Stock Market Watch: Dangote Carries the Index to the Green

Dangote Cement gained the full 500 points allowed and carried the market on its back to close in the green after today’s trading. The All Share Index was up 0.76% to close at 20,773.98.

The Food and Beverages sub-sector was on the upbeat today with Flour Mills (+4.98%) leading the gainers, Dangote Flour (4.17%) followed suit and finally Dangote Sugar (1.05%).

The Breweries sub-sector was bearish as activities of profit takers continue to send the share price of Nigerian Breweries spiraling down. The stock lost the full 500 points in trading today.

The Banking sector was predominantly bearish in the session today. Top tiers UBA and First Bank shed 5% and 1.67%. Skye Diamond and Sterling were all down, losing 4.92%, 4.90% and 4.55% of their value respectively.

On the flip side Ecobank recorded a brisk performance, gaining the full 5% allowed. Top-tier Zenith was also up 3.42%.

The Insurance sub-sector was bullish in performance today. Goldlink (+4.92%), Custodian (+4.78%) and NEM (+4%). Continental Re lost 4.35% of its value today.

The Oil and Gas sub-sector was wholly bearish with Forte Oil losing 4.99%, Eterna losing 4.41% and Oando shedding 2.33%.

Over 300 million shares valued at approximately N 1.4 billion traded today.