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Mid-Week: Nigerian Big CAP stocks hit as price correction sets in

Profiteering dominates Nigerian bourse as price correction takes its toll across the board while equities shed weight accordingly amid low optimisms witnessed so far in the week.

Also, market maintained below-the-line posture on back of weak bargain posture paraded by investors while the market breadth succumbed to profit-taking tendency and unrelenting sell pressure to close negative- the outlook recorded so far in the week came in-line with our position as envisaged in our previous mid-week analysis report.

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Daily Market Updates

080812: Stocks edge lower by -0.96% for third day as sell-side revved up

Nigerian market extends two days losing streak as sell-sides revved up amid sustained low optimism while profit-taking tendency continued to overwhelm the moderate bargain tendency observed on the board while sentiments remained unfavourable.

Also, the sustained weak breadth and continued pessimistic activities towards blue chips and big counters impacted market outlook significantly while the market volume turnover and Naira votes dipped considerably by -40.00% and -43.09% respectively.

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Public Offers Private Placements

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Corporate Earnings

PORTPAINT declares N88.2m PAT in Q2 '12 result,(SP:N3.31k)

PHARMDEKO declares N7.9m PAT in Q2 '12 result,(SP:N3.17k)

AIICO declares N1.5b PAT in Q2 '12 result,(SP:N0.50k)

FORTEOIL forecasts N952.1m PAT

Report

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Equity proceeds with decline in outweighed bargain 080813

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