Nigerian Stock Exchange Watch: All Eyes on Banks

The Nigerian Stock Market reversed on yesterday’s losses to post a gain of 0.56% today. The All Share Index settled up at 20,426.21 even as the market capitalization swelled to N6.43 trillion.

The banking sub-sector continues to post miraculous returns even as UBA (+4.61%) appears to be walking on water. UBA is up nearly 40% in just over two weeks.

Skye Bank led the sub sector up by 4.99%, other significant gainers included First Bank (+4.96%), Zenith (+4.96%), and Diamond (+4.17%).

Also recording gains in the banking sub-indice were Sterling (+3.96%), FCMB (+3.57%), Stanbic (+1.54), Access (+1.31%), and Fidelity (+1.46%).

GTBank was the only loser today recording a drop of less than 1%.

Across the infrastructure sector, Lafarge (-4.23%) heaped on yesterday’s losses, whilst Ashaka (+2.44%) added.

The Food and Beverages sub-sector saw NASCON (+4.93%) rise, along with Dangote Flour (+1.37%).

Cadbury (-0.11%), Dangote Sugar (-0.79%), Honeywell (-4.72%), and Nestle (-4.76%) all recorded losses.

The Insurance sub-sector saw GTAssure (+4.65%), Custodian (+4.83%) and Goldlink (+3.39%) perform above par.

Prestige (+2.35%), and Sovereign Trust (+0.52%) also closed in the green.

Today’s top movers were:

Leading the loser’s chart were:

 

The banking sector dominated the activity chart with the exception of  two mentions: