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Courtesy of Afrinvest, Stanbic IBTC, FSDH, Lead Capital, here is the summary of the NSE activities for the week ended September 16th 2011:
- The NSE All-Share Index inched up by 1 basis point this week.
- Bearish sentiments in the banking sector were skewed mainly to top-tier banks this week. Unrelenting sell side pressure during the week sent First Bank to its lowest value in 12 months, closing at N10.00 on Thursday. The stock also generated interest from bargain hunters, curbing the cumulative loss to a 2.4% drop. GTBank similarly had a volatile week, though re-entries also curbed its loss to a 1.9% dip. On the flip side, bullish sentiments resulted in a 16.0% cumulative gain for Unity Bank, while UBA and Ecobank also closed the week with cumulative gains of 3.8% and 5.5% respectively.
- Sentiments were mixed in the breweries sector this week, with NB recording a 9.2% mark-up in price, as strong demand for the stock was sustained throughout the week. On the other hand, Guinness lost 3.5% finding support at the N220.00 price band.
- The food and beverages sector went to the bears this week, with only two companies recording gains in the sector. Nascon and 7-Up inched up with gains of 7.0% and 0.3% respectively, while bearish sentiments shaved off points ranging from 2.1% to 15.2% in Dangote Flour, Dangote Sugar, Cadbury and Honeywell Flour.
The Monetary Policy Committee (MPC) of the CBN met on the 19th of September 2011 to review the current domestic and international economic and financial developments, including challenges facing the Nigerian economy in the near term. At the conclusion of the meeting, the MPC raised the benchmark rate by 50bps to 9.25% and maintained the CRR at 4.0%.
Here is an excerpts from the meeting communique:
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