Print. 
The decline in key market indices captured the overall negative sentiment that prevailed in the market's Tuesday trading. Prices losses were still more dominant, with heavy weight-shedding by NESTLE (12.00) and TOTAL (9.37). Most of the 51 stocks that went down in price took losses that were in high naira value and near the 5% movement limit. ETI (N), WAPCO (N), CAP (N), CONOIL, GUINNESS and ASHAKA were top losers, too.That took the All-share index down for the third day in a row, as it shed 613 points or 1.05%. AP however kept its hold to its price and still pushed up N11.49 (full 5%), showing no let-up. Other top gainers were CHEVRON (N4.00), FIRSTBANK (N2.03), MOBIL (N2.00), UBA (N1.71) and DANGSUGAR (N1.01). in number and total Naira value, were on the losing side.
DAY'S TOP TRADES |
||||
COMPANY |
VALUE TRADED |
UNITS TRADED |
PRICE CHANGE |
CLOSING |
AFRIBANK |
2.117 |
69,420 |
0.00 |
30.49 |
WEMABANK |
1.447 |
96,440 |
0.00 |
15.00 |
UBA |
.638 |
12,581 |
1.71 |
50.50 |
INTERCONT |
.630 |
15,917 |
-1.00 |
39.50 |
IBTC |
.605 |
27,542 |
-0.39 |
22.00 |
GUARANTY |
.553 |
16,733 |
-1.70 |
32.42 |
FIRSTBANK |
.534 |
12,662 |
2.03 |
43.13 |
FCMB |
.490 |
23,396 |
-1.00 |
20.60 |
AP |
.345 |
1,436 |
11.49 |
241.45 |
OCEANIC |
.318 |
9,512 |
-1.75 |
33.36 |
Top trade value performance was an all-banking affair as the top ten trades in value were bank stocks. Investors have kept an abiding interest in bank stocks, which keeps those stocks very liquid. AFRBANK, WEMABANK, UBA, INTERCONT and IBTC led in traded value. Total units and value were however down from previous day by 22.70% and 25.00% respectively.
After it's initial burst of energy at the start of the year, the market has clearly throttled down, shedding some value for three days running. It would all be characterised, though, as market sentiment as no adverse economic variables have emerged to point to any deterioration of the operating environment and in any key economic fundamentals.
Copyright © 2007. SmartProInvesting.com. All rights reserved.
SmartProInvesting.com is Nigeria's top spot for premium investment information and wealth-building tools. Access a powerful base of online resources to hone your investing skills and strengthen your business-building capacity: articles, white papers, guides, video resources and more at http://www.smartproinvesting.com. Sign up Free for SmartProInvesting.com's investment newsletter, Mastering Investment-now to stay clued to market developments. Visit the blog at http://www.smartproinvesting.com/blog.