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Nigerian Stock Exchange Watch: ASI (-0.76%) Performance Plagued by Profit-Takers

By Afolabi Ogunde on June 21, 2012

The All Share Index shed 0.76% in today’s trading on the back of a bearish market with the activities of profit takers serving as a catalyst.

The banking sub-index fell 2.10% as Access (-4.42%), GTBank (-4.46%), UBA (-3.02%) and Zenith (-1.65%) all took price cuts against previous day gains. First Bank (+0.55%) was the only banking sub-sector participant in the green, albeit with a marginal uptick.

Sterling (+0.88%) and FCMB (+0.32%) were the only other participants to record price appreciation.

The Consumer Goods sector was also bearish as the sub-index dropped 0.47% due to price dips in Guinness (-3.12%), Cadbury (-2.21%), 7UP (-4.14%) and Dangote Sugar (-0.26%).

On the flip side, Nigerian Breweries (+0.5%) and Unilever (+0.83%) recorded marginal price appreciation.

The Insurance sub-sector was the only sub-index to gain in trading today, advancing by 1.61%. The performance was fueled by positive price movement in GTAssure (+4.48%), and Custodain (+4.67%). WAPIC (-4.94%) and Goldlink (-3.51%) ended the session in the red.

The volume (240 million) of shares traded today increased 45% over yesterday. The total value of shares traded was N 1.4 billion and represents an increase of 18.4% over yesterday’s performance.

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