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Nigeria Stock Exchange Watch: Market crosses 22,000 psychological mark

By Afolabi Ogunde on July 5, 2012

The All Share Index gained 0.54% today as the banking sector continued to rally and recover lost ground from the price lull induced by the uncertainty in the sector.

10 out of 11 banking stocks climbed with Zenith Bank (-3.7%) being the only loser in the day’s trading. Access (+4.48%), First Bank (+1.36%), GTBank (+1.13%), and UBA (+1.5%) being the top banks all gained in price movement today.

Notable mentions were FCMB (+4.49%), Fidelity (+4.88%), and Sterling (+4.27%) as they all gained close to maximum points allowed.

Skye (+3.10%) and Stanbic (+3.23) also performed well.

The Consumer Goods sector was lifted by a 5% gain in Nestle. Dangote Flour (+4.87%) continues to outperform based on the acquisition announcement concerning Tiger Brands of South Africa.

Cadbury (+1.99%) and Honeywell (+3.5%) also finished in the green.

Law Union & Rock (+2%), Continental Re (+1.32%%), Goldlink (+3.85%), and Niger Insrance (+3.51%) helped the Insurance sub-index gain 0.4%.

The market closed at 22,049.30 bringing the year-to-date return to 6.36%.

Gainers Chart