Global Investment Trading Market Daily Updates

2009-11-24T15:37:00.000+01:00

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5th ME Forex Expo & Conference

2009-11-14T03:33:00.002+01:00

The 5th Middle East Forex Trading Expo & Conference will help you to Discover the latest trading techniques, trading tools, signals, news and charting in FOREX trading, Gold, CFD’s, Commodities, Futures, ETF’s, Derivatives and many more. Meet one on one with FOREX experts, strategists, mentors and the most trusted brokers from around the globe

Easy Forex is pleased to announce its participation in the 5th Middle East Forex Trading Expo in Dubai on November 17-18, 2009 and invites all participants to come to booth F23 for a chance to have a personal demonstration of their Visual Trading Machine.

Easy-Forex’s Visual Trading machine provides an exciting, easy and transparent option that helps users make educated, clear decisions in an otherwise complicated market.
Distinctive features of the Easy-Forex platform include:

The Visual Trading Machine which provides a quick display of the most current market information. Each element of the machine is designed to empower the user to make educated decisions about their portfolio of trades, optimizing their trading experience.

Inside Viewer™ allows traders to see through the market with ease and informs them what others on the Easy-Forex platform are trading in real time (popularity of a currency pair, deal direction and the average structure of open deals). This feature brings Easy-Forex to a new standard of ethics in

The unique Trade Controller™ tool which provides a clear and complete picture of all profit/loss scenarios for precision measurement and adjustment. Users with the controls to set their desired values visually and simply.

The Freeze Rate capability enables traders to freeze an existing Buy or Sell rate for a few seconds, allowing traders to briefly lock in a rate regardless of market movement with no commitment to trade.

The Easy-Forex trading platform was founded on the idea of bringing currency trading to the general consumer. Easy-Forex was the first online Forex trading system allowing clients to trade Forex as a consumer product and is one of the only platforms enabling a trader to start trading immediately. Since 2001, Easy-Forex has been revolutionizing foreign exchange trading in more than 150 countries.

The Easy-Forex trading platform was founded on the idea of bringing currency trading to the general consumer. Easy-Forex was the first online Forex trading system allowing clients to trade Forex as a consumer product and is one of the only platforms enabling a trader to start trading immediately. Since 2001, Easy-Forex has been revolutionizing foreign exchange trading in more than 150 countries.

Easy-Forex is licensed in Australia, the EU, and the USA and has nine physical office locations around the world. To find out more, please visit easy-forex.com.

Index declined further despite corporate actions declared.

2009-11-13T07:13:00.000+01:00

Market closed today with a total volume of 323.61 million units exchanged in 6,839 deals, valued at N3.424 billion. The volume traded today was 32.91% below the yesterday trade volume and the transaction value for the day moved downward by 4.53%. The day’s activities chart was driven majorly by the banking stocks such as Platinum bank, Access bank, GTB, Sterling bank and Skye bank as they emerged the top five trades for the day with 29.967 million units, 28.449 million units, 23.527 million units, 18.482 million units and 17.208 million units respectively. The drop recorded in the market today cut across all the sectors with the Food and Beverages sector losing in the lead.

The All-Share Index declined by 0.72% as against 0.70% recorded yesterday and the market capitalisation depreciated by N36.33 billion as against a decline by N34.462 billion of yesterday.NSE-30 lost 0.77% as against 0.25% loss of yesterday, NSE-Food and Beverages reversed to loss by 3.36% as against appreciation of 0.73% of yesterday. NSE-Banking dropped further today by 0.17% against the loss of by 2.13% of yesterday, NSE-Insurance which gained 0.27% yesterday lost 0.60% today and NSE-Oil and Gas against loss of 1.03% of the previous day retained yesterday’s index. At the close of trading today, out of the 124 securities traded, 22 advanced while 42 declined and 60 traded at their previous closed prices.

PZ emerged the highest gainer for day with 4.98% price appreciation, followed by Dangoteflour-4.84%,Unity bank-4.55%, Aiico 4.49%, Abctrans-4.94%,Uniondac-4.48% and Jberger-4.32%

GTB Plc and Japaul lost (5%) each to emerge the highest losers for the day. Other stocks in the category of top ten losers are:ETI-4.97%, Costain-4.96%,Nahco-4.96%, Unilever-4.96%,UPL-4.95%, Eternaloil-4.95%, Bigtreat-4.95% and Agleventis-4.91%.

Asosavings and Abctrans closed on bid today, while Livestock, Capoil, Nahco, Afribank, Firstinland bank, Springbank,Guinnes, Agleventis, Tantalizer, Afrinsure, Prestige, Unicinsure, Wapic, Unionhomes, Crusader, Eternaoil and Academy closed on offer.

Dangote Sugar Plc second quarter report:Turnover declined by 10.28% to close at N38.639b against N43.067b of the previous period.Profit after tax dropped by 43.08% to close at N7.308b as against N12.839b of the previous year.Working capital improved by 4.63% to close at N20.186b as against N19.292b of the previous year and Net Assets grew by 9.52% to close at N35.734b as against N32.627b

Dangote Flourmill Plc audited 2008 audited report: Turnover grew by 13.69% to close atN47.927b as against N42.153b of the previous period. Profit after tax increased by 432.8% to close at N2.989b as against. Net assets increased by 10.73% to close at N24.352b as against N21.985b. Dividend of 30k per share was declared.

Dangote Sugar Plc third quarter report:Turnover dropped by 7.60% to close at N59.440b as against N64.357b.Profit after tax dropped by 35.85% to close at N11.895b as against N18.553b.

PZ Nigeria Plc First quarter report: Turnover grew by 14.65% to close at N18.996b as against N16.568b and Profit after tax declined by 3.9% to close at N545.024m as against N567.401m.

Nestle Nigeria Plc third quarter report:Turnover grew by 32.23% to close at N49.899b as against N37.736b and Profit after tax grew by 31.45% to close at N7.222b as against N5.494b. Dividend of N1.95 was proposed.

Dangote Flourmills Plc third quarter: Turnover growth of 34.77% was recorded to close at N46.953b as against N34.839b of the previous period and Profit after tax grew by 33.16% to close at N7.615b as against N1.758b.30k per share dividend is proposed.

R.T.Briscoe Plc third quarter report:Turnover declined by 18.54% to close at N11.969b as against N14.694b and profit after tax dropped 66.35% to close at N282.681m as against N840.118m of the previous period.

Capital Hotels Plc third quarter report:Turnover grew by 16.91% to close at N3.273b as against N2.797b. Profit after tax also grew by 80.82% to close at N822.006m as against N454.558m.

Oasis Insurance Plc third quarter report: Gross premium grew by 78.64% to close at N780.313m as against N436.800m and profit after tax declined by 179.47% to close at (N96.548m) as against N121.485m.

CBN Gives Banks Deadline on International Standard

2009-11-13T07:08:00.000+01:00

Central Bank of Nigeria (CBN) yesterday said it had given banks till December 2010, to adopt the International Financial Reporting Standard (IFRS) in their accounting system.

The CBN Governor, Mallam Sanusi Lamido Sanusi, said this in a paper entitled, “The Nigerian Banking Sector Reform: Effects on Investment Promotion,” presented at the fourth Negotiation and Conflict Management Group (NCMG) African Summit held in Lagos.

Represented by a Deputy Governor, Mr. Tunde Lemo, Sanusi said the present accounting system of most banks was such that a lot of things are hidden, which analysts will not be able to see.

According to him, adoption of the IFRS and International Standard on Auditing (IAS) would satisfy international benchmark for financial system transparency and boost confidence of foreign investors in the country.

“The enhanced disclosure regime will further reinforce confidence of investors in our banking system. It will aid their evaluation of our financial system’s capacity to efficiently allocate capital, redistribute risks, mobilise savings and promote domestic SMEs investment, which may serve as suppliers to their industrial investments," he said.

Lamido said investors are encouraged when they are assured of ability of the system to adequately deal with corporate malfeasance.

He said CBN is currently addressing the issue of transparency and disclosure, adding that people of questionable character, no matter how rich, would no longer be in control of banks.

He said, “even if you have all the money in the world, even if you are the richest man in Babylon and you do not have integrity and character, you will not be allowed to control any bank in Nigeria.

In addition, Sanusi said the CBN will ensure maintenance of public confidence through enforcement of appropriate disclosure and reinvigorate the policy of zero tolerance on all unprofessional and unethical banking practice.

Banks’ shake up: Finbank recovers 10bn

2009-11-06T02:17:00.000+01:00

The Managing Director of Finbank, Mrs. Susan Iroche, on Wednesday disclosed that the bank had recovered over N10bn, being part of its non-performing marginal loans.

She also stated that to make sure that the situation did not repeat itself, the bank was strengthening its risk management processes.

Iroche noted that her immediate challenge was to ensure that good corporate governance was strictly adhered to, and to create a forum where employees of the bank could communicate directly with management.

The managing director, who spoke in Ilorin when she paid a courtesy visit to the governor, Dr. Bukola Saraki, in company with some executive directors also lauded the efforts of the Central Bank of Nigeria in cleansing the banking system.

She explained that the bank was leveraging in its area of comparative advantage, electronic and retail banking, noting that it was also embarking on cost reduction strategies without compromising quality of its services.

She added that in the short term, the bank was aiming at recovering over N30bn outstanding debts, while promising that the new bank was now “a clean break from the past.”

In his comments, the governor assured the bank of its continued support , just as he appealed to the MD to continue with the support of her bank for small-scale enterprises and the agricultural sector.

Equities reversed to positive outlook by 0.55%

2009-11-06T02:15:00.000+01:00

Market reversed to positive outlook today with the number of gainers increased to 34 while losers reduced to 34 and 62 stocks retained their previous trading prices. This mark of improvement cut across all the sectors with the exception of Oil and Gas sector. The drop recorded in the oil and Gas sector was as a result of the massive sell in the shares of AP and Beco Petroleum as the other stocks in the sector closed at their last trading prices. Market improvement today could be linked to the fact that investors are taking opportunities of the previous days’ decline in prices in anticipation of another price rally. Also, the pronouncement from the CBN of possible injection of liquidity into the economy might be another reason motivating investors to make buys in the market.

All-Share market index advanced today by 0.55% reversing the decline of 0.29% recorded yesterday to close at 21,318.78.Market capitalisation appreciated by N27.41 billion as against the loss of N14.323 billion recorded yesterday to close N5.029 trillion. The NSE-30 gained 0.53% as against loss of 0.12% recorded yesterday, NSE-Banking gained further today by 1.14% as against gain of 0.31% of yesterday, NSE-Food and Beverages gained marginally by 0.07% as against 0.36% of yesterday, NSE-Insurance gained 0.13% as against loss of 1.32% of yesterday and NSE-Oil and Gas lost 0.72% as against loss of 0.76% of the previous trading day.

C AND I Leasing Plc Second quarter result: Turnover for the period grew to N4.077b from N2.382b, a record of 100.05% growth.PAT grew by 29.26% from N217.66 million to N281.326m.Working capital situation in the period dropped by 16.97% from (N5.717b)to (N5.747b) and Net asset improved by 10.73% to close at N2.383b from N2.152b

Standard Alliance Insurance Plc third quarter result: Gross premium rose by 3.54% to close at N2.455b from N2.371b of the previous quarter.PAT for the period recorded a growth of 81.65% to close at N1.673b as against N921.289m of the previous year’s second quarter. Working capital dropped by 16.64% to close at N14.238b from N17.080b and Net assets for the quarter dropped by 8.58% to N21.086b from N23.065b of the previous year’s second quarter .The company made a provision to the tune of N2.897 billion for diminution of investments in the quarter.

Glaxsmithkline Plc third quarter result: Gross earnings rose by 22.54% from N9.281 billion to 11.373b.PAT for the period under review improved by 47.63% from N1.117 to N1.649b.Working capital dropped by 39.06 to(N3.236b) from (N2.327b)of the previous year’s third quarter and Net assets for the period improved by 19.72% to close at N6.526b as against N5.451b of the previous year’s third quarter.

Top gainers for the day were: Unilever(4.99%), NNFM(4.98%), Jberger(4.97%), Diamond bank(4.4.93%), Access(4.92%), CCNN(4.88%), Costain(4.85%), Cutodyins(4.84%), Uniondac(4.76%) and Fidelity bank(4.74%). On the other hand, the following stocks emerged in the class of top ten losers at the close of trading today: Vitafoam(5%), AP and Intercontinental bank each lost (4.98%), Union bank(4.95%), Union Homes(4.93%), Asosavings(4.92%), Cornerstone(4.92%),Presco(4.85%), Oceanic bank(4.83%) and IPWA94.79%)

Goldlink Insurance Plc topped the activity chart today with 185.042 million units valued at N92.521 billion traded in 5 deals. GTB followed with 41.722 million units valued at N672.53 billion, Access bank traded 36.69 million units valued at N228.19 billion,First bank Plc traded 35.989 million valued at N506.37 billion and Aiico insurance Plc traded 34.157 million units valued at N29.672 billion. The total trades of these top five trades accounted for 47.66% of the total market volume.

Nahco, Costain, Nestle, NNFM, Uniondac, Custodyins and Royalex closed on bid today whle Capoil, Presco, Afribank,Intercontinental bank, Platinum habib bank, Interbrew, Wapco, IPWA, PZ, Niwicable, Bigtreat, Vitafoam, Afrinsure, Lawunion, Asosavings, Unionhomes, Crusader and Becopetrol closed on offer

This positive outlook is expected to continue tomorrow barring any unforeseen circumstances that may dampen investors’ confidence again. Also, with the readiness of the CBN to put in place structures for the effective takeoff of the nations asset management company, which analysts have noted as necessary for market recovery, market may persist on the positive note in the days ahead.

WDAS: CBN scales down Forex

2009-11-04T12:13:00.000+01:00

The Central Bank of Nigeria last week scaled down its foreign exchange supply in the Wholesale Dutch Auction System from $200m to $62.9m.

The amount was sold to only 16 banks that participated in the auction, while the $200m sold at the previous auctions were sold to higher number of participants ranging from 19 to 22.

In spite of the reduction, the naira still maintained its firm position of N149.14 against the United States dollar as in the last three auctions.

It, however, depreciated against the pound sterling and the euro where it exchanged for N246.58 and N220.78 respectively.

At the previous auction, the local currency exchanged for N245.56 against the pound sterling and N219.71 against the euro.

Dealers said the reduction in the number of participants in the auction as well as the reduction in supply might not be unconnected with the influx of forex into the inter-bank market where liquidity has been largely boosted by the Federal Government stimulus, intervention by oil firms and the Nigerian National Petroleum Corporation, as well as the bail-out package from the government.

Traders said on Friday that the inter-bank lending rates remained at 4.25 per cent on average as liquidity from previous cash inflows was enough to meet weak credit demand from borrowing banks.

The secured Open Buy Back, overnight and call money rates were unchanged at four per cent, 4.25 per cent and 4.5 per cent respectively, in spite of investments in Treasury Bills and forex purchases in the week to Friday.

According to one of the dealers, ”There were few cash outflows into Treasury Bills worth about N45bn and payments for forex purchases at the CBN‘s WDAS, but the funds in the system were sufficient to meet demand for credit.”

They said the impact of the billions of naira injected into the system as part of a government stimulus package and bail-out of undercapitalised banks remained dominant in the system.

”Most banks have sufficient liquidity to meet their inter-bank obligations,” another banker said.

The cost of borrowing among banks slipped to 4.25 per cent on average two weeks ago from 4.91 per cent the previous week after large cash inflows from a $2bn economic stimulus package and the release of October budgetary allocations to the three tiers of government.

Dealers said the rates could climb gradually this week, but increases were likely to remain minimal given that cash balances in banks‘ books remain strong.

First Bank Nigeria Releases Results

2009-11-04T12:10:00.000+01:00

FirstBank Nigeria Plc has a few minutes ago released its results on the floor of the Nigerian Stock Exchange.

Visit FIRSTBANK IR page here to view results.

Stock Exchange records over ₦86 billion loss in October

2009-11-04T12:09:00.000+01:00

Trading activities at the Nigerian Stock Exchange in the month of October were characterised by losses as market indicators continued their bearish trend.

Over N86 billion was lost during the month with the market capitalisation closing at N5.144 trillion on the last trading day of the month, after it opened on the first day at N5.230 trillion. The market capitalisation rose to N5.435 trillion in the second week before dipping due to the slow pace of activities witnessed in all sectors quoted at the exchange.

The Exchange's All-Share Index which opened at the beginning of month with 22,497.27 basis points declined by 3.08 per cent or 692.58 units to close at 21,804.69. Also, two of the four stock exchange sectoral indices depreciated at the end of October - the Banking Index lost 4.05 per cent while the Insurance Index lost 4.74 per cent. However, the Food/Beverages Index gained 5.13 per cent at the end of the month while the Oil/Gas Index was up 7.65 per cent.

Investors shy away

Analysts have attributed the low turnover recorded during the period in review to the ongoing reforms in the banking sector.

Tunde Oladapo, chief executive officer of StockPicks Consulting Limited, said "Real investors (long term investors) are shying away from the market presently. They are holding on to cash. But generally, if you compare the volume of stocks being offloaded on the floor of the exchange now with the previous months, it's obvious that investors' confidence is building up gradually even though it's on a slow pace and may not be absolute any time soon."

However, Mr. Oladapo believes the capital market will stabilise from next year, because "the Central Bank of Nigeria has done its worst". He forecasts an oscillating market in the remaining two months, saying, "Fund managers will be buying and selling. No significant rebound will happen until next year."

Effect of suspension

In the aftermath of the newly released stress audit result by the Central Bank on October 2, which showed that four additional banks were in a "grave situation," the management of the stock exchange, on October 5, placed a one-week technical suspension on the shares of BankPHB and Springbank while it took no action on Wema Bank. The fourth bank, Equitorial Trust Bank, is not a publicly quoted company, therefore, the stock exchange could not take any action on it.

The technical suspension, which means that trading will be allowed on the stocks but their prices cannot move up or down, was aimed at restricting the dumping of the shares of those banks to avoid a free fall on their prices.

However, the one-week suspension still affected the performance of the banking sector, a major driver of the exchange's turnover volume, forcing it to decline to 1.45 billion shares from 2.02 billion recorded before the action. But, in spite of the crisis in the banking sector, it maintained its position as the most active in terms of volume.

Though the suspension was lifted on October 13, the share prices of BankPHB and Springbank have continued to decline by 35 and 47 per cent respectively since then. On the contrary, the shares of the two other "troubled" banks - Wema Bank and Unity Bank - have retained their prices.

Afribank assures customers of excellent services

2009-11-04T12:07:00.000+01:00

Afribank Nigeria Plc has assured customers, participants and exhibitors at the forthcoming 2009 Lagos International Trade Fair of its excellent traditional banking.

The bank will put up a full-fledged branch at the fair to enable it to offer full banking transactions at the fair.

A statement on Saturday said the bank had provided full banking facilities to enable participants to enjoy its wide range of services within the fair ground. It will also offer customised services to traders, businessmen and women and corporate account holders at the fair ground.

The statement added that the bank‘s online real time services would be on hand to enable customers across the country to deposit, transfer and withdraw funds with ease.

Other banking services such as cash collection, opening of accounts at concessionary terms, draft issuance, sale of educational forms, receipt of payment for taxes and free financial advisory services will also be available at the bank‘s stand.

The statement said that subsidiaries of the bank would also be at the fair to offer free financial advisory services on pension management, insurance brokerage, assets and property management, trustees and investment and stock brokerage.

It added that the services of the bank would be available to both institutional and individual customers at the corporate banking, retail, consumer and commercial banking customers‘ desks at the bank‘s stand.

Plans have also been concluded to offer free medical checkup such as weight measurement; body temperature, use of the massaging machine and blood pressure checks at the pavilion.

Ecobank extends free micro funding to ‘enterprising Nigerians’

2009-11-04T12:02:00.000+01:00

Ecobank Nigeria Plc has extended free micro-funding to enterprising Nigerians as it unveils the second phase of The Entrepreneur.

A statement from the bank on Saturday said registration of prospective participants for the ‘Season 2’ of the business reality television show, The Entrepreneur, had commenced in all branches of Ecobank nationwide.

The programme provides micro-entrepreneurs with brilliant ideas the opportunity to access up to N15m free micro-funding from the bank.

The main objective of The Entrepreneur, according to the statement, is to empower small business owners, promote entrepreneurship through investment in innovative social enterprises, educate people on the numerous strategies of pitching business ideas, and contribute to poverty alleviation in the society.

The TV series, which made its debut last year, injected over N12m into the businesses of 23 micro-entrepreneur winners.

Co-sponsored by the malt drink, Vitamalt, the programme has been endorsed by notable government and private sector organisations, which include the Federal Ministry of Agriculture and Water Resources, Growing Businesses Foundation and the Small and Medium Enterprises Development Agency of Nigeria as key partners.

The statement said, “In Season 2, The Entrepreneur TV series seeks to focus on encouraging Nigerians to engage in the real sector of the economy. Bright ideas in the areas of commerce and industry, agriculture, and health are sought, as well as innovative approaches to issues of food security and value-added farming.”

It quoted the Minister of Agriculture and Water Resources, Dr. Sayyad Abba Ruma, as saying that it was a forward looking initiative that would help promote entrepreneurship in agriculture, thereby creating jobs and wealth for Nigeria.

It said, “Interested participants who wish to harness this opportunity and become successful entrepreneurs will be able to do so by picking up their forms at any Ecobank branch nationwide, or downloading the forms online.

“The zonal auditioning for registered participants will hold in Abuja, Enugu and Lagos to select participants with the brightest ideas who will face the panel of judges in the finals in Lagos.”

FOREX UPDATES

2009-10-31T17:51:00.000+01:00

Forex Update
Euro / Dollar Technical Forex Analysis for Forex Traders
In agreement with the negative technical outlook we talked about in the past two days, the Euro stopped at the first resistance in the report 1.4844 with great accuracy (highest price after the issuance of the report is 1.4840), then dropped breaking the support 1.4801, and reached the first target of that break 1.4702. And after reaching 1.4702, we should not neglect the rising probability of an upward correction for the drop from 1.5061, which reached almost 400 pips so far.

USD / JPY Technical Forex Analysis for Forex Traders
Dollar-Yen broke 90.76 and had some drop after that, but it stopped before 90. In spite of that, the technical outlook became more negative, because we broke the rising channel that we have been monitoring lately. The most important support for the short-term is 90.16, and until this moment it managed to hold above it.

Weekly Market Update (301009) - Weak Earnings Reports and Loss of Confidence Caused Index Drop.

2009-10-31T16:34:00.000+01:00

Market this week performed below the previous week performance as all indicators went southward. Market index was on consistent decline since the first trading day of the week throughout the week without a break. For instance, from the 0.28% index gain recorded last trading day of the previous week, the week reversed the trend with a loss of 1.24% in index and loss of N66.175 billion in Market Capitalisation on Monday. This gloomy outlook of the market was caused by a mixture of profit taking and loss of confidence, most especially in Banking sector. The sector recorded the highest loss in the week. However, Food and Beverages sector recorded the best performance in the week with Flourmill being the major driver of the sector’s impressive performance.

The NSE-All share index in the course of the week dropped by 3.75% to close at 21,804.69 as against increase of 1.61% which closed at 22,653.17. The drop was attributed to the decline in the prices of highly capitalised equities. The market capitalisation of 198 First-Tier equities closed lower at N5.14 trillion as against N5.34 trillion of the previous week and the NSE-30 index dropped by 3.02% to close at 837.34 as against gain of 2.60% recorded last week to close at 863.38. One of the four indices appreciated-NSE-Food and Beverages rose by 2.02% to close at 484.99 as against 2.56% gain recorded last week, the NSE-Banking declined by 4.23% as against appreciation by 1.30% of the previous week, the NSE-Oil and Gas declined by 2.02% as against gain of 5.95% recorded last week

A total of 1.95 billion units of shares worth N11.4 billion was exchanged in 30,579 deals in the week as against 2.102 billion units of shares worth N15.780 billion in 29,101 deals recorded last week. The banking sector recorded the highest traded volume for the week with a total of 902.73 million shares worth N6.8 billion was exchanged by investors in 16,935 deals in the week as against 1.305 billion units exchanged in 16,795 deals valued at N10.419 billion of last week. Volume in the banking sector was largely driven by activities in the shares of FCMB, UBA and Access Bank Plc just as of last week. Trading in these three banks accounted for 41.9% of the sector’s trade as against 50.13% of the previous week. In the same vein, the activity in the shares of Standard Alliance Insurance Plc and Lasaco Insurance followed with a turnover of 493.42 million units valued at N390 million in 2,685 deals.

On the price movement during the week, Sixteen(16) stocks advanced in price movement during the week which was below Forty Two (42) advancers recorded in the previous week. Flourmill in the Food and Beverages sector as in the preceding week led the gainers’ chart for the week with N6.79 as aginst N6.03 of the previous week, followed by Guinness Plc(N4.14), Julius Berger (N1.34), UAC (N0.50) and CCNN (N0.49). Other price gainers in the top ten category include: UPL(N0.45), Longman(N0.41), Ashakacem(N0.35), Berger Paints (N0.31) and Fidson (N0.25).
On the losers’ side, Seventy Two(72) decliners were recorded in the week against Seventy Two(55) decliners of the previous week. Nigerian Breweries Plc in the Breweries sector led the losers’ chart with N4.50 drop in the week. Next to it are Conoil(N3.98), UACN(N2.08),AP(N1.80), WAPCO(N1.55), NBC(N1.11), Eternal Oil(N1.09), Nahco(N1.09), Ecobank(97k) and Skye Bank(80)
During the week, Nigerian Ropes Plc was adjusted for dividend of 8k per share, Adswitch Plc was adjusted for dividend of 4k per share and Custodian and Allied Insurance Plc was adjusted for an interim dividend of 5k per share.

TECHNICAL SUSPENSION
The full suspension on Stokvis Nigeria Plc and African Paints (Nig) Plc was down graded to technical suspension on Thursday, October 29, 2009.

MEMORANDUM QUOTATIONS
NIGERIAN INTERNATIONAL GROWTH FUND: Unaudited result for the first quarter ended 30th September 2009 shows Total Income of N251.5 million and Total Expenses of N62.1 million. The Net Assets at the end of the period stood at N2, 840.35 million.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 408.8 million units worth N N502,043.24 million in 4,667 deals was recorded this week, in contrast to a total of 482.04 million units valued at N588,776.5 million exchanged in 5,681 deals during the week ended Thursday, October 22, 2009. As in the preceding week, the most active bond (measured by turnover volume) was the 6th FGN Bond 2029 Series 3 with a traded volume of 77.6 million units valued at N107,457 million in 730 deals. This was followed by the 5th FGN Bond 2013 Series 1 with a traded volume of 46.94 million units valued at N50,844.34 million in 434 deals. Nineteen (19) of the available thirty - seven (37) FGN Bonds were traded during the week, compared to twenty–one (21) in the preceding week.

RESULTS RELEASED DURING THE WEEK:

Berger Paints Plc Second Quarter Result released reported Turnover drop of 11.82%, PAT dropped by 29.60%, Working Capital declined by 6.90% and slight increase of 0.74% in Net Asset.
Transcorp Plc Audited Account for the year ended, 30th September 2009 reported Turnover growth of 23.83%, PAT growth of 114.37%, Working Capital growth of 101.31% and 20.43% growth in Net Assets. The result is a boost to investors’ confidence.

Skye Bank Plc Fourth Quarter Results: The turnover grew by 35.96% from N74.615 billion to N101.448 billion. However, the PAT dipped by 187.68% from N15.126 billion to (N13.263 billion).There was drop of 7.41% in Net Assets for the period to close at N86.901 billion from N93.853 billion. Working Capital situation improved by 41.77% from (N481.063 billion) to (N280.138 billion)

Sterling Bank Fourth Quarter Result: Gross Earnings grew by 4.04% from N36.30 billion to N37.768 billion. PAT dipped by 169.63% from N6.583 billion to (N4.584 billion). Net Asset for the period dipped by 4.48% from N31.272 billion to N29.868 billion and Working Capital situation declined further by 82.83% from (N50.09 billion) to (N91.6 billion).

Ecobank Transnational Plc Third Quarter Result: Gross Earnings grew by 31.35% from N96.961 billion to N127.354 billion. PAT dipped by 24.82% from N12.222 billion to N9.189 billion. Net Asset for the period grew by 12% from N144.174 billion to N161.621 billion and Working Capital dropped by 41.21% from N51.696 billion to N27.291 billion

NCR Plc First Quarter Result: Turnover dropped by 22.27% from N4.310 billion to N3.350 billion. PAT increased by 520% from (N155.521 million) to N651.408 million. Net Asset for the period grew by 128.71% from (N505.497 million) to N145.911 million and Working Capital increased by 224.22% from N294.524 million to N954.524 million.

Academy Plc First Quarter Result: Turnover dropped by 39.47% from N412.862 million to N575.800 million. PAT increased by 314.72% from N9.350 million to N38.776 million. Net Asset for the period grew by 7.35% from N463.152 million to N497.201 million and Working Capital increased by 6.55% from N139.526 million to N148.661 million.

Access Bank Plc Second Quarter Result: Turnover grew by 30.77% from N64.326 billion to N49.189 billion. PAT dipped by 227.99% from N9.187 billion to (N11.758 billion). Net Asset for the period declined by 12.29% from N184.159 billion to N161.535 billion and Working Capital situation improved by 9.41% from (N256.883 billion) to (N232.714 billion).

Tantalizer Plc Third Quarter Result: Turnover grew by 23.82% from N3.279 billion to N4.060 billion . PAT rose by 5.89% from N225.213 million to N238.479 million. Net Asset for the period increased by 1.56% from N3.768 million to N3.827 million and Working Capital situation improved by 92.91% from (N129.941 million) to (N9.219 million).

Asosavings and Loans Plc First Quarter Result: Turnover declined by 3.72% from N2.419 billion to N2.329 billion . PAT came down by 68.62% from N674.583 million to N211.669 million. Net Asset for the period increased by 7.74% from N5.477 billion to N5.901 billion.

Fidelity Bank Plc First Quarter Result: Turnover grew by 33.12% from N13.939 billion to N18.555 billion . PAT declined by 24.83% from N3.024 billion to N2.273 billion. Net Asset for the period decreased by 5.18% from N138.888 billion to N131.693 billion and Working Capital situation improved by 14.12% from (N125.359 billion) to (N107.660 billion).

Northern Nigerian Flourmill Plc Second Quarter Result: Turnover grew by 14.18% from N4.694 billion to N5.360 billion . PAT grew by 337.24% from N75.179 million to N328.709 million. Net Asset for the period increased by 31.33% from N865.169 million to N1.136 billion and Working Capital situation improved by 55.86% from N888.45 million to N1.384 billion.

Benue Cement Company Plc Third Quarter Result: Turnover grew by 177.28% from N9.819 billion to N27.226 billion . PAT grew by 209.06% from N4.196 billion to N12.968 billion.
Capital Oil Plc Audited Account for the Year Ended 2008: Turnover grew by 17.13% from N219.93 million to N257.6 million . PAT grew by 337.24% from N0.27 million to N39.41 million.

Access Bank Plc - Unaudited results for the 6 month period ended 30 September 2009

2009-10-31T16:32:00.000+01:00

ACCESS BANK PLC REPORTS 31% INCREASE IN REVENUES FOR THE 6 MONTH ENDED 30 SEPTEMBER 2009 TO N64 BILLION

LAGOS, NIGERIA – 30 October 2009 – Access Bank Plc, (Bloomberg: ACCESS NL) (“Access Bank” or the “Bank”), the full service commercial bank headquartered in Nigeria and with operations across eight African countries and in the United Kingdom announces its unaudited results for the 6 month period ended 30 September 2009.

Access Bank remains focused on building market share and leveraging its lean value chain driven business model to deliver quality service to our target market. We have continued to take the necessary actions to maintain strong capital adequacy ratios and grow our funding base and liquidity levels well beyond the prescribed regulatory minimum. The strength of our business model is evident given our 34% year on year growth in operating profits. Although our bottom line earnings for the 6 month reporting period have been significantly impacted by a N30.9billion exceptional provision resulting from the recently concluded joint CBN/NDIC special examination, we have since commenced the necessary recovery and remedial actions to regularize a significant portion of the classified loans. We are cautiously optimistic that we will record performance improvements over the next quarter.

Financial Highlights

· Gross Earnings of N64.0 billion, an increase of 31%, compared with the equivalent period in the prior year (N49.2 billion Sept 2008)
· Operating cost / operating income ratio down to 51%, (53% Sept 2008)
· Operating profit of N21.5 billion, an increase of 34% (N16.0 billion Sept 2008)
· Exceptional provision for risk assets of N30.9 billion
· Notwithstanding provisions, Bank’s capital adequacy ratio stands at 25.3%
· Loss After Tax of N11.8 billion, compared with a profit of N9.2 billion Sept 2008
· Loans & Advances down 12% to N383.2 billion (N432.7 billion Sept 2008)
· Deposits and other accounts up 22% to N381.3 billion (N311.4 billion Sept 2008)
· Loan to deposit ratio improved to 99% (138% Sept 2008)
· Liquidity ratio of 33.5% (8.5% above the regulatory minimum of 25%).

MARKET RECORDED 0.975% NEGATIVE OUTLOOK

2009-10-23T14:35:00.000+01:00

All-Share market index today lost 0.975% and market capitalization dropped by N52.349 billion. The NSE-30 Index declined by 0.023%, NSE-Food &Beverages lost 0.598%, NSE-Banking lost 1.576%, NSE-Insurance declined by 0.326%, while NSE-Oil &Gas gained 0.720%. The index movement in the entire market for the day showed 22,758.77 maximum, 22,525.62 average and 22,293.53 lowest.

One Hundred and Twenty Three (123) stocks were traded in the market today out of which Twenty Four (24) advanced, Forty-One (41) declined and Fifty Eight (58) traded at their previous closed prices.

The top ten gainers today were: AP Plc, UACN Plc, Flourmill Plc, Wapco Plc, Diamond Bank Plc, Ashakacem Plc, UPL Plc, Dangflour Plc, Starcomms Plc and Intercontinental Bank Plc with gains of 159k, 150k, 125k, 48k, 29k, 24k,21k,15k,9k and 9k respectively.

The top ten losers on the other hand were: Nestle Plc, Guinness Plc, Honeyflour Plc, Rtbriscoe Plc, Nahco Plc, Union Bank Plc, CCNN , ETI and FCMB; they lost 499k, 314k, 170k, 42k, 39k, 35k,32k,30k, 29k and 21k in that sequence.

The top five most traded sectors were: Banking with a total volume of 208.794 million units (about 50.40% of the entire market volume) exchanged in 3,334 deals, valued at N1.764 billion, Insurance sector followed with 158.085 million units traded( 38.17% of the market volume), Food &Beverages sector traded 12.784 million units (3.09% of the market volume), Petroleum Marketing traded 8.129 million units (1.96% of the market volume) and Building Materials traded 3.251 million units (0.785% of the entire market volume).

The ten most traded stock for today were Goldinsure Plc-81.937 million units, IAINSURE- 64.957 million units, UBA-42.127 million units, Diamond Bank-27.516 million units, FCMB-22.727 million units, First Bank-19.179 million units, Skye Bank-16.844 million units, Firstinland Bank-16.798 million units, Zenith Bank-11.426 million units and Fidelity bank- 11.198 million units..

Livestock Plc, Courtville, AP and UPL closed on bid. However FTN Cocoa, Nahco, Rtbriscoe, Spring Bank, Guinness, Afromedia, PZ, Honyflour, Nestle, Lasaco, Nigerins, Stdinsure, Wapic, Daarcomm, Crusader, Bagco, Becopetrol, UAC-Prop and UNTL closed on Offer.

RESULTS RELEASED TODAY:

BAGCO PLC FIRST QUARTER RESULTS:

When compared with the previous year first quarter result, Bagco Plc recorded 3.72% increase in its turnover, 28.80% decline in its Profit After Tax, 3.14% decline in its Fixed Assets, 7.46% increase in its working capital and 1.88% in its Net Assets.

NIGERIA WIRE&CABLE PLC HALF YEAR RESULT:

The turnover for the period increased by 24%, Profit After Tax also rose unusually by 724.67%. There was increase of 7.92% on the Fixed Assets, a drop of 13.86% in the company’s working capital and improvement of 4.77% on the Net Assets in the period.

ZENITH BANK FOURTH QUARTER RESULT:

The turnover for the period increased by 19.42%, Profit After Tax declined by 53.20%, Fixed Assets increased by 48.06%, Working Capital declined by 3.53% and Net Asset declined by 3.52%

Forex market Updates

2009-10-23T14:29:00.000+01:00

Forex: EUR/USD finds resistance at 1.5050

FXstreet.com (Barcelona) – The Euro's recovery against the Dollar from MA55 hourly at 1.4990 has found resistance at 1.5050 in the European session with the pair sliding to trade close to 1.5030. Currently the pair is trading around 1.5025/35, at the same zone of opening price action.

Next resistance area, at the moment, lies at 1.5060 (session high), and above here, 1.5085 (Aug 11 08 high) and 1.5100. On the downside, support levels at 1.4990/00 (session low/ oct 20 high), and below here 1.4975 and 1.4940 (Oct 22low).

George Antonakos, analyst at FXGreece, comments: “Our lower targets were achieved during yesterday’s highs, but retracements remained weak, indicating that buyers still dominate. Important resistance emerges at 1,5100 area, which is the most possible target. As you can see in the daily chart two different channels are met at these levels and these levels should not be easily breached. Next targets are set at 1,5160-80, but if these levels are reached, a move to higher levels with next target at 1,5250-00 area. Important support emerges at 1,4965-80 area, followed by 1,4830-50 area.”

Forex: USD/JPY finds support at 91.50 and approaches to 92.00

FXstreet.com (Barcelona) – The Dollar has bounced at 91.50, coming from its 40 pips decline from 91.90, to rise above previous highs at 91.90 and tests 92.00 level. Currently the pair is trading around 91.85/95, 0.70% above today's opening price action at 91.30.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, The Dollar could go through a corrective decline after topping at 91.90: "91.95 has so far provided decent supply to cap further rallies today. First resistance comes in at 91.10, we would look to buy around 90.20, with support below at 89.70."

George Clement, analyst at Swiss e trade, comments: “The Dollar continued its strength against the Yen in early European trading, right now at 91.55 after highs around 91.91. We see the upside potential rather limited for today's trading.”

Conference Bd: Sep US Leading Index Up 1.0%, Above Expectations

2009-10-22T17:58:00.001+01:00

Dow Jones | Thu, Oct 22 2009, 14:00 GMT
The index of leading economic indicators rose for the sixth consecutive month in September. The leading index increased 1.0% last month, after a revised 0.4% gain in August, the Conference Board reported Thursday. August's gain was originally reported as 0.6%.

Economists surveyed by Dow Jones Newswires had expected an increase of 0.8% in the September index.

"The LEI has risen for six consecutive months and the coincident economic index has increased in two of the last three months. These numbers strongly suggest that a recovery is developing," said Ken Goldstein, economist at the board. "However, the intensity of that recovery will depend on how much, and how soon, demand picks up."

Eight of the 10 leading indicators increased in September. The most positive were the interest rate spread, consumer expectations and the inverted trend in jobless claims. The negative contributors were weekly manufacturing hours and building permits.

The coincident index was unchanged in September after rising a revised 0.1% in August, which was originally reported as unchanged.

The lagging index dropped 0.3% last month, after a revised 0.2% fall in August that was first reported as a 0.1% drop.

-By Kathleen Madigan, Dow Jones Newswires; 212-416-2466; kathleen.madigan@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=4x5ks2bV7EdKor3uWxlUEg%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

Forex: USD/JPY falls to 91.30 after reaching 1-month high at 91.71, Thu, Oct 22 2009, 16:40 GMT

2009-10-22T17:54:00.000+01:00

FXstreet.com (Barcelona) – The Dollar's advances against the Yen from 91.10 has been capped at 91.71, fresh 1-month high, during the American session with the pair sliding to trade close to 91.30. Currently the pair is trading around 91.35/45, 0.45% above today's opening price action at 91.00.

The FastBrokers Research Team comments: “Meanwhile, all eyes will be on tomorrow’s wave of EU and British econ data long with continued Q3 results. The USD/JPY’s correlation with U.S. equities it’s a bit out of whack these days. However, any broad-based favoritism of the risk trade would likely benefit the USD/JPY’s uptrend. Considering the GBP/USD and EUR/USD have limited topside technical barriers, the USD/JPY’s present run could have more room to go over the near-term.”

FastBrokers provides us with her levels: “Resistances: 91.76, 91.90, 92.03, 92.18, 92.38, 92.51. Supports: 91.38, 91.26, 91.16, 90.85, 90.67.”

Bank crisis: Senate may propose splitting CBN’s functions

2009-10-22T17:42:00.000+01:00

The radical transformation of the Central Bank of Nigeria is a possibility soon as plans have reached an advanced stage in the Senate to split the functions of the apex bank by ceding some of it to a new regulatory agency.

It was gathered that the move followed a discovery in its weakness in discharging its supervisory role, which resulted in the current crisis in eight banks whose chief executive officers were sacked between August and October.

A source in the Senate told our correspondent on Wednesday that a proposal was being considered to restrict the apex bank and the National Deposit Insurance Corporation to concentrate on “their core functions.”

In doing so, the CBN, it was learnt, will by law be restricted to monetary policy formulation and keeping inflation in check and maintaining stability of interest and exchange rates.

A body that will be created from the CBN split, the source said, would be placed in charge of operational issues and banking supervision.

The body, which is to be patterned after similar agencies in the United Kingdom and South Africa, will “watch over” commercial, microfinance and mortgage banks.

This is with a view to generating data to enable regulators deal with threats or potential threats to the economic stability of the country.

This will form part of the major amendments being proposed to the CBN Act (2007), which President Olusegun Obasanjo signed in the twilight of his administration.

The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Nkechi Nwaogu, confirmed the proposal in an exclusive interview with our correspondent in Abuja on Wednesday.

Nwaogu said, “Amending the Central Bank Act (2007) is the major thing we are going to embark on because we in the Senate believe that the CBN Act of 2007 requires a lot of modifications.

“We are of the opinion that the CBN needs to be split into two. We need a different agency to be responsible for the supervision of banking operations, while the CBN should be saddled with the core functions of monetary policy and regulation.”

To make things work better, the NDIC Act is also to be strengthened to ensure that it not only performs its role as insurer of depositors’ funds but also provides and analyse financial reports on the state of banks.

Nwaogu said, “The NDIC Act is an Insurance Deposit Act. It is for Deposit Insurance Companies.

“What primarily should be their core function is that it is not just majorly an undertaker when the banks fail.

“They should be able to provide reports and analyse bank financial status every now and then.

“The new body will be similar to what is being done in the United States and Britain, where they have Financial Services Authority.

“They will be responsible for supervising the commercial banks, the microfinance banks and mortgage banks while the deposit insurance company- the NDIC, should be working with them just like they are working right now.”

Nwaogu added that the Senate was also pursuing the case of depositors whose funds were trapped in failed banks.

She explained that the change of guard at the CBN, as well as other related issues, slowed down action in that direction.

ASEA conference to deliberate on global financial crises

2009-10-21T14:23:00.002+01:00

The effect of global financial crisis on African markets is expected to be brain-stormed when experts in the securities market meet in the13th African Securities Exchanges Association (ASEA) conference to be hosted by the Nigerian Stock Exchange (NSE).

According to a statement signed by the Head of Corporate Affairs, NSE, Mr. Sola Oni, the Exchange will be hosting the 13th African Securities Exchanges Association (ASEA) conference from Wednesday, December 2 to Saturday, December 5, 2009 in Abuja. His Excellency, Dr. Goodluck Jonathan, GCON, Vice President, Federal Republic of Nigeria has graciously accepted to be the Special Guest of Honour.

The Association is currently represented by 20-member Exchanges serving 27 African countries.This year’s conference with the theme “Global Crisis: Opportunities for African Capital Markets”, presents a unique opportunity for African and global stock exchanges, financial regulators, quoted / listed companies, investment banks, pension fund administrators, portfolio managers, clearing and settlement agencies, issuing houses, stockbrokers, multinational organizations, high net-worth investors, and other market operators and service providers to articulate the road map for investment opportunities on African Exchanges in the wake of global market downturn.

This year’s forum, designed to leverage on the effects of the global financial crisis on African capital markets, provides the opportunity for serious discussion about foreign investment, public private partnerships, technology-driven growth, liquidity, regional integration, product diversity and risk management, among others. In all, eight sub-themes have been designed to adequately address the general theme.

According to Oni, “ This conference would also provide a unique platform for all participants to discuss issues and opportunities, and proffer ideas and solutions, with each other and with Nigeria’s regulators, including the Ministry of Finance, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Debt Management Office (DMO), and other members of the Financial Services Coordinating Committee (FSRCC). A pantheon of experts in the securities industry, global fund managers and technocrats have accepted to make presentations at the international conference.

He noted that as a prelude to the conference, the Director General and Chief Executive Officer, NSE, Professor Ndi Okereke-Onyiuke, will on Thursday, October 22, 2009 at 12.00p.m. address a World Press Conference on the concept, hosting strategy, and status of the Conference. The venue of the Press Conference is at the Stock Exchange House in Lagos.

The Nigerian Stock Exchange hosted the conference successfully in 2000 while NairobiStock Exchange, Kenya hosted the last edition in 2007. ASEA was set up on November 13, 1993, with the aim of nurturing systematic mutual cooperation and facilitating the exchange of information among its members.

The association provides a forum for mutual communication, exchange of information, technological assistance and cooperation among its members. The organization aids in the facilitation of financial integration within the region, for the effective mobilization of capital to accelerate economic development across Africa.

Six banks rated among 10 largest companies in Nigeria

2009-10-21T14:13:00.000+01:00

Six out of the 21 banks listed on the Nigerian Stock Exchange have been rated among the 10 largest companies in Nigeria.
A report by International Corporate Research, titled, “Stakes 55” listed the banks as First Bank of Nigeria Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Plc, Ecobank Nigeria and Stanbic IBTC Bank.

Nigerian Breweries Plc, however, topped the chart with a market capitalisation of N415.9bn followed by First Bank, currently worth N358bn.

Zenith was third with N351.6bn in market value.

“The others that made up the ‘Gold Club’ for this quarter are UBA, GTBank, Guinness Nigeria Plc, Dangote Sugar, Ecobank, Nestle Nigeria and Stanbic IBTC,” the report said.

“Stakes 55” is a quarterly release of the largest companies in Nigeria ranked by market capitalisation. It profiles the current situation and most recent happenings in the companies, the position on the ranking, market capitalisation at the date of review and the corporate information.

Dangote completes deal to increase cement production in Africa

2009-10-18T23:39:00.001+01:00

In a bid to meet up with the demand for cement production in Africa, the Dangote Group, one of the leading manufacturing firms in Nigeria, has signed a $228million contract for cement lines in Africa with China's Sinoma.
The contract sum is exclusive of an additional $324m to be spent on infrastructure, power and mining equipment, being handled by other best-in-class vendors
The cement contract is to build a 3,000-tonne per day cement plant in Senegal and Zambia.

Dangote said its strategy is to increase domestic African cement production to meet the demand and ensure that value added benefits remain on the African continent.
The Dangote Group currently owns and operates the Obajana Cement Plant, the largest in sub-Saharan Africa. Other existing projects, and the Sinoma agreement in Nigeria bring the Dangote Group's total commitment to new production capacity in Africa to $1.63bn.
Aliko Dangote, President and CEO of the Dangote Group, said, "We have concluded this deal with Sinoma, to drive forward our Pan-African expansion strategy at a time when the global economy seems to be emerging from recession.
We are in a strong financial position and we are putting our money where our mouth is. This is a huge commitment for a Nigerian company and one of the most significant investment programmes currently being undertaken by any Sub-Saharan African company operating outside of South Africa."
"Africa has everything it needs to become a truly global producer of cement products. We have proved this at Obajana, and will demonstrate it absolutely over the coming years. Sinoma's representatives are already in the market initiating the contracts," he added.

U.S. Stock Market Update

2009-10-18T23:35:00.000+01:00

The S&P 500 halted its 9-day dive just short of 1,098.14, which is the upper end of the gap from 10/3/08 to 10/6/08.

Price momentum oscillators have stubbornly refused to make new highs in October, thereby denying confirmation of new highs by the price indexes. Bearish divergences persist.

Cumulative On-Balance Volume and Candlestick Volume also failed to confirm new price highs last week.

Crude Oil rose further above previous 12-month highs. The main trend remains bullish.

Energy Stock Sector Relative Strength Ratio (XLE/SPY) rose to another a new 4-month high on 10/16/09, and absolute price confirmed. XLE/SPY has been in a strong uptrend short-term this month. Longer term, it appears likely that XLE/SPY bottomed a year ago, on 10/16/08, and has been building a technical base over the past year

Spotlight on event stocks: Here is a stock screen I designed to pick out potential event stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are revealed to be deal stocks, sooner or later, or are the subject of some other extraordinary events, positive or negative.

Bullish Stocks: Rising Price and Rising Volume
% Price Change, Symbol, Name
4.65% , BHH , Internet B2B H, BHH
2.89% , HAS , HASBRO
2.16% , SIRI , Sirius Satellite
2.30% , ORCL , ORACLE
3.76% , GOOG , Google
2.76% , CAH , CARDINAL HEALTH
2.78% , HGSI , Human Genome Sciences Inc
4.94% , SVU , SUPERVALU
1.71% , URBN , Urban Outfitters Inc.
2.76% , BA , BOEING
1.70% , MZZ , Short 200% MidCap 400 PS, MZZ
1.06% , ERIC.O , LM Ericsson Telephone Company
0.96% , MYY , Short 100% MidCap 400, MYY
0.44% , EWU , United Kingdom Index, EWU
0.86% , MS , MORGAN STANLEY
2.45% , R , RYDER SYSTEM
0.77% , HPQ , HEWLETT PACKARD
0.86% , LNCR , Lincare Holdings Inc
0.85% , HSP , HOSPIRA
0.76% , LMT , LOCKHEED MARTIN
0.28% , PBJ , Food & Beverage, PBJ
1.09% , GIS , GENERAL MILLS
1.61% , SYY , SYSCO
1.42% , SDS , Short 200% S&P 500 PS, SDS
1.21% , SO , SOUTHERN
1.23% , QID , Short 200% QQQ PS, QID
0.61% , MKC , MCCORMICK
1.11% , DXD , Short 200% Dow 30 PS, DXD
0.72% , UIS , UNISYS
0.66% , DOG , Short 100% Dow 30, DOG
0.43% , PPL , PPL
1.00% , MCD , MCDONALDS
0.58% , DIS , WALT DISNEY
1.13% , PM , Philip Morris, PM
0.64% , GD , GENERAL DYNAMICS
1.36% , WAG , WALGREEN
0.66% , PSQ , Short 100% QQQ, PSQ
0.53% , XLP , Consumer Staples SPDR, XLP
0.33% , ACE , ACE
0.61% , SH , Short 100% S&P 500, SH

Bearish Stocks: Falling Price and Rising Volume
% Price Change, Symbol, Name
-12.30% , MTG , MGIC INVESTMENT
-3.74% , RX , IMS HEALTH
-8.09% , MU , MICRON TECH
-1.07% , PZJ , SmallCap PS Zacks, PZJ
-4.43% , GRMN , GARMIN LTD
-1.19% , EWI , Italy Index, EWI
-7.27% , AMD , ADV MICRO DEV
-3.37% , LAMR , Lamar Advertising Company
-4.23% , GE , GENERAL ELECTRIC
-2.60% , RZV , Value SmallCap S&P 600, RZV
-1.15% , IWW , Value LargeCap Russell 3000, IWW
-5.40% , FITB , FIFTH THIRD BANC
-2.96% , HOLX , Hologic, Inc., HOLX
-4.58% , CAR , Avis Budget Group, Inc. (CAR)
-4.95% , IBM , IBM
-6.42% , GNW , GENWORTH FINANCIAL
-0.51% , JKK , Growth SmallCap iS M, JKK
-0.87% , IXJ , Healthcare Global, IXJ
-4.64% , BAC , BANK OF AMERICA
-3.45% , ZION , ZIONS
-0.92% , RFG , Growth MidCap S&P 400, RFG
-5.40% , MI , MARSHAL & ILSLEY
-4.64% , SNDK , SanDisk Corporation
-1.55% , FISV , FISERV
-9.21% , PWER , POWER ONE
-3.97% , SLM , SLM CORP
-4.33% , WFC , WELLS FARGO
-4.65% , STLD , Steel Dynamics, STLD
-2.16% , MDP , MEREDITH
-0.31% , FPX , IPOs, First Tr IPOX-100, FPX
-0.77% , VCR , Consumer D. VIPERs, VCR
-0.87% , JKF , Value LargeCap iS M, JKF
-2.15% , MRVL , MARVELL TECHNOLOGY
-2.79% , MET , METLIFE
-0.98% , MTB , M&T BANK
-3.16% , UNM , UNUMPROVIDENT
-3.61% , ODP , OFFICE DEPOT
-3.15% , TMK , TORCHMARK
-1.57% , EWP , Spain Index, EWP
-0.63% , VIG , Dividend Appreciation Vipers, VIG

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) appears choppy short term. Intermediate term, the relative trend appears neutral/sideways since peaking on 4/30/09. XLY was strong from 11/19/08 to 4/30/09, and that past strength accounts for XLY’s high ranking here. The XLY/SPY trend was clearly down from 1/5/05 to 11/19/08.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) fell further below 4-month lows on 10/16/09. XLK/SPY turned down after 9/30/09. The XLK/SPY Ratio appears to be in a moderate correction for the intermediate term. Long term, on 7/22/09, XLK/SPY rose to its highest level in 7 years, thereby confirming a long-term uptrend in effect since 9/30/02.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) peaked on 8/5/09 and has been consolidating gains since. XLB/SPY was in an intermediate-term uptrend from its low on 12/5/08 to its high on 8/5/09.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) has fallen sharply after breaking out to a new 10-month high on 10/14/09. Absolute price confirmed by making a new 11-month high on 10/14/09.

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) rose to another a new 4-month high on 10/16/09, and absolute price confirmed. XLE/SPY has been in a strong uptrend short-term, in this month of October, 2009. Longer term, it appears likely that XLE/SPY bottomed a year ago, on 10/16/08, and has been building a technical base over the past year.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) has been in a moderate downtrend since peaking on 11/20/08, as the appetite for risk recovered.

Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) has stabilized since making a low on 10/7/09 but is still well below its high of 9/17/09. XLI/SPY was in an intermediate-term uptrend from its low on 3/6/09 to its high on 9/17/09.

Health Care (XLV) Bearish, Underweight. The Relative Strength Ratio (XLV/SPY) fell further below the lows of the previous 12 months on 10/15/09. XLV/SPY has been relatively weak since 2/23/09.

Utilities (XLU) Bearish, Underweight. The Relative Strength Ratio (XLU/SPY) fell below previous 24-month lows on 10/14/09. XLU has underperformed since 11/21/08, as the appetite for risk recovered.

Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) moved further above previous 6-year highs on 10/14/09. Trends remain bullish in all time frames.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) peaked on 9/9/09 and has been lagging slightly since. The ratio outperformed from 10/27/08 to 9/9/09. EFA is the ETF representing the EAFE, the international developed country stock markets, excluding the U.S. and Canada.

NASDAQ Composite/S&P 500 Relative Strength Ratio fell below previous 6-week lows on 10/15/09. The ratio peaked out on 7/23/09 and has been correcting and consolidating since.

Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) has been correcting and consolidating gains since the peak on 3/5/09. IWF/IWD was in an uptrend from 8/8/06 to 3/5/09, and it is quite possible that uptrend could resume.

Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) has been correcting and consolidating gains in recent weeks. Intermediate term, IWD/SPY outperformed from 3/6/09 to 9/18/09. Long term, IWD/SPY remains in a Bearish Major Trend, underperforming since 3/22/07.

The S&P 500 equally weighted index relative to the S&P 500 capitalization weighted index has been consolidating gains since 9/16/09. The ratio had been in a strong uptrend from 11/19/08 to 9/16/09, and that trend could resume.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) has been in a downtrend since 11/20/08 as the market shifted toward a more aggressive risk seeking posture.

The Small Cap/Large Cap Relative Strength Ratio (IWM/SPY) been consolidating gains since 9/18/09. IWM/SPY was in an uptrend from 3/9/09 to 9/18/09, and that uptrend could resume. The 10-year trend still looks bullish.

The Mid Cap/Large Cap Relative Strength Ratio (MDY/SPY) has been consolidating gains since 9/16/09. The secular trend since 1999 remains bullish.

Crude Oil nearest futures contract price rose further above previous 12-month highs on 10/16/09. The main trend remains bullish. The first potential support may be seen at the previous high at 75.00 set on 8/25/09. Look for further potential support at previous lows of 65.05, 61.38, and 58.32. Look for potential resistance at previous highs around 74-75.

Gold nearest futures contract price fell back below the lows of the previous 6 trading days on 10/16/09, in what appears to be a normal minor pullback. Gold rose above previous all-time highs on 10/14/09. All trends remain bullish, and Gold appears to have substantial upside potential. Technical supports might be found around previous highs and lows at 1033.9, 1024.7, 982.2, 940.3, 931.5, 925.2 and 904.8, based on the nearest futures contract. There is no chart resistance.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to Gold bullion) moved above the highs of the previous 3 weeks on 10/13/09. The short-term trend remains bullish. The ratio moved above previous 13-month highs on 9/17/09, confirming a preexisting longer-term uptrend in effect since 10/27/08. This main trend remains bullish for both Gold bullion and Gold Mining Stocks.

Silver/Gold Ratio turned down after 10/9/09. Although the short-term trend has been choppy, the ratio is still above uptrendlines drawn from the low on 10/10/08.

Copper nearest futures contract price has been correcting and consolidating gains since peaking at 29660 on 8/28/09. Copper appears confused about global economic prospects.

U.S. Treasury Bond December futures contract price fell further below the lows of the previous 3 weeks on 10/15/09 in what looks like a minor short-term shakeout. The 4-month trend still looks bullish. The Bond may find short-term support around the previous lows of 118.07 set on 9/23/09, 117.18 set on 9/9/09, and 116.30 set on 8/24/09. On 8/7/09, Bonds found support at the upper end of the 112-115 zone of many previous reversal points (including both lows and highs).

Bond quality ratio (LQD/TLT) partially recovered over the past 2 weeks. It broke down below a 6-month uptrend line and broke down below 11-week lows on 10/1/09, presumably signaling a move away from risk and toward safety. The trend had been up from 12/19/08 to 8/7/09, as the appetite for risk recovered, but that trend appears to have ended. LQD/TLT is iShares iBoxx $ Invest Grade Corp Bond ETF (LQD) price divided by 20+ Years US Treasury Bond ETF price (TLT).

The U.S. dollar nearest futures contract price fell further below the lows of the previous 14 months on 10/15/09. Obviously, the major trend remains bearish, and it probably would take a long period of base building and bottom testing to turn this trend.

The Art of Contrary Thinking: The various surveys of investor sentiment are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. So, Contrary Thinking should be used with more precise market timing tools.

Advisory Service Sentiment: There were 47.2% Bulls versus 26.4% Bears as of 10/14/09, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio was 1.79, down from 2.00 the previous week. The ratio was 2.61 on 8/26/09, the highest reading since 10/17/07. The ratio’s 39-year range is 0.28 to 17.51, the median is 1.43, and the mean is 1.73.

VIX Fear Index touched a new 13-month low of 20.98 on 10/16/09. VIX is down from a peak of 80.86 set on 11/20/08. VIX is a market estimate of expected constant 30-day volatility, calculated by weighting S&P 500 Index CBOE option bid/ask quotes spanning a wide range of strike prices for the two nearest expiration dates.

VXN Fear Index touched a new 13-month low of 21.81 on 10/16/09. VIX is down from a peak of 80.86 set on 11/20/08. VXN is down from a peak of 80.64 set on 11/20/08. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio fell to 1.29 on 10/16/09, indicating mildly bearish sentiment. The ratio’s 5-year mean is 1.43, median is 1.38, and its range is 0.51 to 3.16.

CBOE Put/Call Ratio rose to 0.55 on 10/16/09, still indicating bullish sentiment. The ratio’s 5-year mean is 0.67, median is 0.65, and its range is 0.35 to 1.35.

Fundamentals: The 2003-2007 Bull Market was fed by abundant global liquidly, M&A, leveraged buyouts, corporate stock buybacks, and a net balance of positive earnings surprises. The unfolding fallout from the credit market crisis derailed that engine. Since the stock market low on 3/9/09, massive monetary and fiscal stimulation appears to have had a Bullish impact on investor sentiment.

Obama aide: big Wall Street bonuses "offensive"

2009-10-18T23:26:00.000+01:00

WASHINGTON, Oct 18 (Reuters) - A top White House aide lashed out on Sunday at Wall Street firms that are handing out huge bonuses while the rest of the economy struggles and small businesses cannot create jobs because of a lack of credit.

Highlighting a disconnect between Wall Street and Main Street that has caught the attention of the Obama administration, Goldman Sachs Group Inc's (GS.N) was on a pace to hand out more than $20 billion in bonuses, which could make this year a record.

Compensation is also soaring at several other big firms, which are raking in higher trading revenues amid a recovery in the stock market that lifted the Dow Jones industrial average above 10,000 last week.

But the economy remains weak elsewhere and the U.S. unemployment rate, now at 9.8 percent, is widely forecast to climb above 10 percent.

"The bonuses are offensive," David Axelrod, a senior adviser to President Barack Obama, said on the ABC News program, "This Week."

"The most offensive thing is, we haven't seen the kind of increase in lending that ... we should," Axelrod said. "There are a lot of small businesses, credit-worthy businesses around this country who still can't get the capital they need to grow, which is important for our economy.

Axelrod and other U.S. officials emphasized on television talk shows that they were considering a variety of options to boost the economy and rekindle job growth.

But they also said they wanted to be mindful of the budget deficit.

WHITE HOUSE PRODS WALL STREET ON REFORM

White House aides pushed Obama's proposals for a broad rewriting of financial regulations aimed at preventing a repeat of Wall Street's worst crisis since the Great Depression.

The Obama administration has become increasingly vocal about what it sees as efforts by the financial industry to water down or block the reforms.

Axelrod and White House chief of staff Rahm Emanuel said Wall Street, which was saved from the brink of collapse by a $700 billion bailout from the U.S. government, had a duty to get behind the financial reforms.

Emanuel told CNN's "State of the Union" that many firms were now enjoying normalcy but "they're now back trying to fight consumer offices and the type of protections that will prevent another type of situation where the economy is taken over the cliff by the actions taken on Wall Street and the financial market."

Emanuel also said it was "frustrating to the American people" that financial firms are doling out big bonuses while incomes of other people are stagnating or falling.

A bill approved by the House of Representatives would impose new limits on executive pay, but the Senate has not yet acted on the issue.

For firms that still owe the government money under the bailout program, Treasury's pay czar, Kenneth Feinberg, has leeway to crack down on compensation packages.

But Axelrod said the administration is seeking to use "moral suasion" with some firms. Those such as Goldman Sachs that have already paid the government back are not subject to the Treasury's oversight of compensation.

Obama has faced criticism over the financial bailout program and his $787 billion stimulus plan enacted earlier this year. The financial bailout program was begun by the Bush administration in September 2008 and continued under Obama.

Republicans have labeled the stimulus package wasteful and say the high jobless rate is evidence it has not worked.

Obama administration officials say the stimulus plan helped save the economy from disaster.

They say they are still considering whether to propose additional steps to give the economy a jolt, but they have been reluctant to use the label "stimulus" to describe the possible further measures.

Asked on NBC's "Face the Nation" if a second stimulus was under discussion, White House adviser Valerie Jarrett said that Obama was "willing to look at all possibilities." But she said the original stimulus bill needed to be given time to work.

Axelrod said the administration was determined to prevent the economy from "cascading backward into a recession." But he also said Obama was paying close attention to the U.S. budget deficit, which hit a record $1.4 trillion in the just-ended 2009 fiscal year.

He said that Obama would address the issue of the deficit "at some length" in his "State of the Union" address to Congress in January.

NSE says AMC will boost capital market operations

2009-10-15T12:34:00.001+01:00

The Nigerian Stock Exchange has said that the proposed Asset Management Company will boost activities in the capital market.

The Director-General, NSE, Prof. Ndi Okereke-Onyiuke, said this while addressing market operators on the trading floor on Wednesday. She noted that the AMC would also address the various, challenges rocking the Nigerian financial system, and the economy as a whole.

The DG, however, called on the market operators to deliberate on issues regarding the AMC during their forthcoming annual conference which will hold later this month.

Spokesperson for the NSE, Mr. Sola Oni, in a text message to journalists, quoted the DG as saying that the asset management company was not a design by the government to bail out just the capital market, but the entire financial system of the country.

He said, ”The Director-General advised stockbrokers to include asset management company among the issues to be discussed at their conference in Ibadan. It will help appreciate the fact that the Federal Government’s aim for setting up the Asset Management Company is not to bail out the market, but the whole gamut of the economy.”

Meanwhile, activities at the NSE closed on a negative note on Wednesday, with major indicators recording significant declines.

Specifically, the market capitalisation of the listed equities, fell by one per cent or N52bn to close at N5.353tn down from N5.405tn recorded on Tuesday.

Similarly, the NSE‘s All-Share Index closed at 22,985.05, representing a fall by one per cent or 221.30 basis points from 23,206.35 on Tuesday.

Two petroleum marketing stocks- Oando Plc and African Petroleum Plc- had the highest price losses of the day, shedding 2.2 per cent and 3.2 per cent to close at N90 and N32.01 per share respectively.

Lafarge Wapco Plc followed, also shedding 3.2 per cent to close at N30.06 per share.

On the other hand, Nestle Nigeria Plc had the highest gain, rising by five per cent or N10.40 to close at N218.40 per share.

Conoil Plc also gained five per cent or N1.79 to close at N37.60 per share, while, Nigerian Bottling Company Plc and Nigerian Breweries Plc appreciated by five per cent and 1.7 per cent to close at N22.27 and N55 per share in that order.