Stock Market Report For Week Ended Nov 7th
Courtesy of Meristem Securities, here is the stock market report for the week ended Friday November 7th:
Light of Resurgence Ends Week’s Transaction
- The week ended in a colourful mood. A bullish light emerged down the dark bearish tunnel on Thursday, illuminating the long murky moment for investors. With a two day market bubble to cap up activities for the week under review, the NSE ASI and Market Capitalisation of the 212 listed equities both leapt 0.35 percent on Thursday and jumped 1.41 percent on Friday. However, the losses recorded earlier in the week crowded out the last 2 days’ positive returns. Nonetheless, hope is high for a positive turn upcoming week.
- The NSE ASI settled at 34,351.81 points, 5.43 percent lower than 36,325.86 points last week end while market capitalisation tread same path to close at N7.54trl ($63.33b USD) by end of trading session on Friday.
- Indications of recovery waxed stronger as more participants head down to shares trading. Cummulative transaction volume surged by over 64 percent indicating 1.09b shares exchanged in 38,845 trades gross value at N13.73b matched up with 1.08b shares (last week) transacted in 25,472 deals valued at N7.19b.
- Volume of shares on offer dropped significantly, suggesting a possible retraction from selling, as investors hope for further price appreciation and the bid to purchase shares took an upturn indicating a possible restoration of investors’ confidence.
- In deep contrast to previous week performance, the gainers camp witnessed an eruption of bullish run with 22 stocks striding northwards higher than 2 (preceding week) as it appears the bulls are returning from their long southern journey. The share price of Nigerian Breweries topped the weekly price chart as it rose 12 percent (N3.70k) to close N35.87k. Others on top price movers include: FIRSTBANK (up N2.11k to N22.21k), IBTC (up 0.93k to N9.49k) and PRESCO (up 0.59k to N12.43k). Still active are the bears as they succeeded pulling down 73 stocks lower than 81 previous week. CHEVRON tops the losers’ camp after shedding N33.63k (10 percent) off its share price to close the week at N311.41k. NESTLE followed sliding N11.27k to N214.16k and FLOURMILL which plunged to settle at N8.41k to close at N51.50k.
- With SPRINBANK (167m units), FIRSTINLND (160m units) and ACCESS (148m units) at helm of activity, the banking sector remains investors toast for the week ended. Trading in the shares of the 3 banks accounted for 42 percent of the sector’s turnover while the sector wrapped up 64 percent of the entire market transaction volume. In 21,953 deals investors exchanged 1.14b shares worth N9.97b from the banking sector. Insurance sector likewise witnessed some spikes with traders executing 316m shares (signify 18 percent of market volume) in 3,039 trades which was valued at N383m while Food/beverages sector ranked third with 79m (4 percent) shares transacted in 3,556 deals worth N1.12b.
- Bank PHB Posts Audited Accounts, Declares 45kobo Dividend: PLATINUM BANK Plc made public its audited accounts for the year ended June 30, 2008 alongside a 45 kobo dividend per share. Closure date is scheduled for November 17, 2008 and payment date November 26, 2008.
- Also, OANDO Plc released its un-audited Q3’08 results for the period ended September 30, 2008. Mobil Plc, Great Nigeria Insurance Plc, Investment & Allied Assurance Plc, Niger Insurance Plc, Aluminium Extrusions Plc, Scoa Nigeria Plc, VONO Product Plc, ARBICO Plc, STANBIC IBTC Plc, Diamond Bank Plc, A.G. Leventis Plc, Goldlink Insurance Plc, Standard Alliance Insurance Plc, First Bank Nigeria Plc, Dangote Sugar Refinery Plc and R.T. Briscoe Plc, Morison Industries Plc, INCAR Plc, and ASO Savings Plc all released their results for their respective period ended.
- The share price of CAP PLC was adjusted for an interim dividend of N2.00k per share.
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News, stock exchange, weekly report | 
donne4real | November 10, 2008