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September 01, 2007/ Afrinvest (West Africa) Limited nogbonna@afrinvestwa.com

 

 

The NSE All-Share Index closed the day with a 106 basis points lift, as the banks came in tops in terms of volume trades. First Inland dominated proceedings with 90.9 million units of its shares exchanging hands. Sterling Bank and International Energy Insurance followed with 31.5million and 22.2million units respectively. The share price of Dangote Sugar Refinery was adjusted to N39.60 for an interim dividend of 40kobo per share.

 

First Bank saw genuine demand across board mark up its share price by 5% to close the day with an outstanding bid position of 5.7million units.

 

 

Opening bids were quite weak at market open, but strengthened mid-way into the session when it became more obvious that volumes offered for sale would probably not go round.

 

 

Nigerian Bottling Company rode on a hold back of supply volumes to chalk-up 4.44% in gains as interested buyers were able to get only 81,059 units of the food and beverages stock. However, demand for its shares were somewhat weak, making it a likely candidate for another round of profit taking at any price beyond the N47.00 mark.

 

 

Likewise, subtle bid interest coupled with unavailability of supply volumes at current prices played a major role in warding off the advances of the “bears” on the shares of National Salt Company of Nigeria (NASCON). The stock was able to post a 4.97% lift at the end of proceedings.

 

 

A resuscitation of bid interest was able to put Flourmills on the recovery path, after yesterday’s unsavory performance, recording a 4.99% lift in value and trading robust volumes in excess of 2.2 million units. Cadbury and 7UP (trading its usual meager volumes) maintained a steady posture.

 

 

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

 

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