Don't Miss


Home   >   Market - Finance   >   Stocks   >   Daily Stock News (Aug 16,2011)

Daily Stock News (Aug 16,2011)

By on August 17, 2011
Equity Market erased the loss recorded yesterday as market experienced strong bargain activities, taking advantage of gap-up opening witnessed in the early trade while sustained tempo witnessed in the mid-day session gave support to the impressive turnaround posture.
More so, the key benchmark indices gained above 200 basis points as bargain activities re-surfaced, taking support from activities towards Blue Chips, Banking, Food & Beverages, Insurance and Oil & Gas stocks.
Furthermore, the reversal strength suggests strong buying tendency as all NSE sectoral Indices posted impressive positive figures while the weak breadth with negative Naira vote posture revealed weak commitment towards investment in equities.
To this regard, we resound cautious treading for investors as commitment in the market remained weak and low.
The positive market sentiment witnessed in Banking, Building Materials, Food & Beverages, Healthcare, Hotel & Tourism, Industrial & Domestics Products, ICT and Insurance, Petroleum Marketing impacted the outlook recorded today. Meanwhile, moderate selling was witnessed in Automobile, Breweries, Commercial Services, Conglomerates, Maritime, and Printing & Publishing sectors.
In the same vein, the market capitalization of 199 first-tier equities appreciated by N74.52billion as the sentiments recorded a positive outlook. 100 equities were traded today as against previous 97 with more activities recorded in Banking, Insurance, Conglomerates, Conglomerates, Commercial Services, Breweries, Petroleum, Food & Beverages, Healthcare, ICT, Foreign Listing, Packaging, Building Materials and Maritime.
The Shares prices of Afribank Plc, Spring Bank Plc and Bank PHB Plc remained stagnant as a result of the Full Suspension placed on them following the nationalization while Intercontinental Bank Plc, FinBank Plc, Oceanic Bank Plc and Union Bank Plc also experienced no price movement due to the Technical Suspension following the signing of their Transaction Implementation Agreement. In addition, analysis revealed that +1.27% gain was recorded by Wema Bank Plc while Unity Bank Plc also closed flat as normal trading activities continued on them. See the performance chart below
Today, all five NSE sectoral indices closed positive as NSE 30 which basically measures the performance of blue chips moved up by +0.87%, NSE Banking inches up by +0.73%, NSE Food & Beverages moved up marginally by +0.05% and NSE Oil & Gas closed positive with +0.53% while NSE Insurance also closed positive by+1.95%.
At the close of trading session, the NSE All-Share Index inches up by –1.03% to close at 22,792.06 as against a decline by -0.95% recorded in the previous session to close at 22,559.07.  In the same vein, market capitalization appreciated by N74.52billion (US496.86million) to close at N7.29trillion (US$48.60billion) as against depreciation by N69.24billion (US$461.65million) recorded on preceding session to close at N7.21trillion (US$48.10billion).
The number of gainers at the close of trading session closed lower at 21 compared with (26) gainers recorded in the previous session while decliners closed lower at fifteen (15) as against twenty-two (22) losers recorded in the previous trading day – suggesting a positive market breadth.
The share price of the following company was marked down today.
  1. Nacho Aviance Plc was marked down for an interim dividend of N0.15k. The payment date is 31st Aug, 2011.
Also, the following companies presented their results
  1. Sovereign Trust Insurance Plc: in its Q2 2011 result recorded positive gross premium growth by 54.9% and positive PAT growth by 34.3%.
  2. Staco Insurance Plc: in its Q1 2011 result recorded positive gross premium growth by 57.5% and positive PAT growth by 26.3%.
  3. Evans Medical Plc: in its Q2 2011 result recorded positive turnover growth by 15.5% and negative PAT growth by 267.8%.
  4. Royal Exchange Assurance Plc: in its Q1 2011 result recorded positive gross premium growth by 50.3% and negative PAT growth by 58.4%.
  5. Thomas Wyatt Plc: in its Audited 2011 result recorded negative turnover growth by 5.9% and negative PAT growth by 445.3%.
As usual, Banking sector led the market transaction volume today with 174.40 million units valued at N1.33billion (US$8.87million) exchanged in 3,392 deals as against 215.64 million units valued at N1.80billion (US$12.05million) exchanged in 2,681 deals recorded in previous session.
The volume recorded in the sector was driven by transaction in the shares of Guaranty Trust Bank, First Bank, Zenith Bank, Skye Bank and Access Bank Plc and the total volume of 139.24 million units valued at N1.20billion traded in the shares of five stocks accounted for 40.15% of the entire market volume and their value represented 58.15% of the market’s value.
Transaction volume on the exchange moved down by 8.65% to close at 346.77 million units exchanged in 4,613 deals as against negative position of 49.41% recorded in the previous trading to close at 379.59 million units exchanged in 5,577 deals.
Also, market value depreciated by 34.08% to close at N2.06billion (US$13.77million) as against appreciation by 102.24% recorded in the previous trading session to close at N3.13billion

Source via proshareng.com