PENULTIMATE week, the capital market was characterised by decline in the prices of shares. The trend was attributed to profit-taking and adjustment of share prices for dividends and bonuses. Many had, therefore, projected that the trend would continue last week. Surprisingly though, the market started an upward climb again.
A significant contributor to the upward climb in market indicators was the transaction on the shares of First Bank during the week. A total of 3,625,787,151 shares were added to the shares outstanding in the name of First Bank of Nigeria Plc on Tuesday, following the bonus of 1 for 8.
Three of the four sectoral indices appreciated by the end of the week, a reversal of the preceding week when all the four indices depreciated. The NSE Food/Beverages Index appreciated by 25.75 points or 3.2 per cent to close at 834.95, the NSE Banking Index appreciated by 19.97 points or 4.7 per cent to close at 438.95, the NSE Insurance Index appreciated by 4.36 points or 2.13 per cent to close at 209.33. However, the NSE Oil/Gas Index depreciated by 17.88 points or 4.45 per cent to close at 386.58
 The NSE All-Share Index appreciated by 1050.16 points or 3.92 per cent to close on Friday at 27,503.36 while the market capitalisation of the 198 first -tier equities closed higher at N6.65 trillion. Also, the NSE-30 Index appreciated by 41.18 points to close at 1,125.12. Last week, ASI and NSE-30 Index depreciated by 3.5 per cent and 2.83 per cent, respectively.
On the Over the Counter (OTC) market for FGN Bonds, a turnover of 163.34 million units worth N208,370.22 million in 1,642 deals was recorded  last week, in contrast to a total of 269.85 million units valued at N324,843.26 million exchanged in 3,229 deals during the week prior to last. The most active bond (measured by turnover volume) was the 6th FGN Bond 2029 Series 3 with a traded volume of 33.3 million units valued at N51,483.54 million in 126 deals. This was followed by the 5th FGN Bond 2013 Series 1 with a traded volume of 24.1 million units valued at N27,569.9 million in 241 deals. Eighteen (18) of the available thirty-eight (38) FGN Bonds were traded during the week, compared with twenty-four (24) in the preceding week.

The Week Ahead
With Goodluck Jonathan as president, stakeholders are optimistic that a positive change will come to the market. Mr. Sunny Nwosu president of Independent Shareholders Association of Nigeria stated that the market has been on suspension since Yar Adua became sick, and even when the vice was given the acting capacity, he has to take time before taking any decision. But now the economy will be enhanced and be better for it and the country will be able to move forward.
As stakeholders await the positive turn of events in the market, the following stocks may be considered worthy of investing in.

BOC Gases Plc
BOC Gases which is a leading player in the Industrial/Domestic products sub sector of the stock exchange forecasts a turnover of N1,201.4 million and profit after tax of N166.85 million during the half year ending June 30, 2010.
The company’s audited result for the year ended 31st December 2009 shows turnover of N2, 223.9 million as against N1, 871.54 million in 2008. Profit after tax stood at N249.5 million compared with N221.5 million in 2008. The Board of Directors had earlier recommended a dividend of N0.30 per share. The date of closure of register of members is June 1, 2010 while payment date is July 23, 2010.

Abbey Building Society Plc
Abbey Building recently forecast a turnover of N1, 169.1 million and profit after tax of N377.7 million during the half year ending April 30, 2010.
The moderate forecast by the company is on the hinge of its audited result for the year ended 30th October 2009 which shows turnover of N1,507.21 million as against N1,164.91 million in 2008. Profit after tax stood at N235.33 million compared with N189.5 million in 2008. The Board of Directors had earlier recommended a dividend of N0.04 per share. The dates of closure of register of members, payment and details of Annual General Meeting (AGM) would be advised later.

Ecobank Nigeria Plc
Ecobank Nigeria Plc audited result for the year ended 31st December 2009 shows gross earnings of N59,864 million as against N55,156 million in 2008. Loss after tax stood at N4,588 million compared with N5 million in 2008.
But the bank’s unaudited result for the first quarter ended 31st March 2010 which shows gross earnings of N13,703 million, as against N14,904 million in the comparable period of 2009. Profit after tax stood at N1, 071 million compared with N1, 838 million in 2009.