Naija Lo Wa

Courtesy of FSDH, Lead Capital, and Afrinvest, here are the NSE statistics for the week ended Friday, October 22nd:

-  The market caved into bearish sentiments mid-week however a spike on Friday curbed the downward trend, as the NSE All-Share Index subsequently lost 39bps closing at 24,978.70.
-  Profit taking in the banking sector sent most mid-tier banks tumbling this week, Access Bank, FCMB, Stanbic IBTC and Skye Bank all shed points ranging from 0.2% to 8.0%, top-tier banks were not spared either, however, bullish sentiments on Friday had most of the top-tier banks recording varied gains; First Bank and GTBank inched up with gains of 2.9% and 3.4%respectively, while UBA and Zenith Bank both gained marginal points. The rally on Oceanic Bank remained strong all week resulting in a 25.5% gain. Sentiments in the market indicate that the rally could continue into mid-next week before profit taking starts.
-  The food and beverages sector went to the bears this week. Profit taking trimmed off less than 1.0% from Dangote Flour while Dangote Sugar shed 1.2%, Cadbury also lost 12.1%. On the flip side Honeywell Flour and 7up bagged gains of 7.5% and 5.0% respectively.
-  In the same vein bearish sentiments trimmed off 1.4% an 2.8% from International Breweries and Guinness this week, while NB lost marginal points.