Daily Market Performance: Commentary

Market Closes Week With Trend Reversal, Prices Firm Up: AP Keeps Dazzling ::
>>Friday 11/01/2008

After some four straight days of sliding down, stock prices closed the week on a firm note on the Nigerian Stock Exchange. It is to be seen, when trading resumes Monday, whether this marks a return of sustained market optimism. Many investors had gone jittery of the past week as prices stayed weak, with many stock prices dropping significantly over the period. The market was, however, obviously in a profit-taking mood, as no fundamental negative factors could be adduced for that price behaviour. Now, many who have lost some money to that downward drive may begin to heave a sign of relief, while praying that it stays so.

The positive market sentiment Friday pushed up the All-share Index by 600points (1.04%), while market capitalisation rose 1.22%. Volume and value traded, as well as total number of deals, also went up 6.04%, 3.77% and 12.74% respectively. This positive direction in all key parameters was a clear departure from the negative direction of the market over the past week. Some 81 stocks picked gains, many on a strong note, while only 24 were on the losing side and predominantly in low figures (see full price chart here). NESTLE topped the chart with a N13.00 gain, but AP remains the huge surprise with it's sustained price run. It shot up again by N12.86 to close at N270.11, up 463% from exactly a year ago when it was N48.00. Check the % price gains chart too, to see the relative performance of various stocks.

TOP TRADES - 11/01/2008
Company	Value N'Bn	Units ('000)	Price Change (N)		Closing (N)
FCMB	2.111	106,169		0.88	19.55
INTERCONT	1.481	36,822		0.08	40.58
GUARANTY	1.477	42,166		1.47	35.50
AP	1.421	5,310		12.86	270.11
PLATINUM	1.060	41,568		0.00	25.51
FIRSTBANK	1.010	23,859		1.59	43.50
UBN	.780	17,919		0.24	43.65
OANDO	.738	5,816		6.30	132.30
IBTC	.711	33,636		0.75	21.75
DANGSUGAR	.503	11,538		0.81	43.80
Read Full Trading Results here»

Top trade value positions again went mainly to banking stocks, led by FCMB, though AP, OANDO and DANSUGAR squeezed into the top-ten. In volume (units traded), FCMB still led, but three insurance stocks followed, pushing down six other banks that completed the top ten. The large-volume insurance trades were in Equity Assurance, LASACO and NEM. Financial sector stocks have continued to prove the most attractive to investors.

In all, a day of relief for investors who had agonised over declining prices and a confirmation that market prices will certainly not move in a single direction since market forces will intervene one way or the other.

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