Nigerian Stock Exchange Daily Market Review - May 13, 2008


:: Market Slides Again After Showing Strength

Bearish Trade Day

Trading on the Nigerian Stock Exchange ended weaker today as the market broad numbers pointed downwards. The powerful recovery of the past weak had slowed downed on Monday, but today, the scales tilted and the numbers went negative again. The All-share index went down 0.1%, closing 62,463.66. Market capitalisation similarly declined by that margin, closing at N12.11 trillion. To complete the weakened numbers of the day's trading, market volume and total transactions value also dropped from previous day' levels. Volume was down a whopping 25.12% at 550.13 million.

Price Performance
The price index dipped mainly from losses by COSTAIN (-N2.29), ETI (-N2.22), UBN(-N1.69), G.CAPPA (-N1.63), FIRSTBANK (-N1.57) and a few other heavily capitalised stocks (see chart). Those losses were enough to wipe the gains by NESTLE (N11.20), OANDO (N5.01), CAP (N2.38), ASHAKACEM (N2.28), UBA (N2.00) and some other stocks in strong demand.

Coy Value (Naira bn)  Volume 
(Units '000)		 Price
Change (N) 		Closing
(N)
INTERCONT 
.885
19,520
 Price gain
-0.12
45.50
UBA 
.663
11,535
 Price gain
2.00
57.50
NESTLE 
.452
1,974
 Price gain
11.20
235.37
OCEANIC 
.386
13,577
 Price gain
-0.61
28.00
ETI 
.380
1,528
 Price gain
-2.22
246.78
GUARANTY 
.343
9,998
 Price loss
-0.15
34.00
FIRSTBANK 
.331
7,270
 Price gain
-1.57
44.55
CILEASING 
.307
22,835
 Price gain
-0.47
13.53
CUSTODYINS 
.251
34,245
 Price gain
0.20
7.45
ECOBANK 
.239
22,338
 Price loss
0.17
10.66
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Also see strong relative price gains for the day posted by ABCTRANS (5.00% to close N5.67), NESTLE (5.00%, closing N235.37), ASHAKACEM (4.99%, closing N47.97), UACN-PROP (4.99% to close N27.79) and a bunch of other top-earning stocks. The big losers on that parameter were INTERNEGINS (-5.00% to close N5.51), VONO (-4.99% closing N6.66), COSTAIN (-4.98%, to close N43.70) and others as shown is the full analysis chart.

Transaction Volumes
In naira terms, the banking and insurance stocks topped the transaction values table., with INTERCONTINENTAL as the most-heavily bought stock. UBA also sustained the heavy volume it has maintained in recent trading. It has remained the highest-priced stock. NESTLE, OCEANIC, ETI, GUARANTY and FIRSTBANK were other stocks where investors put the most money.

Insurance stocks Cornerstone, Custodian and Allied and Universal were also in strong demand. That was so too, for C&I Leasing, Ecobank, Linkage Assurance. and Spring Bank. Ecobank and Spring Bank, both held on technical suspension for the better part of one year on account of their merger discussion, have been in steady price rise since being lifted from suspension last week after the merger collapsed.

Market News
Corporate results were presented by Poly Products, Ekocorp and Aluminum Extrusion. While Poly Products published Q2 and Q3 results, Ekocorp and Aluminum Extrusion filed for just Q1. Poly Products was down 3.4% in turnover for its third quarter, but managed to post a decent Profit After Tax growth of 35.8% to N20.81million.

ALEX raised Q1 turnover to N280.47 million from N247.97 million, netting a PAT of N9.12 million, up from N5.86 million in same period last year. All results are unaudited.

ALEX has enjoyed a strong price run in 2008, rising from year opening of N2.50 to N15.20 before adjusting down to current level of N14.44.

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