The Stock Market - 121207

Proshare

December 12, 2007/Afrinvest (West Africa) Limited nogbonna@afrinvestwa.com

 

International Energy Insurance, gave-in to offers in the early moments of the day’s session; but bids re-appeared mid-way into the session, taking it into the upper end of the market, gaining 3.3% and topping the most traded list with 102.2 million units.

 

However, other Insurance companies on the most traded list could not hold out against the avalanche of supply, as Continental Re shed 4.8% and Linkage Assurance closed on a flat note.

 

Intercontinental Bank, after trading over 62 million units, closed on bid with a 5% rally. GT Bank lost 2.61% to close at N30.19 as a result of very huge institutional sales; while First Bank, though holding up in early and mid-sessions gave-in to offers, shedding 2.7%.

 

Unilever, still being propelled by speculative purchases closed higher by 2.5%; while AG Leventis closed on offer as speculators took profits after a few days\' rally. C&I Leasing, trading at an amazing momentum enjoyed price appreciation for most of the session, but large volumes of sales towards the close of trading brought its price down to close on a flat note. Renewed interest in Dunlop gave it a 3.8% lift.

 

AP, finding a new threshold today at N133.48 closed on a flat note. However, other Petroleum Marketing companies were bearish, with Conoil dropping 4.9%, Chevron shed 1.2%, Oando and Mobil dipped marginally, while Total closed on a flat note.

 

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

 

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