The current doldrums in the market continued as major indicators moved southward indicating loss of confidence while most of the stocks failed to enjoy investorsÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¾ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ patronage and closed on net offer. The All Share Index declined by 353 basis points and lost 1,371.36 points to close at 37,497.96. On the day which saw the ratio of advancers to decliners closed at 1:24.3 compared to 1:23 that was recorded yesterday. Similarly, market cap decreased today by US$2.58 billion to close at US$70.55 billion while volume and value also declined by 33.48% and 7.14% respectively.
Chams and Spring Bank Plc lifted the activities in the market today as both stocks traded over 78 million units representing about 47.3% of total volume traded though larger percentage of the volume were block trades.
Costain West Africa Plc today released its audited result for the year ended March 31st, 2008. Turnover increased by 26.46% to N3.814 billion, PBT jumped by 233.02% to N380.516 million while PAT jumped by 227.16% to N353.217 million from N107.963 million in the corresponding period of 2007. Lasaco Insurance Plc today released its un-audited second quarter results for the period ended June 30th, 2008. Turnover increased by 51.44% to N2.423 billion, PBT also increased by 21.61% to N801.209 million, while PAT grew by 17.31% to N656.991 million from N560.025 million in the corresponding period of 2007. Other companies that released their financial results today are; UACN, NEM Insurance, Presco, Oasis, Red Star Express and Champion Breweries Plc.
After 3 days of the removal of the circuit breaker, the level of over-hang in the market still remains a source of concern as this suggest that illiquidity still persists in the market. Judging by this and other market parameters, we are of the opinion that the downward trend will persist for the rest of the week and a greater part of the coming week when we expect some stocks to offer support and a form of rally.
Index was down by 353 basis pts on 5,110 trades. Average size of trade was US$2,485 with total value of US$12.70m. Market cap closed at US$70.55 billion.
Overall, there were 3 gainers and 73 losers and 58 unchanged. The Banking sector led the volume chart followed by the Telecommunications sector and both accounted for 72.34% of total volume traded.
Chams Plc traded 45.327 million shares to top the overall volume chart. Other stocks that closed in the top echelon were Spring Bank, First Bank, Multiverse and UBA.
* Net Bid: Spring Bank.
* Net Offer: Investment and Allied Insurance, Lasaco, NEM, Platinum and Starcomms.
* Top Gainers: FTN
* Top Losers: UACN, Unilever, UBN, Conoil and Chevron.
Market Information from the CSL Equity Market Note. Adeniyi.Adebayo@firstcitygroup.com