Dear Afrinvestor,

Market Statistics (Friday, 13^th July, 2012)

Market Cap (N'bn)	7,259.70
Market Cap (US$'bn)	44.79
NSE All-Share Index	22,741.06
Daily Performance %	1.10
1 Week Performance %	2.85
YTD Performance %	9.70
Daily Volume (Million)	443.18
Daily Value (N'bn)	1.44
Daily Value (US$'m)	8.87

DEALER’S PERCEPTION

The NSE all share index inched up 110bps.

As anticipated profit taking shaved off 3.8% from UBA and 1.2% from Diamond Bank, re-entries could however stem the slide next week. On the up-tick, Fidelity Bank, GTBank, Sterling Bank and Union Bank closed between gains of 1.3% and 4.8% respectively.

NB inched up slightly today as it remains a favourite of institutional investors, trading at an average of N109.64 and closing with demand that should support it at this level next week. Guinness however closed flat.

In the building materials sector, bullish sentiments firmed up Dangote Cement and Lafarge Wapco, resulting in gains of 3.6% and 1.2% respectively. On the flip side, CCNN lost less than 1.0% while Ashaka Cement recorded no change.

WEEKLY TRADING SUMMARY

The market closed on a positive note this week as the NSE All-Share Index advanced from 22,110.91 to 22,741.06, a 285bps cumulative increase.

H1 results announced by some banks, during the week, spurred buying sentiments, leading to cumulative gains of 8.3% from Diamond Bank and 5.6% from UBA; also on the up-tick this week were, Union Bank and Sterling Bank both, recording weekly gains of 22.1% and 7.8% respectively. We anticipate this positive trend in the banking sector to continue next week, as other companies in the sector announce their H1 numbers.

Speculators seeking to book profit mid-week, trimmed off 2.3% from Dangote Flour; Nestle, Honeywell Flour, Flour Mills and Cadbury also caved to bearish sentiments during the week, shedding between 0.6% and 6.6% at the close of the week. Dangote Sugar, NASCON and 7-up, were however divergent to the bearish sentiments in the sector, rallying with cumulative gains of 10.5%, 2.2% and 5.0% respectively.   

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Kind regards,

Investment Research