Market report for 23/03/07
March 24th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The NSE All-Share Index closed flat on the last trading session for the week. The bank dominance of the volumes trades was rather emphatic, courtesy of FCMB which 1.39 billion units (obviously strategic) exchange hands, Wema bank and Afribank followed with 38.3 million and 31.3 million units respectively.
Attention returned to a major player in the banking sector i.e. Zenith Bank, it had sustained interest increase in its share price by 4.42% to close the day at N37.59. Speculators ignored Intercontinental Bank believing they could get luckier next week. It dipped by 2.65%. Fringe Securities like Fidelity, First Inland and Sterling Bank had interest diminish as the session progressed.
Cement Company of Northern Nigeria lost 4.29% to close at N37.00. Though activity in this stock has been upbeat in recent times, the day’s high of N40.59 (up 88.17% from N21.57) seemed an offer that was too tempting to ignore by market speculators. Trading pattern for Benue Cement Company (BCC) on the other could be described as a classic case of saving the best for last. It opened on a mildly strong note then faltered but regained momentum due to increased bids that kept resurfacing from bonus enthusiasts. Unsettled bids at close stood in the 3.5 million units range, leading one to reasonably deduce that it would open upbeat on Monday when it is marked for bonus.
WAPCO was also able to garner enough bids to attract a price appreciation of 2.85% though robust volumes traded, one could still sense a hold back from the supply end at current prices.One but wonders what the market would look like next week as the election date draws nearer.
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