General Market Review of Nigerian capital marker. The NSEASI moved 0.46% northward to close at 37,308.60bps today, bucking the persistent negative trend that has trailed the market for six(6) straight sessions. The fall in prices of heavyweight Dangote cement, Guinness and Nestle couldn’t eclipse the positive effect of bargain hunting in Banks and a few consumer counters on the NSEASI. Today’s positive momentum was experienced by most sectors under NSE radar as the NSEBNK10 index marched a whopping 341bps higher on the back of GTB(+8.23%), FCMB(+4.84%), UBA(+4.33%) and FBNH(+2.92%) to lead the sub-indices, NSEOILG followed suit gaining 155bps as Oando(+4.97%) and Mobil(+3.19%) garnered points. Among the broad indices, value traded rose marginally by 3.14 % compared to the last session. Out of 60 stocks that changed price, 24 advanced relative to 36 losers. Top in the positive territory are GTB(N25), Oando(N14.56), Mobil(N124.86) and Nigerian breweries(N146) while Nestle(N958.80), Guinness(N165), Total(N148) and Cadbury(N78) led the decliners. Market activity was concentrated on Zenith, GTB, Access, Nestle and Nigerian. Breweries as trades in these company shares accounted for over 54% of value of trades. WAPCO Plc released its unaudited financial statement for the year ended December 31st 2013. It’s Revenue by 12%(N98.8billion), while bottom-line showed impressive growth as PBT and PAT stood at N27.7billion and N28.26billion respectively, a 30% and 92% growth from 2012 figures. A dividend of N3.30 which represents a yield of 3% at yesterday’s closing price was declared. In the trader’s opinion, the market will likely trade higher to close the week positive and investors are advised to look out for opportunities in recently oversold positions.
Posted on: Fri, 21 Mar 2014 07:49:00 +0000
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