By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Conoil Plc operating on the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) lost five percent (5.0%) for the week ending Friday March 02 2012 as Oando Plc and Eternaoil Plc rally by 21. 5% and 4.6% respectively.
According to a weekly Report by Afrinvest, to record the Loss, Conoil closed the week at N24.01 compared to N25.27 it closed at last week indicating a loss of 5.0% in the review period.
On the other hand, Oando rallied with a 21.5% cumulative gain this week when it closed at a price of N24.43 compared to N20.11 the previous week while other companies in the sector recorded no change this week.
On the weekly trading summary, Afrinvest affirms that Profit taking during the week shaved off over 7.4% from First Bank this week; a shift in sentiment at the end of the week is however likely to reverse the losses next week. Bearish sentiments also trimmed off 14.2% from Union Bank with the possibility of further losses next week.
On the other hand, UBA recorded maximum points all week closing with cumulative gains of 25.2%.
Also, Bearish sentiments in the Breweries Sector this week led to losses for all Companies in the sector; International Breweries lost marginal points, while Guinness and NB shed 5.4% and 5.1% respectively.