Courtesy of Meristem Securities, here is the weekly report for the last week. I have also attached the reports from Meristem, Lead Capital, Forte Assets, and FSDH.

STOCK MARKET BRIEF FOR THE WEEK ENDED FRIDAY DECEMBER 15, 2008.

NSE ASI Returns 3.15 Percent As Trading Close for the Week
Daily trading Slides on Thursday swung upwards as key market indicators took off for the Northside closing the week in a much more bullish atmosphere. Banking stocks remain the investors’ toast. Liquidity squeeze (short supply of stock) continued to propelling share price higher. Major market statistics maintained the newly gained momentum with a prospect for continuity. With 3.15 percent rise for the week the, NSE ASI closed the at 29,582.00 points while the market capitalization of the 213 listed equities surged 3.06 percent to settle at N6.343trl. (USD$54.98b).

Significantly, stocks like FIRSTBANK, GUARANTY, UBA, DANGSUGAR and ACCESS where been ‘off-loaded’ as profit takers rush in to scrape what they could from the recovering market. CHAMS, SPRINGBANK, NEM, FIDELITYBK and UNITYBANK were on the bid list as investors jostled to buy shares of the companies while IAINSURE, MTI, WEMABANK, EQUITYASUR and STACO were under strong selling pressure.

Compared with a 3-day trading week (last week), volume of shares transacted skyrocketed 167 percent, deals climbed higher by 75 percent while value of transaction mounted a 5 percent appreciation. In totality, 2.07b shares was exchanged this week (ended December 19, 2008) in 37,805 trades valued at N13.16b put side by side with 774m shares swapped in 21,635 deals worth N5.44b last week ended December 12, 2008. See table below for breakdown.

Price Movement Chart
In great dissimilarity to last week’s bearish market, the gainers camp experience some heat from the bulls as the camp recorded impressive patronage. 38 stocks higher than 13 previous Friday appreciated in price while the bearish stock count dropped to 25 stocks from 73 observed same time last week. Maintaining top lead all week long, GUINNESS closed at N87.42k soaring in the gainers’ camp with an absolute price jump of N14.42k (19.8 percent) from N73.00k it opened on Monday. On the other hand of the pendulum, CHEVRON slid N54.49k (22.6 percent fall) to close at N186.48k which prop it to emerge most down beaten stock for the week. 38 stocks appreciated while 25 stocks depreciated.

Sectoral Performance
Stocks in the banking click continued to hold sway in transaction volume as the Sector accounted for over 61 percent (1.18b shares) of market turnover which was exchanged in 22,267 deals and valued at N8.99b. In 3,662 deals, investors exchanged over 389.34 million shares in the insurance sector valued at N671.76m. The Breweries sector was third on activity chart with 161.59m shares (8 percent of market turnover) exchanged in 1,367 deals worth N1.15b.

CORPORATE NEWS

1. Companies Performance Results: A consortium of Companies made release their period results of operations during the week amongst which include AIRSERVICE, CCNN, CUTIX, DANGFLOUR, MORISON and others are on the table below. Likewise, NEM, NESTLE, STDINSURE, GLAXOSMITH, DANGFLOUR and CUTIX submitted their forecast profit & loss accounts for their respective periods ended.
2. Morison Plc Recommend 3 kobo Dividend: The board of Morison Industries Plc announced their intent to reward shareholders with a 3 kobo dividend per share held till December 19, 2008 to be paid on December 30, 2008. AIRSERVICE Plc announced that the dividend of 5 kobo declared on April 18, 2008 is for the financial year ended December 31, 2007.
3. Capital Oil Plc Lifted Off Full Suspension: The Nigerian Stock Exchange (NSE) on Wednesday, December 17, 2008 lifted the full suspension placed on Capital Oil Plc following the clearance of the Company by the Securities and Exchange Commission (SEC). Subsequently, the Company has been placed on technical suspension following the receipt of application for a special placing of 4 billion ordinary shares at N1.00k and 1.74billion at N0.50k.

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