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Daily Stock News (Sep 1,2011)

By on September 1, 2011
Equity market extends the losing streak for eight straight days in a row as bearish sentiments continued to dominate market atmosphere while investors still lack bargain confidence towards investments in equities with market recording four losers for every gainer recorded.
Furthermore, the key benchmark indices remained weak while market breadth retained the battered posture, taking hits from Blue Chips, Food & Beverages, Insurance and Building Materials stocks with major NSE sectoral indices sustaining the negative posture while NSE banking index retraced.
The negative sentiment witnessed in Breweries, Building Materials, Chemical & Paints, Commercial Services, Conglomerates, Food & Beverages, Healthcare, Hotel & Tourism, Industrial & Domestic Products, Insurance, Leasing, Maritime and Printing & Publishing sectors impacted the outlook recorded today.Meanwhile moderate buying activities was witnessed in Air Services and Foreign Listing sectors.
In the same vein, the market capitalization of 199 first-tier equities depreciated by N63.35billion as the sentiments recorded a negative outlook. 118 equities were traded today as against previous 108 with more activities recorded in Banking, Insurance, Conglomerates, Mortgage Companies, Breweries, Petroleum Marketing, Food & Beverages, Healthcare, Hotel & Tourism, ICT, Building Materials, Commercial Services, Leasing 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 Wema Bank Plc moved down by -1.32% while Unity Bank Plc also closed negative with -3.51% loss as normal trading activities continued on them. See the performance chart below Today, three of the five NSE sectoral indices closed negative as NSE 30 which basically measures the performance of blue chips moved down by -0.96%, NSE Banking inches up by -0.77%, NSE Food & Beverages moved down by -2.20% and NSE Oil & Gas closed flat while NSE Insurance closed negative with -1.63%.
At the close of trading session, the NSE All-Share Index dipped by -0.92% to close at 21,299.55 as against a decline by -2.18% recorded in the previous session to close at 21,497.61.  In the same vein, market capitalization depreciated by N63.35billion (US422.36million) to close at N6.81trillion (US$45.42billion) as against depreciation by N153.30billion (US$1.02billion) recorded on preceding session to close at N6.87trillion (US$45.84billion).
The number of gainers at the close of trading session closed lower at 8 compared with (10) gainers recorded in the previous session while decliners closed higher at thirty-six (36) as against twenty-six (26) losers recorded in the previous trading day – suggesting a negative market breadth.
Today, the following companies presented their results
Dangote Sugar Refinery Plc: in its Q2 2011 result recorded positive turnover growth by 7.4% and negative PAT growth by 47.7%
Dangote Sugar Refinery Plc: in its Q1 2011 result recorded negative turnover growth by 5.5% and negative PAT growth by 64.9%
Nigeria Wire & Cable Plc: in its Audited 2010 result recorded negative turnover growth by 69.1% and positive PAT growth by 62.6%
Cutix Plc: in its Q1 2011 result recorded positive turnover growth by 14.0% and negative PAT growth by 32.2%
Also, the following company presented its forecast
Cutix Plc Q3 2012: Turnover N537.500million, Profit Before Tax N47.447million, Forecast Taxation (N14.234million), Profit After Taxation 12 (N3.322million)
As usual, Banking sector led the market transaction volume today with 170.25 million units valued at N897.25million (US$5.98million) exchanged in 2,531 deals as against 70.91 million units valued at N409.74million (US$2.73million) exchanged in 1,939 deals recorded in previous session.
The volume recorded in the sector was driven by transaction in the shares of Intercontinental Bank, Diamond Bank, Zenith Bank, Access Bank and First Bank Plc and the total volume of 109.45 million units valued at N562.04million traded in the shares of five stocks accounted for 44.93% of the entire market volume and their value represented 42.66% of the market’s value.
Transaction volume on the exchange moved up by 50.69% to close at 243.61 million units exchanged in 5,698 deals as against negative position of 69.89% recorded in the previous trading to close at 161.66 million units exchanged in 3,220 deals.Also, market value appreciated by 73.23% to close at N1.31billion (US$8.78million) as against depreciation by 53.07% recorded in the previous trading session to close at N760.52million (US$5.07million)
SECTORAL REVIEW
The Agriculture/Agro-Allied sector closed with no price movement compared with one gainer to two unchanged prices recorded on Monday. All stocks in the sector closed flat after today’s trading session.
The Air Services sector recorded two gainers with compared with no price movement recorded on previous trading day. Nacho Aviance Plc moved up by +4.48% while Air Service & Logistics Plc also moved in the same direction with +1.42% after today’s trading session.
The Banking sector closed today with five (5) gainers to seven (7) losers compared with two (2) gainers to ten (10) losers recorded on previous trading day. Zenith Bank Plc moved up by +3.16% to top the gainers’ chart while FCMB Plc moved down by -4.73% to top the losers’ chart after today’s trading session.
The Breweries sector closed with two losers to two unchanged prices compared with one loser to one unchanged price recorded on previous trading day. Jos Breweries Plc moved down by -4.64% while Nigerian Breweries Plc also closed negative with -3.63% loss after today’s trading session.
The Building materials sector, today, closed with one loser to three unchanged prices compared with two losers to two unchanged prices recorded on previous trading day.
Dangote Cement Plc moved down by -1.48% while Ashaka Cement, Cement Co. of Northern Nigeria and Lafarge WAPCO Plc closed flat after today’s trading session.
The Conglomerates sector recorded three losers to three unchanged prices compared with two losers to two unchanged prices recorded on Monday.
Unilever Nigeria Plc moved down by -5.00% while Transcorp Plc also moved in the same direction with -4.71% loss recorded after today’s trading session.
The Food and Beverages sector closed with six losers to five unchanged prices compared with two gainers to three losers recorded on previous trading day. Flour Mills Plc moved down by -5.00% while NASCON Plc also closed negative with -5.00% after today’s trading session.
The Insurance sector closed five losers to twelve unchanged prices compared with four losers to fourteen unchanged prices recorded on previous trading day. The Petroleum sector records no price movement compared with one loser to seven unchanged prices recorded on Monday. All stocks in the sector closed flat after today’s trading session.
Source : Proshareng

One Comment

  1. john james

    September 8, 2011 at 7:54 am

     if a stock broker sales stock and refused to remit the proceed  what should the stock owner do.
    john