The Stock Market - 111207

Proshare

The market took a positive turn at the close of the day’s session, correcting yesterday’s loss with a 12 basis points appreciation of the All-Share Index.

 

Interest in Okomu Oil, NNFM and Royal Exchange appears to be waning; placing them on the verge of a possible decline, in future sessions. However, they still booked significant gains of 5%, 4.9% and 4.8% respectively. Closing bids were not impressive, suggesting that profit – taking has started and could persist into coming sessions.

 

CAP Plc, trading less than 40,000 units with closing bids exceeding 700,000 units, surged 4.9% to close at N54.03. However, Berger Paints was on the buyers\' side of the market, shedding 4.9%. Nigeria-German Chemical had its share price sliced by 4.8%, although bids and offers were closely matched.

 

WAPCO, after opening on a strong note settled for a marginal rise, while CCNN swung once again to the sellers\' side of the market closing with unfilled bids at maximum price. AshakaCem suffered a slim loss to close at N50.02.

 

Despite trading robust volumes, Intercontinental Bank dropped points but vested interest kept it around the N35 band.

 

Unity Bank had its price slashed by 3.9% after a late review of offers stacked at the upper-end of a market remained largely unchanged at the lower-end. Access Bank and First Bank recorded marginal gains, while UBN posted a1.7% cut.

 

Market Information provided by: Afrinvest (West Africa) Limited nogbonna@afrinvestwa.com

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