The Stock Market - 250208

Proshare

February 25, 2008/ Afrinvest (West Africa) Limited nogbonna@afrinvestwa.com

 

The NSE-All Share Index closed on an upswing, with a 60 basis points appreciation.

 

After several days of hold-back, investors and speculators finally unleashed the withheld shares of AIICO. At first, bids continued to surface to mop up intermittent offers, but towards the end of the trading sessions, large quantum of offers overwhelmed the available bids, to see the stock close with a modest 1.9% appreciation.

 

 

STACO enjoyed a rally, trading at maximum price for a substantial part of the session, as it bagged a 4.9% gain. Most of the other insurance stocks maintained a stable trading pattern.

 

 

Reaction to the corporate action announced by Oando was instantaneous, with bids going over the 7 million mark and as expected offers also dried up.

 

 

Chevron was also on bid throughout the session. Riding on the back of Oando\'s announcement, other stocks in the sector such as Mobil, Total, Conoil and Eternal oil booked maximum price appreciations and closed with unsatisfied demand.

 

 

Marginal losses were recorded across the banking sector; a reflection of investor’s attitude towards the banking sector, as the market looks towards small cap stocks in the short term.

 

 

However, Bank PHB and Unity Bank recorded modest gains of 2.9% and 2.6% respectively.

 

 

Livestock Feeds enjoyed a 5% price hike for most part of the session until supplies brought down the price by mid session; however, unrelenting bids ensured it still booked the daily maximum price.

 

 

ABC Transport, May & Baker, DN Meyer still remain unavailable as speculators hold on in hope of further appreciation with the lingering bull-run. Renewed entries mopped up available offers for C&I leasing, finishing with a 4.8% rise, a trend that could prevail in coming sessions.

 

 

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

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