Monday, April 24, 2017 4:22:04 PM- Nigerian Stock Exchange.



  What happened in the stock market today?

      

Dec 8 (Lagos) - Dangote Cement Plc ( DANGCEM ) stock price rose by 1.16% which pushed the All Stock Index of the Nigerian Stock Market higher by 0.25%.



In the Oil and Gas sector FO gained 10% and OANDO gained 3.15% but heavyweights TOTAL (-10%) and MOBIL (-5%) fell offering buying opportunities. TOTAL recently paid its dividend while MOBIL is going through acquisition in which its shares are priced more than 38% higher than its current trading price. In a more developed stock exchange environment this stock would have already reached the price levels of the deal unless we are missing out on something here. 



Food manufacturing Companies rallied today with HONYFLOUR up 9.28%, UACN up 2.48%  and FLOURMILL up 1.04%. All these stocks are so beaten down over the year that todays gain wont even put a small smile on their shareholders faces.



Among brewery stocks NB declined 0.32%, GUINNESS declined 1.07% and INTBREW declined 5%. Shareholders of these Companies will need a lot more than just a beer to feel good about owning the stock over the past year. 



Insurance stocks continued to disappoint even gains in AIICO +3.51% and MANSARD 0.61 will do nothing to console their shareholders after the beating they have taken over the past year. 



Banks also continued to get beaten up today with ACCESS down 0.91%, DIAMONDBNK down 2.35%, ETI down 2.34%, FCMB down 1.92%, FIDELITYBK down 1.18%, STANBIC down 3.45%, STERLNBANK down 1.43%. 



The Banks that rose today were ZENITHBANK up 1.75%, First Bank FBNH up 3.22%, GUARANTY 0.39% and UBA up 1.16 at the exchange. 



So it was the big banks that rose today and all new generation bank shareholders got pounded which is something they have endured all year long. 



The Naira declined to 485 to 1 US Dollar in the parallel market. The weak Naira is eroding confidence in Nigerian companies in front of international investors. 




reporting for easykobo.com on Thursday, Dec 8 2016 from Lagos, Nigeria 




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