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First City Q3 helps share price to new high of N19.88
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Market analysts forecast a brighter outlook for the bank in its last quarter even as investors cashed in on the result to buy a total of17.473 million shares worth N347.67 million in 275 trades.
According to the result, net profit rose 153.74 percent from N3.545 billion in 2007 to N8.995 billion in the corresponding period of 2008
However, speculators are still selling positions in small capitalised stocks just as they are still on the rise given the high number of gainers but analysts noted that the Insurance sector stocks have reached their resistance levels.
Petroleum marketing sector continued to enjoy investor patronage with their prices still moving northwards. Chevron, Total, Oando and Conoil emerged the top four price gainers for four consecutive days.
Dealers posited that excess liquidity is the major cause of the bullish run in the market adding that this pattern may yet continue in the coming days.
Index closed at 64,819.49 on 22,276 trades. Market capitalization closed at N12.339 trillion.
Overall there were 97 gainers and 38 losers. Banking and Insurance sectors accounted for 75% of the market volume.
Universal Insurance saw the highest volume traded in the market for the day. Lasaco Assurance, Intercontinental Bank and IBTC also closed in the top echelon.
Top gainers include Chevron, Total, Oando and Conoil. Conversely Mobil led the top losers with N11.62 to close at N243.00, followed by WAPCO, Costain and Guinness.
According to the result, net profit rose 153.74 percent from N3.545 billion in 2007 to N8.995 billion in the corresponding period of 2008
However, speculators are still selling positions in small capitalised stocks just as they are still on the rise given the high number of gainers but analysts noted that the Insurance sector stocks have reached their resistance levels.
Petroleum marketing sector continued to enjoy investor patronage with their prices still moving northwards. Chevron, Total, Oando and Conoil emerged the top four price gainers for four consecutive days.
Dealers posited that excess liquidity is the major cause of the bullish run in the market adding that this pattern may yet continue in the coming days.
Index closed at 64,819.49 on 22,276 trades. Market capitalization closed at N12.339 trillion.
Overall there were 97 gainers and 38 losers. Banking and Insurance sectors accounted for 75% of the market volume.
Universal Insurance saw the highest volume traded in the market for the day. Lasaco Assurance, Intercontinental Bank and IBTC also closed in the top echelon.
Top gainers include Chevron, Total, Oando and Conoil. Conversely Mobil led the top losers with N11.62 to close at N243.00, followed by WAPCO, Costain and Guinness.
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