Courtesy of Meristem Securities, here is the stock market report for last week:
STOCK MARKET BRIEF FOR THE WEEK ENDED FRIDAY SEPTEMBER 26, 2008.
Stock Market Bear Ride Persist
Activities both on the home scene and global scene remain mixed but were more in red at home. The NSE ASI laid low with the bears all week long to settle at 46,216.13 points sliding 2.33 percent in contrast with previous week’s closing index point of 47,317.94. Total market capitalisation of 219 listed equities which hitherto would have witnessed a similar fate was down by 1.82 percent, the listing of 4.62b shares of CHAMS PLC and the admission of 8b ordinary shares of DAAR Communication Plc hedged against further decline. The market capitalisation stood at N9.84 trillion (US$82.66 billion) for the week ended.
Investors participation measured in turnover volume was down by over 19 percent for the week as 1.98 billion shares worth N13.64 billion (US$114.67 million) were exchanged in a total of 37,440 deals compared with 2.46 billion shares traded in 49,498 trades valued at N39.28billion (US$330.12million) last week.
Price Movement Chart
Compared with last week performance, the advancers’ camp was down 10 percent while the decliners’ camp rose 5 percent. 18 equities advanced into the gainers’ camp led by ASHAKECEM (N30.00k, +2.29) stalked behind by BIGTREAT (5.64k, +1.04), CONOIL (N105.90k, +0.76) and ADSWITCH (N3.23k, +0.68). A total of 69 stocks lost value during the week with ECOBANK (N6.63k, -2.69), GUINNESS (N116.54k, -2.35k) and NB (N45.21k, -2.31) leading the pack.
IAINSURE Drives Insurance Sectore Performance
Trading activities in the shares of IAINSURE PLC representing 52 percent of the insurance sector drove the sector to emerge most active sector for the week as investors traded 856.97 million shares (43 percent of entire market) in 4,913 deals valued at N1.20 billion. Banking sector trailed closely behind accounting for 849.83 million shares executed in 19,480 deals worth N9.40 billion. SPRINGBANK, with 402.840 million shares, propelled the sector.
CORPORATE NEWS:
CONERSTONE Plc Posts Audited accounts, Declares Dividend
Cornerstone Insurance Plc Thursday, made public its audited accounts for the year ended December 2007 which saw the management proposing a dividend of 3 kobo per share. Likewise, VONO Products Plc, STUDIO Press Nigeria Plc released their un-audited Q2’08 results and audited accounts December 2007 respectively.
DAAR COMMUNICATIONS PLC
8 billion ordinary shares of DAAR COMMUNICATIONS PLC were on Friday listed on the Daily Official List of the Nigerian Stock Exchange at N5.00k. Similarly, on Tuesday September 23, 2008 4.62 billion ordinary shares of CHAMS PLC were listed by way of introduction. The 50k nominal value shares were listed at N2.50k per share.
Share Price Adjustment
Law Union & Rock’s share price was on Friday marked for dividend payment of N0.06k per share. Ex-div share price was N4.00k
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