The banking sector was on the upbeat this week as participants took positions in anticipation of FY results, leading to a rally in the prices of all but three stocks in the sector. GTBank lost less than 1.0% cumulatively, as demand hovered between N14.00 and N14.30, while Union Bank also lost 5.0% this week. On the flip side, robust demand for UBA during daily sessions resulted in a 25.9% gain this week, while First Bank and Skye Bank also moved up by 14.4% and 13.0% respectively.

Profit taking trimmed off marginal points from Eterna Oil this week, while bearish sentiments also shaved off 8.3% and 9.8% cumulatively from Forte Oil and Conoil respectively. On the other hand, Oando rallied with a 9.6% cumulative gain this week.

The building materials sector however went fully to the bears this week, with Lafarge Wapco shedding over 7.0% and closing the week at N40.80, its lowest price this year. Dangote Cement, CCNN and Ashaka Cement also lost 4.7%, 2.3% and 1.9% respectively.

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Source: Afrinvest