The ASI managed a 26.17pts appreciation to close higher at 25,889.98 points on 28 July 2010
Nigeria - Economic - 07-29-2010

On 28 July 2010, the ASI managed a 26.17pts appreciation to close higher at 25,889.98 while the market capitalization gained USD 0.04bn to close at USD 42.78bn (NGN 6.332tn). The value of transactions slumped by 28.72% to USD 21.04m (N3.115bn) as against USD 29.52m (NGN 4.369bn) recorded the previous day. Block trades that once characterized the market the past couple of days fizzled out; and were replaced by huge volumes on offer without corresponding volumes on demand. The bearish market direction was obvious towards the close of activities but for some late market intervention that resulted in the eventual upward, albeit, marginal increase in market indicators. A few companies announced more half-year and quarterly corporate earnings; and most cheering of the results announced today was, Total Nigeria Plc. The H1 result for the period ended 30th June, 2010 revealed a marginal growth in turnover by 0.39%. However, bottom line figures soared revealing a 98.42% growth in PAT, to the utmost delight of investors. Honey Well Flourmill also showed improved earnings as its turnover grew by 7.56%; with a 69.93% growth in PAT for Q1 ended 31st March, 2010. However, ECOBANK Plc did not fare any better as profit figures declined by 61.27%.



Source: CSL