterna (-4.79%) shed points.

Gainers Chart