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Nigeria Stock Exchange Watch: ASI Gains +0.4% as Banks Reverse Losses

By Afolabi Ogunde on October 29, 2012

The All Share Index gained 0.4% as banking sector stocks reversed on the losses they sustained in last weeks trading.

Demand for bank stocks soared as Zenith (+2.86%), Stanbic (+0%), GTBank (+0.5%) and UBA (+3.13%) traded volumes in excess of 58 million, 23 million, 20 million and 16 million units respectively.

On the flip side Access (-0.11%), Fidelity (-3.65%), FCMB (-2.34%), and Wema (-3.13%) all shed points in the days trading.

Unity Bank (+4.62%) and Sterling Bank (+4.38%) led the sector in terms of share price appreciation.

Across the breweries sub-sector, International Breweries (+2.03%) and Nigerian Breweries (+0.7%) gained, whilst the rest of the sub-sector remained flat.

The rest of the market was relatively quiet with a few price surges here and there such as CAP Plc (+4.26%), Eterna (+4.29%), Vitafoam (+4.86%) and Cutix (+4.52%).

The year-to-date performance of the index stands at 30.16% and the market capitalization is N8.598 trillion.