Courtesy of Meristem Securities, here is the brief summary of the activities on the Nigerian Stock Exchange for the week ended Friday October 17th:

1. Low dealer and investors’ participation, loss of market confidence and massive bears runs further drove down equity prices into the red.
2. Shares remain extremely on offer all week through with no bid volume to match the quantum of offer.
3. Driven by unknown vigour, the shares of SPRINGBANK PLC defiled market forces keeping its head high up on bid.
4. As market participants watch with frail certainty and hope for a quick revival, market indicators continue to dip day by day.
5. Virtually all stocks were on offer and most trades executed were largely cross deals.
6. Total volume declined 50 percent for the week as 1.01 million shares valued at N7.56 billion (down by 42 percent) executed in 26,395 (plunged 22 percent) in contrast to 2.03 billion shares valued at N13.00 billion (US$110 million) transacted in 34,233 deals previous week.
7. Number of gainers fluctuated between 1 to 2 throughout the week while, Thursday saw the advancers’ camp completely deserted as the bears took control of activities.
8. Consequently, MULTIVERSE closed the week as the only stock on the gainers’ table. MULTIVERSE surged 2 kobo to N2.09k on Friday.
9. 22 stocks remained flat, without movement. On the flip side, where the bears have been so active, 92 stocks depreciated in price.
10. CHEVRON led the losers’ table sliding N3.94k to N390.06k. MOBIL followed, slumping by N3.52k to N348.62k and TOTAL dipped N2.43k to N241.56k.
    SPRINGBANK (188 million units) was the only stock on bid throughout the week, drove the banking sector to emerge as the most active sector. Investors exchanged stake in a total of 515 million shares worth over N5.86 billion (USD$49.24 million) in 14,940 deals. Ranking second, the insurance sector boosted by huge transaction in the shares of IAINSURE PLC representing 37 percent of sector’s turnover.
11. The insurance sector traded over 290 million valued N470.98 million (USD$3.96 million) in 2,349 trades.
12. Trailing behind the insurance sector and ranking third is the Conglomerate sector with 34 million shares transacted in 604 trades valued at N34.75.
13. Prestige Assurance Plc released its un-audited Q3’08 results for the period ended August 30. University Press Plc and Nigerian Energy Sector Fund both made public their results for their respective periods end.
14. Sequel to the change of the accounting year end of Nigerian Enamelware Plc from September 30 to April 30, the company declared its 7 months audited account for the period ended April 30, 2008 on the floor of the Exchange on Friday October 17, 2008. The Company’s Board recommended a dividend of 60 kobo per share and a bonus issue of 1 for 5. Closure date is scheduled for November 13 to 27, 2008.
15. DN Meyer Plc, Beta Glass Plc, Law Union & Rock Insurance Plc, and Livestock Feeds Plc both made public their forecast profit & loss accounts for their respective period end. JOHNHOLT Plc and OASIS Insurance Plc also released their forecast profit and loss accounts.
16. The shares of ECOBANK PLC which was on August 19, 2008 placed on full trading suspension, was during the trading week lifted off the full suspension although still on technical suspension on conclusion of a one for three (1 for 3) shares reconstruction exercise. The share price was therefore adjusted to N27.96k.
17. The share prices of Roads Plc and Cornerstone Insurance Plc were both adjusted for a dividend of 30 kobo and 3 kobo per share respectively.