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Nigeria's Financial Market Analysis For 03/1008 by RYSB: 1:47am On Oct 04, 2008 |
Economic Update If you liked this post then you should register at www.reportyourstockbroker.com for daily financial market analysis The Nigerian National Petroleum Corporation (NNPC) disclosed that the bursted feeder pipeline supplying about 125,000 barrels of Oil to the Warri Refinery and Petrochemical Plant has not disrupted its operations. According to the company’s subsidiary, the Pipeline Products Marketing Company, PPMC, repairs on the pipeline would be completed today The Central Bank of Nigeria (CBN) has mopped up N65bn from the financial system by issuing fresh treasury securities through its Open Market Operations (OMO). Price of London Brent crude traded at $9 1. 31/barrel at the Intercontinental Exchange (ICE) today. Equity Market Key equity market indicators shed another 54 bpts today, culminating in a week to date decline of 109 bpts. The All Share Index and market capitalization of listed equities closed lower to 45,712.41 and N9.73tr respectively. The performance may not be far fetched from lower market activity as 292.96mn shares, less by 33.4%, valued at N1.94bn were transacted in 6,492 deals. Meanwhile, YTD decline at the close of today’s transaction was 21.17%, compared to a total decline of 31.12% from the year high, attained in March 2008. 126 listed equities were traded today. Only 4 of these appreciated in price, while 62 declined as 60 others remained unchanged. Sequel to this, gainers to losers’ ratio weakened to 0.06:1, while market breadth moved in the same direction to -0.46. The half year financial performance of Juli Plc was announced today. The company achieved a turnover growth of 35% to N137.97mn. However; its increased turnover was not enough to drive profits as it posted a net loss of N6.21mn, some 31% higher than its loss position in the corresponding period. The company’s stock closed unchanged at N3.91. There were only four gainers on the NSE price list today. They were BOCGAS, N28.48; DAARCOMM, N5.78; CHAMS, N3.32 and WAPCO, N37.29. On the flip side were several banking stocks including FCMB, N10.93; GUARANTY, N20.94; UBA, N24.95 and ZENITH, N35.94. The three most active stocks were SPRINGBANK, 144.4mn (N5.59); IAINSURE, 45.9mn (N0.74) and FIDELITYBK (N7.29) On the one hand, newly listed issues, CHAMS, N3.32 and DAARCOMM, N5.58, sustained their uptrend today as they rose to new highs. On the other hand, two bank stocks, ACCESS, N11.41 and FCMB, N10.93 including GUINNESS, N115.38 closed to new 52-week lows today. Money Market There was a recovery in the recent trend in money market activities as short tenored rates firmed up today. The strongest mover was the interbank call rate, adding 117 bpts to 12.25%. The official exchange rate of the Naira as released by the CBN remained N116.06/US$ as at yesterday. Interbank exchange rate averaged 117.77/US$ today. If you liked this post then you should register at www.reportyourstockbroker.com for daily financial market analysis |
Re: Nigeria's Financial Market Analysis For 03/1008 by abujabooks(f): 11:25am On Oct 08, 2008 |
Will do |
Re: Nigeria's Financial Market Analysis For 03/1008 by RYSB: 8:36pm On Oct 08, 2008 |
Thanks |
Re: Nigeria's Financial Market Analysis For 03/1008 by joeyarticles: 9:38am On Dec 03, 2020 |
The commercial banking system is the most dominant group in the entire Nigerian financial system; therefore, we must have to start from there and then followed by an overall assessment of all other institutions. Going by the above assertion, it is evident to say that the banking sector in Nigeria account for a chunk of contribution in terms of salary payment in the Nigerian work force. The banking sector has from time being the main stay of corporate employment, recording an over a hundred employment annual. |
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