GTBank, Oando, ETI Put up Market Performance
 9th APR 2007

The market was agog with activities (despite a three-day trading week) in anticipation of favourable corporate results as well as strategic moves that will enhance the profitability of some blue chip companies and banks, which will translate to price increases.
On the other hand, there was an observed correlation between investors‘ reactions and outstanding corporate performance and benefits declarations of Oando, ETI and Costain released to the market in the previous week.
The banking sector dominated the market with major activity in the shares of Wema Bank, Intercontinental Bank, Fidelity Bank, First Inland Bank and Guaranty Trust Bank Plc. Investors took position heavily in shares of Intercontinental Bank following the latest information regarding investment of $161m (N20.25bn) by a consortium of foreign institutional investors in the bank.
A cumulative sum of 2,860,670,212 shares of Wema Bank valued at N14.75bn and 108,066,734 shares of Skye Bank worth N2.02bn were transacted while 39,481,877 shares of Guaranty Trust Bank totaling N1bn and 18,125,822 shares of Intercontinental Bank valued at N462.3m were exchanged on the floor of the Exchange during the week ended.
The week also marked the lifting of Transnational Incorporated Plc shares from technical suspension following the conclusion of its public offer process and subsequent reaction of investors as reflected in its share price behaviour.

By and large, the market exhibited a bullish trend throughout the week with shares like Costain, Dangote Sugar, Oando, Neimeth, Intercontinental Bank, GTBank, FCMB, and a host of others recording maximum capital appreciation of five per cent for the three days of trading to record new all-time highs.

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