<blockquote>Equity Market Review & Outlook
+ The Nigerian equity market closed the week in bearish territory, despite a marginal rally on the last trading day. Consequently, the  benchmark Index shed 176bps, while the average value of transactions for the week rose by 45.2%, relative to the previous week.
+ We expect equity market activities to remain flat this week as attractive rates in money and fixed income markets will lure investors from this market, despite anticipation that the release of results this week will boost the level of activities.

Money Market Review & Outlook
+  A hike in the MPR last week led to corresponding hikes in money market rates across board. A dearth of liquidity within the system saw rates skyrocket during the week, with slight moderation on Friday as proceeds from AMCON bond sales to the tune of N450.0bn were credited into the system.
+ We expect a decline in system liquidity this week on the back of an upcoming bond auction. Interbank rates should adjust upward by the end of the week, as liquidity within the system eases out.

Foreign Exchange Market Review & Outlook
+ Demand for the Dollar at the official market stood at US$1.3bn, 93.8% higher than the US$685.4m on demand at the single auction in the previous week. The CBN’s offer of US$400.0m at Monday’s auction was 45.7% short of the US$736.9m on demand, depreciating the Naira by 151k to close at N156.91/US$1.00.
+ We expect to see a slight depreciation in the Naira this week at the official market, with an appreciation at the interbank segment. We also expect the CBN to help ease supply gaps for the Greenback at the interbank, in a bid to limit the growing premium between markets.

Bond Market Review & Outlook
+ The 275bps hike in the MPR to 12.0% last week saw yields in the bond market adjust upwards by at least 300bps apiece on all securities at the end of the week. Although inflation for September came in at 10.3%, 100bps above the 9.3% reported for August 2011, these instruments will continue to generate real returns for investors based on current yields.
+ Despite an inflow of N450.0bn from the sale of AMCON bonds by certain banks late last week, liquidity is expected to tighten slightly this week on account of T-bills and bond auctions. This may lead to a further increase in yields, albeit marginally.</blockquote>

[download id="1162"].
[download id="1163"].
[download id="1164"].

Week Ended October 7th:
[download id="1165"].
[download id="1166"]

Week Ended September 30th:
[download id="1167"].
[download id="1168"].
[download id="1169"].
[download id="1170"]

Week Ended September 23rd:
[download id="1171"].
[download id="1172"].
[download id="1173"].
[download id="1174"]

- 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.

Here is the summary of the Nigerian Stock Exchange for the week ended August 5th 2011 (reports and summary for the last week will be posted soon).

+ The NSE All-Share Index lost 180 bps cumulatively this week.
+ Bearish sentiments were prevalent in the banking sector this week depleting previous gains recorded. Participants however appeared to favour Oceanic Bank on the back of merger news with ETI and speculative trades led to a 19.8% cumulative gain for the stock this week. On the flip side, rescued banks Unity Bank, Afribank and Intercontinental Bank recorded losses ranging from 11.6% to 18.6%.
+ Marginal gains was recorded by two companies in the building materials sector this week, institutional purchases during the week took Ashaka Cement into positive territory with a 2.3% gain, while a hold back on offers and subsequent upward review of Lafarge Wapco prices also led to a 1.1% mark-up. Dangote Cement was quiet during the week with average daily volumes of about 100,000 units and price hovering between N118.00-N120.00.
+ In the breweries sector, bullish sentiments during the week firmed up the prices of Guinness and NB, they however also attracted investors seeking to exit positions. They both bagged cumulative gains in excess of 3.0% at the close of the week.

And here are the stats:

Here are the NSE reports  (from Afrinvest, FSDH, IBTC, and Lead Capital) for the week ended August 5th 2011.

[download id="1123"].

[download id="1124"].

[download id="1125"].

[download id="1126"].

[download id="1127"]

Here are the reports for the week ended July 29th 2011:

[download id="1128"].

[download id="1129"]

Here are the reports for the week ended July 22nd 2011:

[download id="1130"].

[download id="1131"].

[download id="1132"]

[download id="1085"].

[download id="1086"].

[download id="1087"].

[download id="1088"].

[download id="1089"].

[download id="1090"].

[download id="1091"].

[download id="1092"].

[download id="1093"]

- Economic expansion to continue and will be buoyed by robust non oil sector growth
- In 2011, the economy has suffered from deferred investment decisions due to political uncertainty
- GDP growth for 2011 expected to be 5.9% before increasing in 2012 to 6.2%
- Expansionary fiscal policy and higher food import prices will pose inflation threats
- Capacity expansion in key sectors to be funded mainly by debt and offshore credit
- Mainly in telecom data network expansion
- Aggressive cement capacity expansion in the building material space now targeting 20million tonnes per year
- Lafarge, Dangote and Flour Mills Nigeria fighting for market share
- Substantial Brewing industry capacity expansion and reactivation of dormant breweries
- Consolidation and growing demand in the Food and beverage sector
- Civil works and engineering for power stations, roads, bridges at both State and FGN levels
- Budget discipline and due process will be on the front burner
- The entry of Ngozi the task mistress means hold the feet of Ministers to the fire
- Deficit funding and management will be a major challenge

You can download the entire presentation below:

- The NSE All-Share Index cumulatively shed 157bps at the end of this week.
- Bearish sentiments continued to dominate proceedings on the bourse this week despite the marginal appreciation recorded towards the end of the week. Some stocks in the banking sector however recorded marginal gains, with the likes of Stanbic IBTC, Diamond Bank, FinBank and Unity Bank bagging varied points. On the other hand, Wema Bank, Union Bank and Afribank shed points in excess of 11.0% apiece. The sector is likely to trade around this level in coming sessions; there is however a possibility that activities from new entrants could reverse this trend.
- In the food and beverages sector, NBC and Cadbury recorded marginal gains this week. On the flip side, NNFM, Honeywell Flour, Nascon, Dangote Flour and Flour Mills went southwards, shedding points between 1.3% and 11.5%. Other stocks in the sector traded sideways. A dearth of new and positive information may lead to a continuation of the trend witnessed in the sector last week in the near term.
- Japaul Oil was divergent to the market trend this week, with a 3.8% gain.

And here are the reports from FSDH, Afrinvest, and Lead Capital for the weeks ending July 1st and 8th:

July 8th:

[download id="1076"].

[download id="1077"].

[download id="1078"].

[download id="1083"]

July 1st:

[download id="1079"].

[download id="1080"].

[download id="1081"].

[download id="1082"]

June 2011:
[download id="1066"].

Prior Months:
[download id="1067"].
[download id="1068"].
[download id="1069"].
[download id="1070"].
[download id="1071"]

[download id="1061"].
[download id="1062"].
[download id="1063"].
[download id="1064"].
[download id="1065"]
</blockquote>

Also below are the weekly reports for the weeks ended June 10th and 3rd.
June 3rd:
[download id="1053"].
[download id="1054"].
[download id="1055"].
[download id="1056"].

June 10th:
[download id="1057"].
[download id="1058"].
[download id="1059"].
[download id="1060"]

• The market was relatively quiet, with activities skewed to the sell side. The NSE All-Share Index cumulatively lost 9 bps this week.
• The banking sector went to the bears this week; subsequently only two banks recorded gains at the close of the week. Bank PHB recorded a 7.1% appreciation, while Intercontinental Bank recorded a marginal gain. On the flip side, fairly matched demand and supply during daily sessions for top-tier banks led to losses ranging from 0.5% to 2.0% for GTBank, Zenith Bank and First Bank.
• In the food and beverages sector, profit taking shaved off 11.6% and 0.8% from Dangote Sugar and Dangote Flour respectively this week. On the up-tick however was Honeywell Flour, bagging 9.0%. Nascon, Nestle, and Flour Mills also had growing demand, leading to gains of 3.3%, 1.3% and 1.2% respectively.
• In line with the market trend, PZ Cussons recorded the lone gain in the conglomerates sector this week, while Unilever, UACN and Transcorp shed 1.2%, 2.3% and 1.8% respectively.

[download id="1049"].

[download id="1050"].

[download id="1051"].

[download id="1052"]

The banking sector recorded fairly matched gains and losses this week. Profit taking mid-week curbed the rally on UBA and Oceanic Bank, subsequently leading to marginal gains of 3.4% and 1.5% respectively. Mid-tier banks, Skye Bank, Access Bank and FCMB also inched up marginally with gains of 8.7%, 4.8% and 4.0% respectively.

Bullish sentiments dominated the breweries sector throughout the week as most stocks in the sector recorded varied gains. Guinness traded mostly at top price throughout the week but closed flat due to a dearth of volumes. NB recorded marginal gains, while International Breweries gathered 27.2% cumulatively.

Activities in building sector were on the upbeat this week as Lafarge Wapco topped the gainers' list in the sector. This was closely followed by Dangote Cement and CCNN with gains of 5.0% and 4.9% respectively, while Ashaka Cement recorded a 3.3% mark-up in its share price.

[download id="1038"].

[download id="1039"].

[download id="1040"].

[download id="1041"].

[download id="1042"]

Summary for the week:
<blockquote>
- The NSE All-Share Index closed at 25,036.75 this week.
- Activities in the banking industry were on the uptick this week in spite of the release of some full year numbers that failed to impress many participants. Diamond Bank rallied towards the end of the week, with an 11.0% gain. This was followed by Zenith Bank, FCMB, Intercontinental Bank and Stanbic IBTC, with gains ranging from 5.0% to 7.0% each. On the flip side, Oceanic Bank, Wema Bank, Bank PHB and Spring Bank shed points in excess of 3.0% apiece. First Bank also shed marginal points at the end of the week; this may be the after-effect of its full year results which fell below participants’ expectations.
- In the breweries sector, all traded stocks, with the exception of Champion Breweries, recorded varied gains at the close of the week. NB and International Breweries gathered gains of 4.3% and 6.3% respectively, while institutional purchases firmed up the price of Guinness with a 7.3% gain.
- Fringe players, C & I Leasing and Japaul Oil moved in the same direction with the market index, recording gains of 1.6% and 7.3% respectively to close the week on a positive note.
</blockquote>

<blockquote>
[download id="986"].
[download id="987"].
[download id="988"].
[download id="989"]
</blockquote>

And here are the reports for previous weeks as well.
Reports for the week of April 8th:
<blockquote>
[download id="990"].
[download id="991"].
[download id="992"].
[download id="993"]
</blockquote>

Reports for the week of April 1st:
<blockquote>
[download id="994"].
[download id="995"].
[download id="996"]
</blockquote>

[download id="954"].

Diamond Bank:

[download id="955"].

[download id="956"].

[download id="957"].

[download id="958"].

[download id="959"].

[download id="960"].

[download id="961"].

Fidelity Bank:

[download id="962"].

[download id="967"].

[download id="968"].

FCMB:

[download id="963"].

[download id="965"].

First Bank:

[download id="964"].

[download id="969"].

[download id="970"].

GT Bank:

[download id="971"].

[download id="972"].

[download id="973"].

Stanbic IBTC:

[download id="974"].

[download id="975"].

[download id="976"].

[download id="977"].

Skye Bank:

[download id="978"].

[download id="979"].

Sterling Bank:

[download id="980"].

[download id="981"].

Zenith Bank:

[download id="982"].

[download id="983"].

[download id="984"]</blockquote>