MARKET UPDATE: BEARISH TUESDAY AT NSE 31/1/2017

The Nigerian stock market closed the last trading day in January rather on a clear bearish note as All shares index dropped 0.69% compared to 0.42% decrease yesterday.

The pressures were from most sectors led by consumer index drop by 1.43%; banking 1.27% decrease and minus 1.26% decline in oil and gas index.

Also, for effect, the main board index went down 1.01% that is ahead of the All shares index drop just like NSE 30 (down 0.86%); Insurance (minus 0.83%) and NSE Lotus 0.81% down.

Naturally, the gainers were few (12) compared to 23 losers. Deals and volume were higher though by 14.4% and about 12.7% respectively when compared to yesterday.

Day high deals were recorded were this time not dominated by Financial serboces. Lead volume was,FBN Holdings as 32,370,162 units changed hands in 250 deals but Transcorp chipped in 13,390,748 units for 75 deals to place third after United Kapital  insurance followed FBN with  just one deal for 23,053,957 shares.

The rest of the top ten by volume recorded sale 7m and above each and the roll call included AIICO Insurance, Fidelity bank, Zenith International, Nigerian Breweries. United Capital, Diamond bank and African Alliance insurance which recorded scant interest in the 7m shares sold through 2 deals.

However, financial services still dominayed deals led by Guarantee Trust Bank with 277 deals for 5636309 units; folowed by FBN Holdings, Zenith International, Nigerian Breweries (174 deals), and United Capital.

Top gainer for the day was Unilever, up 6.29% as high interest 760417 units led to 47 deals, followed by African Prudential Registrar up 4.29%;Caverton Offshore with 4.17%;  Unity Bank up 4%, Vitafoam with 3.46% increase and May and Baker up 3.09% by day close.

The losers were led by 4.98% drop in PZ Cussons understandably because loss sustained by half year, followed by Oando ( dpwn 4.9%); GlaxoSmithkline with minus 4.06% , Wema bank down 3.77% and Nestle Nigeria down 3.07%.

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