MARKET UPDATE: NSE STILL DOWN BUT MORE ACTIVE

Activity picked up at the Nigerian stock market today February 1, but All shares index still stayed down although at a lower rate compared to yesterday.

The ASI dropped by 0.51% to 26036.24 despite big brother Dangote Cement's boost to premium index by closing 1.2% up at N3.50 per share.

It was also inspite of 4% rise in industrial index all because consumer index led all else except ASEM index downwards at 640.01( down 3.2%).

But volume recovered rather strongly by 88.5% to 305,017,704 units in 2620 deals that grew by only 7.03% as many equities had limited interest.

Top volume was the 72,472,100 units sold in newly quoted Medview Airlines in 39 deals at 0.67% up per share.

It was followed by Diamond bank with 43,127,358 shares in 130 deals; Standard Trust Insurance with 20,002,000 units that had very limited intetest resulting in only 3 deals and Fidelity bank's 18,347,189 shares in 68 deals.

In terms of deals, day high was Guarantee Trust bank's 227 deals for 5,220,692 units followed by Zenith International's 188 for 4,068,003 shares, FBN Holdings 143 deals for 7,706,225 units; United Capital's 141 deals for 9469,292 shares and UBA's 137 deals for 11,363,140 units.

There were only 10 gainers although led gallantly by La Farge Africa's 8.27% up per share followed from a distance by 4% increase recorded by Caverton Offshore Support as 2,287,530 units sold at N0.78 per share with all other gains being below.

It was the losers group that was relatively crowded with lead drop being 5% by Forte Oil to N67.66 per share followed closely by 4.99% decline in prices of both Guinness Nigeria and Unilever Nigeria; and 4.89% decrease in Tourism Company of Nigeria even while rare 152,300 units were sold in only 2 deals.

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