STOCK MARKET BRIEF FOR THE WEEK ENDED FRIDAY MAY 09, 2008.
STOCK MARKET BRIEF FOR THE WEEK ENDED FRIDAY MAY 09, 2008 as prepared by Meristem Securities.
Market Regains Upward Momentum: All Share Index Up by 5.74%
The capital market experienced a trend reversal during the week after a 2 months free fall in market indices. The NSE All Share Index (ASI) surged by 5.74% to close the week at 6,2518.07 points while the total market capitalization of the 219 listed equities also rose by 6.06% to stand at N12.12 trillion.
In the same vein, a cumulative total of 3.8 billion shares valued at N74.4 billion were exchanged by investors in 89,212 deals in contrast to last week’s trading statistics of 2.63 billion shares worth N47.6billion traded in 66,373.
OANDO Tops the Week’s Advancers’ Chart
A total of 89 stocks advanced this week higher than 33 during the previous week while there was an appreciable decrease in the decliners’ camp resulting in 29 equities depreciating in value. This is underscored by the recovery witnessed in the market. OANDO PLC led the gainers camp raking N13.10k to close at N258.00k while MOBIL PLC topped the losers’ table shedding N7.90k to close at N228.00k.
Banking Sector Dominates Trades
The Banking sector emerged most active during the week (measured in terms of turnover), with 1.64bn shares worth N47.63bn exchanged by investors in 43,692 deals. Activities in the sector were propelled by high trading in the shares of INTERCONTINENTAL, OCEANIC, UBA and FIRSTBANK. The insurance sector followed behind on the week’s activity table with 924.14 million shares exchanged in 15,681 deals valued at N3.45 bn. The building sector emerged third on the table with 654.08 million shares traded in 1,331 deals.
CORPORATE NEWS:
BERGER, FIRST ALUMINUM, JAPAUL and Others Post Performance Results
GOLDLINK, FIDELITY BANK, BERGER, FIRST ALUMINIUM, JAPAUL, ZENITH BANK, NEM INSURANCE, BETA GLASS, CUSTODIAN INSURANCE and LINKAGE ASSURANCE released their period results on the floor of the Exchange during the week. Also, UAC PLC recorded 35% and 10% increase in PAT and turnover respectively for the full year ended December 2007 while its first quarter result reflected 19% and 359% growths in turnover and PAT respectively compared to corresponding period in 2007.
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Market Analysis, stock exchange | 
donne4real | May 11, 2008