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Saturday, October 30, 2010

NSE weekly report for week ended 22nd Oct. 2010

Courtesy of FSDH, Lead Capital, and Afrinvest, here are the NSE statistics for the week ended Friday, October 22nd:

- The market caved into bearish sentiments mid-week however a spike on Friday curbed the downward trend, as the NSE All-Share Index subsequently lost 39bps closing at 24,978.70.
- Profit taking in the banking sector sent most mid-tier banks tumbling this week, Access Bank, FCMB, Stanbic IBTC and Skye Bank all shed points ranging from 0.2% to 8.0%, top-tier banks were not spared either, however, bullish sentiments on Friday had most of the top-tier banks recording varied gains; First Bank and GTBank inched up with gains of 2.9% and 3.4%respectively, while UBA and Zenith Bank both gained marginal points. The rally on Oceanic Bank remained strong all week resulting in a 25.5% gain. Sentiments in the market indicate that the rally could continue into mid-next week before profit taking starts.
- The food and beverages sector went to the bears this week. Profit taking trimmed off less than 1.0% from Dangote Flour while Dangote Sugar shed 1.2%, Cadbury also lost 12.1%. On the flip side Honeywell Flour and 7up bagged gains of 7.5% and 5.0% respectively.
- In the same vein bearish sentiments trimmed off 1.4% an 2.8% from International Breweries and Guinness this week, while NB lost marginal points.

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