Access Economic Quarterly Q2 2010
FSDH – Economic and Financial Market Review and Outlook – HY2 2010
IBTC Quarterly Economic Review – Q2 2010

Here is Access bank’s outlook for the rest of the year:

- GDP growth to stay above 6% in the near – medium term. NBS recently projected that the economy would grow by 7.74% by end-2010, up from 6.66% recorded in 2009. However, the growth trajectory may be undermined by a downward spiral in oil price at the international market, amid weak demand fundamentals, poor state of infrastructure, sustained inflationary pressures and the possibility of breakdown of FG’s Amnesty Programme.

- Moderate inflationary pressures due to CBN’s AMCON, SME and Power Sector Intervention Funds. Expansionary nature of the budget, moderate increase in commodity prices, announcement effect of salary increase for public sector employees and the proposed removal of petroleum products subsidy may pose additional upside risks to price stability. However, inflation appears to be effectively balanced by the continued underperformance of monetary aggregates, well-anchored inflationary expectations, weak aggregate demand, adequate supply of food and petroleum products, as well as stability in Naira’s exchange rate.

- Naira to stay stable against the US Dollar in the near term. CBN remains the largest supplier of foreign exchange in the economy and with expected increases in sale of FX by oil companies following FG’s peace deal with militants, Naira would further stabilize at current levels. Naira’s outlook remains tied to size of external reserves, FX demand, sustained high crude oil price, as well as development in global economy.

- Domestic interest rate to remain stable at current levels. Decline in statutory returns and the erosion of confidence in the market pose upside risks to a stable interest rate outlook. However, the CBN extension of its guarantee for all interbank transactions from December 2010 to June 30, 2011 will likely stabilize rates at current levels.

- Equities market to experience rebound from recent lows. Improved investors’ optimism and expected positive effect of the AMCON arrangement would likely put key indicators of the equities market in an upward trajectory in the medium term, when the company is expected to buy up banks’ toxic assets.

- The bond market is set to receive a boost. We also anticipate an increase in state and corporate bond issues to better fund longer term projects. Also FG has plans to finance N897 billion of its total deficit worth N1.5 trillion from the local bond issues.

- Banks earnings likely to be suppressed, as competition is expected to reduce profit margin, especially with respect to interest rate spread. A resurgence in massive deposit mobilization drive may distort the relatively stable interest rates in the money market.

Major equity markets around the globe suffered a downward turn as their various indexes dropped significant points. In our universe of sample equity markets, the NASDAQ, Dow Jones and the S & P 500 all lost points by 1.75%, 1.50% and 1.53% respectively at the end of last week. In Europe, all major indices recorded downward movements. The FTSE, and France CAC 40 decreased by 1.65% and 2.15% respectively, while the German Dax inched up by 1.79%. In the Asia/Pacific region, the Hang Seng, Nikkei and BSE Sensex lost point by 1.65%, 3.64% and 1.21% at the end of the week. Back home, the NSE ASI closed at 24,175.53, recording 4.06% depreciation at the end of the week.

Transactions for the week had the total volume depreciating by 17.61 while value traded depreciated by 18.16%. A turnover of 1.17 billion units of shares valued at N10.41billion, in contrast to a turnover of 1.42 billion units of shares worth N12.72 billion that was recorded two weeks ago.

Volume this week was driven by activity in the shares of NP, FIRSTALUM, VONO, LONGMAN, EVANSMED, IKEJAHOTEL, CRUSADER, LIVESTOCK, SPRINGBAK and NNFM. On the segmented index, NSE-30 decreased by 4.21% to close at 1,006.06, Food and Beverages index decreased by 4.58% to close at 776.09, NSE-Banking decreased by 6.72% to close at 349.43, NSE-Insurance Index decreased 3.71% to close at 168.84 and NSE-Oil & Gas decreased by 2.18% to close at 363.73.

During the period under review, twenty-four (24) stocks recorded price appreciation compared with forty-eight (48) gainers two weeks ago. AP was first on the top gainers’ chart to close with 21.42%, followed by FIRSTALUM with 19.05%, followed by VONO with 11.54%, followed by LONGMAN with 10.08%. Other gainers in the top ten category were EVANSMED with 7.50%, IKEJAHOTEL with 5.98%, CRUSADER with 5.66%, LIVESTOCK with 5.26%, SPRINGBANK with 5% and NNFM with 5%.

On flip side, sixty-one (61) stocks depreciated in price last week compared with thirty-seven (37) decliners two weeks ago. OCEANIC led on the price losers’ table with 17.79%, followed by WEMABANK by 17.02%, PLATINUM by 16.79%, STARCOMMS by 14.50%, CILEASING by 13.85%, INTERCONTINENTAL by 13.51%, GOLDINSURE by 12.28%, FTNCOCOA by 11.94%, RTBRISCOE by 11.86% and STERLNBNK by 11.82%.

Here are the weekly NSE reports from Lead Capital, Afrinvest, FSDH, and IBTC:
FSDH NSE Report – August 20th 2010
FSDH NSE Report – August 27th 2010
IBTC NSE Report – August 20th 2010
IBTC NSE Report – August 27th 2010
Lead Capital – NSE Report – August 20th 2010
Lead Capital – NSE Report – August 27th 2010
Afrinvest Forthnightly Update – Aug 20th 2010
FDC Bi-monthly Publication – August 2010

And here are the reports:

FSDH – Weekly NSE Report – Aug 13th 2010

Lead Capital – Weekly NSE Report – Aug 13th 2010

IBTC – Weekly NSE Report – Aug 13th 2010

Lead Capital and IBTC’s reports for this past week were particularly rich. Lead Capital’s had a lot of information and news analysis on the macroeconomic events while IBTC’s included analysis of 3 stocks and their recommendations.

Transactions for the week were higher with total volume and value traded both appreciating by 22.87% and 54.45% respectively. A turnover of 2.31billion units of shares valued at N18.58billion, in contrast to a turnover of 1.88billion shares worth N12.03billion that was recorded two weeks ago.

The Banking subsector was the most active during the week (measured by turnover volume). Volumes traded in this subsector were largely driven by activity in the shares of Skyebank, Aiico, Transcorp, Tourist, Diamondbank, Uba, Firstbank, Guaranty, Zenithbank and Access. On the segmented index, NSE-30 increased by 3.50% to close at 1,075.99, Food and Beverages index increased by 3.30% to close at 844.15, NSE-Banking increased by 4.72% to close at 392.06, NSE-Insurance Index 4.31% to close at 187.52 and NSE-Oil & Gas decreased by 2.35% to close at 377.34.

During the period under review, fifty (50) stocks recorded price appreciation compared with fortyone (41) gainers two weeks ago. FTNCocoa led the top gainers’ chart to close with 16.92%, followed by Unhomes with 16.39%, followed by Aiico with 15.79%, followed by Fcmb with 13.70%. Other gainers in the top ten category were Nigerins with 11.11%, Fidelitybk with 10.48%, Springbnk with 10.00%, Intercont with 9.76%, FirstInlnd with 8.93% and Dangsugar with 8.88%.

On flip side, thirty-six (36) stocks depreciated in price last week compared with thirty-seven (37) decliners two weeks ago. AP led on the price losers’ table with 13.37%, followed by Redstarex by 12.37%, Cileasing by 12.22%, Tourist by 9.56%, Airservice by 9.23%, Rtbriscoe by 9.05%, Bigtreat by 8.57%, Bagco by 6.99%, Japauloil by 6.37% and Mobil by 5.00%.

And here are the stats for the week:
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And here are the reports from Lead Capital, http://www.fsdhsecurities.com/, and IBTC:
IBTC – Weekly NSE Report – July 30th 2010
FSDH – Weekly NSE Report – July 30th 2010
Lead Capital – Weekly NSE Report – July 30th 2010

Money and Fixed Income markets
The money market was tight as a result of about N105bn that left the system through Federal Government Bond auction. Consequently, inter-bank rates inched up at the end of the week. Available data showed that 7-day NIBOR closed the week at 2.03%, 84 basis point increase from the previous week’s figure of 1.88%, while 90-day NIBOR closed the week at 7.13%, a 71 basis point increase from the previous week’s figure of 6.83%.

There was no activity at the 91-day, 182-day and 364-day Treasury Bills auction. However, at the re-opening of the 3-year FGN Bond auction, the DMO offered N35bn, while it was 220% subscribed at N77bn. The Bond carried a marginal rate of 7.48%. At the re-opening of the 5-year FGN Bond auction, the DMO offered N35bn, while it was 175.26% subscribed at N61.34bn. The Bond carried a marginal rate of 8.85%. The 20-year FGN Bond auction was a new issue, the DMO offered N35bn while it was 209.37% subscribed at N73.28bn. The Bond carried a coupon rate of 10%.

In all, this week, there was a total outflow of N105bn from the primary segment of the government securities market.

At the foreign exchange auction held on Monday, July 19, 2010, the CBN offered and sold a total of US$250mn, while demand stood at US$311.25mn, representing 124.50% of what was offered. On Wednesday, July 21, 2010, the CBN offered US$250mn, demand stood at US$205.50mn, representing 82.20% of what was offered, while the total sale was same as demand of US$205.50mn. During the week, a total of US$455.80mn was sold, compared to US$500mn sold in the previous week, while US$516.75mn was demanded, representing 103.35% of what was offered.

The value of Naira appreciated at the inter-bank and parallel markets, but depreciated at the official market segment of the foreign exchange market. At the inter-bank market segment of the foreign exchange market, the value of Naira appreciated by 66kobo to close at N149.90/US$1, compared to N150.56/US$1 in the previous week. At the parallel market segment of the foreign exchange market, the value of the Naira appreciated by 30kobo to close at N152.20/US$1, compared to the previous week’s figure of N152.50/US$1. At official market, the value of the Naira depreciated by 10kobo to close at N148.72/US$1 from N148.62/US$1 in the previous week.

Equities Market
Investors’ interest was sustained in the market during the week on account of good earnings reported and the progress made in establishing the Asset Management Corporation of Nigeria (AMCON). Consequently, the Nigerian Stock Exchange All Share Index (NSE ASI) closed the week on a positive note. The NSE ASI appreciated by 1.70% to close at 25,269.36 points, compared to the marginal appreciation of 0.96% recorded in the previous week; bringing the Year-To-Date (YTD) to 21.33%. The appreciation in the Index was as a result of the gains recorded in the Banking and Manufacturing & Allied sub-sectors. Similarly, the market capitalization appreciated to close the week at N6,179.97bn (approximately US$41.55bn), recording an appreciation of 1.70%, compared to the marginal appreciation of 0.96% recorded in the previous week.

The value of stocks in the Banking Sector  by 1.72% to close the week at 277.46 points, compared to the previous week’s appreciation of 3.79%. The appreciation in the Index was due to the gains recorded in the share prices of Sterling Bank (Up 7.39% to N2.18), First Bank (Up 6.92% to N14.06), Diamond Bank (Up 5.63% to N7.50), Access Bank (Up 4.94% to N8.50), UBA (Up 3.78% to N10.43), Stanbic IBTC (Up 2.00% to N9.18) and Fidelity Bank (Up marginally 0.44% to N2.29). However, there were depreciation in the share prices of FCMB (Down 6.17% to N7.30), Zenith Bank (Down 1.00% to N12.86), Skye Bank (Down marginally 0.69% to N7.20) and GT Bank (Down marginally 0.41% to N17.01).

The value of stocks in the Manufacturing & Allied sector appreciated by 1.38% to close the week at 305.51 points, compared to the previous week’s appreciation of 1.27%. The appreciation in the Index was due to gains recorded in the share prices of Cadbury (Up 12.06% to N29.00), Ashakacem (Up 11.63% to N19.00), UACN (Up 7.29% to N43.99), PZ Cussons (Up 6.56% to N32.50), Dangote Flour (Up 5.24% to N20.50), Honeywell Flour (Up 3.94% to N6.80), CCNN (Up 3.70% to N16.80), NAHCO (Up 2.50% to N10.25), Dangote Sugar (Up 1.71% to N17.80), Unilever (Up 1.44% to N24.00), UPDC (Up marginally 0.14% to N21.00) and Benue Cement (Up marginally 0.08% to N62.05).

The value of stocks in the Petroleum Marketing sector depreciated by 1.88% to close at 421.50 points, compared to the previous week’s depreciation of 1.27%. The depreciation in the index was due to losses recorded in the share prices of Mobil Oil (Down 5.00% to N185.94), Conoil (Down 4.81% to N49.50), and Oando (Down marginally 0.41% to N69.71). All other stocks in the index closed the week unchanged.

The value of stocks in the Insurance Index depreciated by 1.18% to close the week at 98.05 points, compared to the previous week’s marginal depreciation of 0.34%. The depreciation recorded in the Index was because of the losses recorded in the share prices of Intercontinental WAPIC (Down 19.12% to N0.56), N.E.M Insurance (Down 5.66% to N0.50), AIICO Insurance (Down 4.20% to N1.14), Law Union & Rock (Down 3.70% to N0.52), Oasis Insurance (Down 3.51% to N0.55) and Custodian & Allied Insurance (Down 3.10% to N3.44).

Other top gainers for the week were Afribank (Up 26.16% to N2.17), Wema Bank (Up 23.53% to N1.05), Oceanic Bank (Up 19.63% to N1.95), Union Diagnostic (Up 16.36% to N0.64) and CHAMS (Up 15.69% to N0.59); while other top losers for the week were Afromedia (Down 12.50% to N0.56), Beco Petroleum (Down 11.24% to N0.79), Livestock Feeds (Down 10.45% to N0.60), FTN Cocoa (Down 9.72% to N0.65) and Okomu Oil (Down 9.65% to N12.26). Overall, forty-six (46) stocks recorded gains in their share prices; forty-three (43) stocks recorded losses, while one hundred and twenty-six (126) stocks closed the week unchanged.

Over-the–Counter Bond Market
A turnover of 261.75mn units worth N291,668.8mn in 3,286 deals was recorded this week in contrast to a total of 255mn units valued at N293,555.5mn exchanged in 2,554 deals during the week ended Thursday, July 15, 2010. The most active bond (measured by turnover volume) was the 4th FGN Bond 2014 Series 11 with a traded volume of 57.05mn units valued at N66,880.72mn in 1,135 deals. This was followed by the 7th FGN Bond 2015 Series 1 with a traded volume of 56.1mn units valued at N54,980mn in 548 deals. Eighteen (18) of the available thirty-seven (37) FGN Bonds were traded during the week, compared with twenty-four (24) in the preceding week.

The reports from FSDH, Afrinvest and IBTC are available for download below:

1. FSDH – NSE Report – July 23rd 2010
2. IBTC – NSE Report – July 23rd 2010
3. Afrinvest Forthnightly NSE Report – July 23rd 2010

And here are the reports:

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Week Ended July 9th 2010:

Here are the stockbrokers’ reports from FSDH and IBTC Asset Management for the week ended July 9th 2010:

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And for the week ended July 2nd 2010:

Here are the stockbrokers’ reports from IBTC and FSDH for the period ended July 2nd 2010:

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]]> http://www.naijalowa.com/nse-report-for-week-ended-june-18th-2010/feed/ 0 http://www.naijalowa.com/nse-weekly-report-and-stats/ http://www.naijalowa.com/nse-weekly-report-and-stats/#comments Wed, 16 Jun 2010 21:03:35 +0000 donne4real http://www.naijalowa.com/?p=1549 Here are the stats for the NSE for the last week. Also below are the NSE Reports from FSDH and IBTC.

And here are the NSE reports:

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You can download the NSE reports from Afrinvest, FSDH and IBTC below:

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April 16th:

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April 23rd:

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April 30th and May 7th:

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May 14th:

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May 21st:

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