Nigerian Stock Exchange Watch: Banking Sub-Sector On a Roll, ASI Up 0.34%

Unrelenting demand for undervalued banking stocks saw the bourse edge up 0.34% as the All Share Index closed at 20,495.92.

All the major sub-indices were up today including Banking (+1.59%), Insurance (+1.03%), Oil and Gas (+0.33%) and Food Beverages and Tobacco (+0.01%).

Market capitalization increased by N 22 billion to close at N 6.46 trillion.

UBA continued to consolidate on its gains as investors continued to show heightened interest in acquiring the stock . UBA was up 4.85% bringing its gains this week to above 25% and in the fortnight to above 40%.

First Bank and Skye Bank were up 14.4% and 13% in that order.

Across the Food and Beverages sub-indice, NASCON (+4.96%), Flour Mills (+4.89%) and Cadbury (+2.11%) had a bullish outlook. Honeywell (-4.95%) and Dangote Flour (-4.97%) imposed a negative weight on the category.

The Insurance sub-indice was relatively quiet today, with Custodian (+4.61%) picking up a few points, GTAssure (+2.22%) was also up. Goldlink (-4.92%) recorded the only price appreciation.

Oando (+1.11%) recently awarded the best indigenous Oil and Gas company was resilient in its upward surge in today’s trading, whilst Eterna (-4.85%) was down.

Today’s top 5 performers included:

The top 5 stocks trailing the market today were:

Activity chart was dominated again by UBA, other major players included: