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.

Afrinvest Weekly Update - 14th October 2011 (127).
NSE Weekly Report - FSDH - October 14th 2011 (120).
NSE Weekly Report - IBTC - October 14th 2011 (117).

Week Ended October 7th:
Afrinvest Weekly Update 7th October 2011 (86).
NSE Weekly Report - FSDH - October 7th 2011 (83)

Week Ended September 30th:
NSE Weekly Report - Access Bank - Sept 30th 2011 (97).
NSE Weekly Report - FSDH - Sept 30th (90).
NSE Weekly Report - Lead Capital - Sept 30th (100).
NSE Weekly Report - Lead Capital - Sept 30th 2011 (73)

Week Ended September 23rd:
Afrinvest Weekly Update 23rd September 2011 (72).
NSE Weekly Report - Access Bank - Sept 23rd 2011 (68).
NSE Weekly Report - FSDH - Sept 23rd 2011 (72).
NSE Weekly Report - Lead Capital - Sept 23rd 2011 (69)

- 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.

Their reports are below:

Afrinvest Weekly Market Update - Sept 16th 2011 (108).

Afrinvest Weekly NSE Update - September 16th 2011 (99).

NSE Weekly Report - FSDH - Sept 16th 2011 (118).

NSE Weekly Report - IBTC - Sept 16th 2011 (130).

Update:

Here are the reports for the prior periods:

September 9th:

Afrinvest Weekly Market Update - Sept 9th (93).

Afrinvest Weekly Update - 9th September 2011 (96).

NSE Weekly Report - FSDH - Sept 9th 2011 (97).

NSE Weekly Report - Lead Capital - Sept 9th 2011 (83).

September 2nd:

Afrinvest Weekly Market Update - Sept 2nd (103).

August 26th:

August 19th:

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.

NSE Weekly - Afrinvest - August 5th 2011 (165).

NSE Weekly Report - FSDH - August 5th 2011 (154).

NSE Weekly Report - FSDH - August 5th 2011 (136).

NSE Weekly - IBTC - August 5th 2011 (150).

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

NSE Weekly Report - FSDH - July 29th 2011 (149).

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

NSE Weekly Report - Afrinvest - July 22nd 2011 (139).

NSE Weekly Report - FSDH - July 22nd 2011 (149).

1. The market moved southwards this week, with a cumulative loss of 197 bps.
2. Incessant selling at the bourse continued with no respite throughout the week, leading to losses across board.
3. The likes of Stanbic IBTC, Intercontinental Bank and Wema Bank however recorded varied gains in the banking sector this week, as the top-tier banks shed varied points. This trend may reverse in the coming week as buyers are likely to key in at the current low prices.
4. In the breweries sector, a last day price appreciation in NB led to a 4.6% gain, while Guinness succumbed to bearish pressure, shedding marginal points.
5. Companies in the food and beverages were not spared from the bearish trend prevalent in the market, as the sector failed to record any gain this week. Thus, Flour Mills, NNFM, Dangote Sugar, Nascon and Cadbury all shed points in excess of 3.0% apiece, while other stocks in the sector remained unchanged.

Stats:

Gainers and Losers:

Results:

And here are the reports:

Afrinvest Weekly Update 15th July 2011 (179).

NSE Weekly Report - Afrinvest - July 15th 2011 (176).

NSE Weekly Report - FSDH - July 15th 2011 (193).

Company Research - Afrinvest - Guaranty Trust Assurance Plc Q1 2011 Result (171).

Company Research - Afrinvest - Guinness Nigeria Plc Q3 2011 Result (211).

Company Research - Afrinvest - Skye Bank Plc Q2 2011 Result (191).

Company Research - Afrinvest - Zenith Bank Plc Q2 2011 Result (205).

Company Research - Cadbury Nigeria PLC - FSDH - July 2011 (228).

Company Research - Cordros - Unilever Plc Q1 2011 Result (216).

Company Research - Flour Mills - FY 2011 Results - Afrinvest (235).

Company Research - FSDH - Guinness Nig. Plc Q3 Mar. 2011 (207).

- 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:

Afrinvest Weekly Market Update July 8 2011 (176).

NSE Weekly Report - FSDH - July 8th 2011 (179).

NSE Weekly Report - Lead Capital - July 8th 2011 (163).

July 1st:

Afrinvest Weekly Market Update July 1 2011 (158).

Afrinvest Weekly Update 1st July 2011 (156).

NSE Weekly Report - FSDH - July 1 2011 (198).

And courtesy of FSDH Securities, here are the stats for the last week:

June 2011:
LBS Executive Breakfast June 2011 (272).

Prior Months:
LBS Executive Breakfast May 2011 (243).
LBS Executive Breakfast April 2011 - 1 (198).
LBS Executive Breakfast April 2011 - 2 (205).
LBS Executive Breakfast March 2011 (193).
LBS Executive Breakfast February 2011 (192)

Market Summary:
+ The NSE All-Share Index cumulatively lost 151bps this week.
+ Activities in the banking sector picked up during the week, without any significant price appreciation across board. A few rescued banks rallied with gains this week; Unity Bank topped the gainers’ list with a 20.0% gain, while Wema Bank, Diamond Bank, Skye Bank, Intercontinental Bank, Union Bank and Sterling Bank recorded points in excess of 2.0% apiece. On the flip side, Spring Bank, Ecobank and Bank PHB all lost in excess of 13.0%. The market may begin to show slow positive recovery from the present trend in the coming sessions.
+ In the building materials sector, Dangote Cement and CCNN were sent tumbling at the end of this week, shedding points in excess of 1.0% apiece, while Lafarge Wapco and Ashaka Cement were divergent to the market trend with gains of 1.1% and 3.5% respectively.

NSE Weekly Report - Afrinvest - June 10th 2011 (143).
NSE Weekly Report - Afrinvest - June 17th 2011 (148).
NSE Weekly Report - Afrinvest Weekly Update - June 17th 2011 (155).
NSE Weekly Report - FSDH - June 17th 2011 (156).
NSE Weekly Report - Lead Capital - June 17th 2011 (140)

Also below are the weekly reports for the weeks ended June 10th and 3rd.
June 3rd:
NSE Weekly Report - FSDH - June 3rd 2011 (173).
NSE Weekly Report - Afrinvest - 3rd June 2011 (151).
NSE Weekly Report - IBTC - 3rd June 2011 (168).
NSE Weekly Report - Lead Capital - June 3rd 2011 (133).

June 10th:
NSE Weekly Report - Afrinvest - June 10th 2011 (144).
NSE Weekly Report - FSDH - June 10th 2011 (141).
NSE Weekly Report - Lead Capital - June 10th 2011 (136).
NSE Weekly Report - IBTC - 10th June 2011 (130)

• 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.

NSE Weekly Report - FSDH - May 20th 2011 (314).

NSE Weekly Report - Afrinvest - May 20th 2011 (211).

NSE Weekly Report - IBTC - May 20th 2011 (220).

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.

Afrinvest Weekly Market Update - May 13th 2011 (194).

Afrinvest Weekly Update 13th May 2011 (199).

NSE Weekly Report - IBTC - May 13th 2011 (207).

NSE Weekly Report - Lead Capital - May 13th 2011 (191).

- Bullish sentiments dominated the market this week, with the NSE All-Share Index inching up by 103 bps.
- Activities in the banking sector were on the uptick as many of the banks recorded gains this week. FinBank, Diamond Bank, UBA and Oceanic Bank gained points in excess of 10.0% apiece. Other gainers in the sector include Stanbic IBTC, Intercontinental Bank, Wema Bank and Union Bank, gathering points between 5.0% and 9.0%. Aggressive selling activities shaved off marginal points from the price of Skye Bank and Fidelity Bank, both recording losses of 1.5% and 1.8% respectively.
- In the breweries sector, NB maintained its strong hold on the market throughout the week. Strategic activities on the last trading day curbed the price appreciation of NB and it subsequently gained marginal points. Bullish sentiments dominated activities in Guinness; it however closed flat due to a dearth of volumes. On the flip side, International Breweries lost 13.5% cumulatively.

Afrinvest Weekly Update 6th May 2011 (220).

Afrinvest Nigeria Update Issue - May 6th 2011 (316).

NSE Weekly Report - IBTC - May 6th 2011 (269).

NSE Weekly Report - FSDH - May 6th 2011 (243).

And here are the charts:
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And here are the reports for the past weeks:
Week ended April 29th 2011:
NSE Weekly Report - FSDH - May 6th 2011 (205).
NSE Weekly Report - Lead Capital - April 28th 2011 (193).

Week ended April 22nd 2011:
NSE Weekly Report - FSDH - April 22th 2011 (259)

Afrinvest 2010 Pharmaceutical & Healthcare Sector Update (459).

Vetiva Research - Cement Sector Study (2587).

Week ended February 18th:

Afrinvest Weekly Market Summary & Stock Recommendations, Week Ended 18th February 2011 (225).

NSE Weekly Report - FSDH - Feb 18 2011 (264).

NSE Weekly Report - IBTC - Feb 18 2011 (227).

NSE Weekly Report - Lead Capital - Feb 18 2011 (258).

And for the week of the February 11th:

Afrinvest Weekly Market Summary & Stock Recommendations, Week Ended 11th February 2011 (235).

NSE Weekly Report - FSDH - Feb 11 2011 (213).

Highlights:

+ The market succumbed to the bears this week losing 217 basis points with a brief respite mid-week.

+ Rumours of a possible corporate action brought brief respite to the banking sector mid-week, however the trend turned bearish by the close of the week as bids and offers were fairly matched for most companies. The brief respite mid-week led to marginal losses at the close of the week. On the uptick were Intercontinental Bank, Spring Bank, Access Bank and Diamond Bank. Unity Bank however recorded the largest loss this week dropping 11.6% followed by UBA and Oceanic Bank losing 6.3% apiece.

+ The building materials sector was in line with current market trend. Dangote Cement and CCNN cumulatively shed 2.9% and 4.0% respectively, closing bids for Dangote Cement at the close of Friday’s session were thin with a possible quiet session next week. Ashaka Cement and Lafarge Wapco closed flat this week.

+ The petroleum marketing sector also went fully to the bears this week. Beco Petroleum topped the losers’ list with a 10.1% drop while Eterna Oil shed 6.0%. The likes of Oando, AP and Total also shed 0.1%, 2.4% and 2.7% respectively.

Reports for week ended February 4th:
Afrinvest Weekly Market Summary & Stock Recommendations, Week Ended 4th February 2011 (227).
NSE Report - Afrinvest - Feb4th 2011 (214).
NSE Report - FSDH - Feb 4th 2011 (300).
NSE Report - Lead Capital - Feb4th 2011 (211)

Reports for week ended January 28th:
Afrinvest Weekly Market Summary & Stock Recommendations, Week Ended 28th January 2011 (224).
NSE Report - Afrinvest - Jan 28th 2011 (190).
NSE Report - FSDH - Jan 28th 2011 (235)

Stats:

Results:

+ The NSE All-Share Index inched up at the end of the week by 153 bps, despite a weakened start.
+ The banking sub-sector rallied with more gains than losses this week, in spite of profit taking activities by participants. Few banking stocks recorded losses as Skye Bank, Stanbic IBTC, Union Bank, Bank PHB and Afribank all shed above 2.0% apiece. Low priced stocks were participants’ favourites this week and this led to some recording double digit gains at the end of the week. FinBank, Unity Bank and Spring Bank gathered 13.0%, 15.9% and 25.4% respectively, while some of them closed with unsatisfied bids. Some top-tier banks also recorded gains in excess of 3.0% each.
+ In the building materials sector, Dangote Cement emerged the lone gainer in the sector this week inching up marginally, while Lafarge WAPCO and Ashaka Cement both shed over 2.0% apiece.
+ Guinness inched up with a 13.5% gain, while International Breweries bagged a 9.0% gain to close the week. On the flip side, profit taking activities shaved off 6.0% from NB, signaling the end of its week-long rally.

Charts:

And here are the reports:

Afrinvest - Weekly Market Update January 21 2011 (182).

Afrinvest Forthnightly Update - January 21 2011 (290).

Afrinvest Weekly Market Summary & Stock Recommendations, Week Ended 21st January 2011 (230).

FDC Economic Monthly Publication for January 2011 (228).

FSDH - NSE Weekly Report - January 21 2011 (242).

IBTC - NSE Weekly Report - January 21 2011 (203).