How Nigerian stocks performed today (23/3/2015)

The Nigerian stock exchange on the first trading day of the week sustained the northward move seen at the last session, despite Standard and Poor’s credit ratings downgrade to B+. The benchmark index appreciated by 58bps to return 29,505.47 with 3,271 deals. All sub-sectors monitored by the NSE moved in positive direction except NSECNSM, while NSEIND led the gainers’ chart on the back of gains recorded by Wapco (4.48%) and Dangcem (0.20%)

ASI year-to-date currently stands at -12.92% as market capitalization adds N58Bn to return 9.846Trillion. At the close of today’s session, 26 Stocks advanced relative to 19 decliners while 52 remained unchanged. Top in the positive territory are FO (N196.98), WAPCO (N84.00) and GUINESS (N129.00) while NESTLE (N820.00), CAP (N34.00) and CADBURY (39.23) were top in the negative territory.

FCMB and Wema Bank released their FY results for the period ended 31st December, 2014. PAT of N22.13Bn and N2.37Bn represents an appreciation of 38% and 49% respectively from the prior period. FCMB has proposed a dividend of 25kobo per share.

The trader doubts the sustainability of this positive trend as Saturday’s presidential election draws near. Source: CSL