Dealers Perspective 310807

Proshare

August 31, 2007/ Adetola.odukoya@firstcitygroup.com

 

 

The market hearsay that the merger between ETI and First Bank (which hitherto had been in the coolers) may still be consummated spiked off huge interests in the shares of both stocks with a trickle down effects on the shares of other banking sector stocks. Zenith Bank, Union Bank and First Bank rallied strongly to rescue the All Share Index from closing below 50.000 mark.

 

As liquidity squeeze persists, we do not expect the rally to be sustained but a lot may depend on what happens to ETI and First bank merger in the coming weeks.

 

Index garnered 106 bps to on 9,160 trades. Average size of trade was $4,600 with total value of $42 million. Market cap closed at $60.2 billion.

 

Overall there were 50 gainers, 45 losers and 36 unchanged.

 

Banking sector accounted for 64% of the market volume.

 

First Inland Bank saw the highest volume traded in the market for the day. Sterling Bank, International Energy, Access Bank and Wema Bank also closed in the top echelon.

 

* Net Bid Access, Ecobank, IBTC, First Bank, Japauloil, and Nascon in that order.

* Net Offer Fidelity Bank, FCMB, Transcorp, Afribank, and Dangote Sugar Refinery.

* Top Gainers Nestle, Flourmill, WAPCO, and JBERGER.

* Top Losers Mobil, BCC, RTBRISCOE, and UAC-PROP

 

 

Market Information from the CSL Equity Market Note. Adetola.odukoya@firstcitygroup.com

 

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