Dealers Perspective 111207

Proshare

December 11, 2007/Olusola.Fadahunsi@firstcitygroup.com  

 

Banking sector shares traded sideways though the mid-cap banks like IBTC and Access have been inching up gradually and consistently. The volume of trades in Intercontinental bank shares have remained high and it seems that the stock price is being “supported” even as the company gears up for share reconstruction.

 

Dangote Sugar as usual opened strong but closed weak as short term traders moved in to take profit.

 

Speculations are awash that the quarterly dividend policy in Dangote Sugar refinery may soon stop to give way for a semi-annual dividend policy. The implication of this is that the dividends which hitherto had been offered in trickles will now come in a bigger lump and may impact the share price positively.    

 

Index appreciated by 12 bps on 9,911 trades. Average size of trade was $6,500 with total value of $64.8 million. Market cap closed at $77.33 billion.

 

 

Overall there were 50 gainers, 47 losers and 40 unchanged. Banking and Insurance sectors accounted for 77% of the market volume.

 

International Energy saw the highest volume traded in the market for the day. Intercontinental bank, C&I leasing, Linkage Assurance and Equity Assurance also closed in the top echelon.

 

* Net Bid BigTreat, Ecobank, Afroil, CCNN and AIICO, in that order.

* Net Offer Fidelity bank, Sterling bank, Wema bank, Skyebank and Equity Assurance.

* Top Gainers ETI, JBERGER, Guinness and CAP.

* Top Losers African Petroleum, Nestle, Conoil and Oando

 

 

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

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