Stock Market Watch: ASI Sheds 9 Points, AMCON Boss Promises Market Rally

The Nigerian Stock Market tumbled in trading yesterday as the ASI shed 9 points to close at 20,103.22. Dr. Mustapa Chike Obi, Amcon Boss, has urged Nigerians to take positions in the undervalued market now. He stated this at the opening session of the Capital Investors Conference organized by First Bank in Lagos yesterday. He stated that AMCON will also do their best to sustain a recovery by trading the securities they have in their possession as a result of the NPL recovery process, although he did caution for investors to have a long term outlook.

The Insurance sector was buoyed by upticks in Continental Reinsurance and Guaranty Trust Assurance as the companies gained 460 and 333 points respectively. Goldlink Insurance was down 185 points.

Across the banking sector, virtually all the top-tiers excluding GTBank recorded appreciation, UBA (+4.13%), Zenith (0.78%), and First Bank (0.42%). GTbank dipped by a marginal 49 points.

Access, Diamond, Skye, Sterling and FCMB also saw price appreciation gaining 103, 274, 116, 455 and 306 points respectively.

Fidelity and Ecobank shed the most points in the sector today losing 490 and 388 points respectively.

The consumer goods sector was predominantly bearish today. Cadbury lost 4.98% of its company stock. Similarly Dangote Flour, Nigeria Breweries, Dangote Sugar, and Nestle sustained losses of 1.68%, 1.84%, 0.21%, and 0.37% to the value of their stock.

PZ and Honeywell Flour Mills appreciated marginally by 87 and 35 points apiece.

Across the infrastructure space, Cement Company of Northern Nigeria (CCNN) was up 4.43%, EVEN AS Lafarge shed 8 basis points.

Forte Oil led the oil and gas sector with an appreciation of 494 points. In the last one month, this company’s stock has appreciated over 70%.

The 5 leaders in the market yesterday were ETI (+4.99%), Forte oil (+4.94%), Continental Insurance (+4.6%), Fidson (+4.59%), and Sterling (+4.55%).

Over 129 Million shares valued at N 1.02 Billion exchanged hands amongst investors yesterday.