Afribank declares N8.11bn PBT

Afribank declares N8.11bn PBT

October 26, 2007/ Olusola.Fadahunsi@firstcitygroup.com  

 

 

Our earlier position that the closure of Dangote Flourmills plc and Nahco Offers will reduce the stress on liquidity may not be true after all as bears took control of the market. IBTC and Intercontinental bank amongst other banking stocks dominated the losers chart.

 

Insurance stocks have reached their support levels given the reversal in fortunes as the greater majority led by NEM and WAPIC traded strong whilst also closing in the positive territory.

 

 

Investors appear to have favorable outlook for Food and beverages sector with NBC and Dangote Sugar maintaining stable prices in the midst of a bearish market. It is our view that the market will remain flat or witness a mild decline until the banking sector completes the second phase of their capital raising, early next year.

 

 

Index declined by 35 bps on 11,046 trades. Average size of trade was $6,200 with total value of $64 million. Market cap closed at $65.8 billion.

 

 

Overall there were 39 gainers, 61 losers and 31 unchanged. Banking sectors accounted for 43% of the market volume

 

 

NEM saw the highest volume traded in the market for the day. Afribank, Transcorp, Mutual Benefit Assurance and Intercontinental Bank also closed in the top echelon.

 

 

* Net Bid Staco, Japauloil, Afrpaints and NEM, in that order.

 

* Net Offer Fidelity Bank, Platinum, Afribank and FCMB.

* Top Gainers Nestle, Dangote Sugar, UAC-PROP, and Eternaoil,

* Top Losers Chevron, AP, Oando, and WAPCO

 

Market Information from the CSL Equity Market Note. Olusola.Fadahunsi@firstcitygroup.com   

 

 

October 26, 2007/ Olusola.Fadahunsi@firstcitygroup.com  

 

 

Our earlier position that the closure of Dangote Flourmills plc and Nahco Offers will reduce the stress on liquidity may not be true after all as bears took control of the market. IBTC and Intercontinental bank amongst other banking stocks dominated the losers chart.

 

Insurance stocks have reached their support levels given the reversal in fortunes as the greater majority led by NEM and WAPIC traded strong whilst also closing in the positive territory.

 

 

Investors appear to have favorable outlook for Food and beverages sector with NBC and Dangote Sugar maintaining stable prices in the midst of a bearish market. It is our view that the market will remain flat or witness a mild decline until the banking sector completes the second phase of their capital raising, early next year.

 

 

Index declined by 35 bps on 11,046 trades. Average size of trade was $6,200 with total value of $64 million. Market cap closed at $65.8 billion.

 

 

Overall there were 39 gainers, 61 losers and 31 unchanged. Banking sectors accounted for 43% of the market volume

 

 

NEM saw the highest volume traded in the market for the day. Afribank, Transcorp, Mutual Benefit Assurance and Intercontinental Bank also closed in the top echelon.

 

 

* Net Bid Staco, Japauloil, Afrpaints and NEM, in that order.

 

* Net Offer Fidelity Bank, Platinum, Afribank and FCMB.

* Top Gainers Nestle, Dangote Sugar, UAC-PROP, and Eternaoil,

* Top Losers Chevron, AP, Oando, and WAPCO

 

Market Information from the CSL Equity Market Note. Olusola.Fadahunsi@firstcitygroup.com   

 

 


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