Daily Market Performance: Commentary

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Market Opens Strong: AP Powers on, Strong Gains too for Mobil, Conoil, WAPCO and Oando, while ETI sheds heavily ::
Wednesday 02/01/2008

The year’s trading on the Nigerian Stock Exchange opened strong Wednesday, in spite of the holiday impact. Though total trade value dropped 44% from the level on 31st December 2007 (N8.81 bn : N14.80 bn), significant market gains were recorded. The NSE allshare index rose 590 points to 58,580. The gains by 81 companies compared to losses by only 16 clearly signaled an upbeat market mood. What’s more, except for ETI (-N10.00), Julius Berger (-N4.23) and Intercontinental (-N1.54), the other 13 losses were below N0.40. On the flipside, 18 gains ranged from N1.00 to N10.35, while 16 others were above the N0.40 mark. It’s however to be seen if this positive market bias will be sustained in the coming weeks.

The gains cut across sectors, but the petroleum, building materials, insurance and food and beverages sectors were more emphatic. You would observe, too, that the insurance sector stocks are quietly but steadily gaining steam. Overall, top value gains for the day were spread more between small-cap and mid-cap companies. Banking sector stocks were the most bought, with Access Bank (N1.10 bn), Oceanic (N940m), Afribank (N553m), GTBank (N541m) and Intercontinental (N489m) leading the pack.

AP has maintained its powerful upward ride, still picking maximum gain of N10.35 on the first trading day of the year, on a strong volume (1.3m units). You must be thinking now that it’s difficult to attribute this price push to sustainable operational performance. It's becoming interesting to see how further high it will get propelled.

Oando is also continuing with a strong showing. Up from below N80 on November 1, 2007, it closed at N125.00. The strategic repositioning undertaken by the company would seem to be yielding early results.

Overall, a strong day for market and a good start for the year. See the full chart of the day’s company performances here.

If the upbeat promises about the development thrust for 2008, given by the political leadership in the their new year statements, will get translated into concrete action, market performance for the year may yet outrun the sterling results of 2007.

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