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.
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