Dealers Perspective - 250208

Proshare

February 25, 2008/Olusola.Fadahunsi@firstcitygroup.com  

 

The equities market opened on a bullish note but it appears that Insurance stocks have reached their resistance levels. Petroleum marketing sector continued to enjoy investor patronage with their prices still moving northwards. Chevron, Total, and Mobil emerged the top three price gainers for the day.

 

The announcement that Oando has acquired 49.18 percent of SNEPCO’s (Shell Nigeria Exploration and Production Company Limited) interest in “production sharing contract & joint operating agreement” with respect to Offshore Mining License was an impetus needed to drive up further their share prices.

 

Excess liquidity is the major cause of the bullish run in the market and this pattern may yet continue in the coming days.

 

Index appreciated by 60 bps on 20,857 trades. Average size of trade was $7,800 with total value of $163 million. Market cap closed at $105billion.

 

Overall there were 99 gainers, 35 losers and 24 unchanged. Banking and Insurance sectors accounted for 75% of the market volume.

 

Universal Insurance saw the highest volume traded in the market for the day. AIICO, Mutual Benefits, FCMB and NEM also closed in the top echelon.

 

* Net Bid Custodian&Allied Assurance, Goldlink Insurance, Standard Assurance, Ecobank and Skye Bank in that order.

* Net Offer Transcorp, Crusader Insurance, First Inland Bank and Wema Bank.

* Top Gainers Chevron, Total, Mobil, and Oando.

* Top Losers WAPCO, UACN, BCC and RTBriscoe.

 

 

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

 

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