March 21: BANKS DROP ASI AT NIGERIAN SE WHILE VOLUME PACING NAIROBI AS WELL

Today March 21, both the Nigerian and Nairobi stock exchanges were dominated by activities in banks.

NIGERIAN STOCK EXCHANGE:
ASI DOWN AS BANK DROPS CLUSTER

At the Nigerian stock exchange today March 21, a cluster of bank price drops finally punctuated more than a week of daily rise in the All shares index.

It dropped by 0.44% to 25558.57 as banking index declined by 1.96% following cluster of % drops led by newly quoted Jaiz Bank 

The Islamic bank had lost N0.06 per share or 4.51% of opening price as 13 deals for 739,318 units were sealed at N1.27 per share to lead 8 losers out of 12 quoted banks in the main board.

Eco bank Transnational had followed with 4.08% price loss as 44 deals were struck for 942,226 units; then Diamond bank came in 3.16% down for 43 deals involving 3,781 170 shares before UBA followed 2.93% down while day high 51,896 579 units were offloaded in second placed 194 deals.

Others in the cluster went down with less than 2% and include Access bank down 1.43%; Sterling bank and GTB with 1.33% each and Fidelity, down 1.20%.

Monday's giddy leap in volume could not be sustained despite the UBA offload and so total volume dropped by 69% to 153 720 519 units.

Partly this was due to wide dispersal of notable volumes. Yesterday while 7 equities had deals for above 12m shares each, today only 6 could record above 4m each.

UBA led the four as Dangote Sugar managed second place with 21 deals for 15,177,452 units; followed by FCMB with 74 deals for 11,648,931 shares and GTB with leading 297 deals for 6,911 398 units.

At 24 losers overwhelmed 13 gainers and even then, the gainers were led by lightweight and rarely traded equities.

Top of the bill was middleweight Julius Berger up N2 per share or by 5.26% to lead % gains while Mobil oil led Naira gain with N4.99 per share.

Other major gainers were Livestock feeds, up 4.76%; NASCON up 4.71%; Cement Company of Northern Nigeria (4.44%) ; Fidson Healthcare up 4.30% and Tranacorp with 4.17% increase.

Cadbury Nigeria's 2016 figures were released and may be not impressed, brokers struck 72 deals for 1,248,942 units at N7.41 per share or 5% down.

Its lead was followed by Guinness Nigeria down by 4.99%; rarely traded Meyer down 4.82%; NAHCO with 4.76% drop and African Prudential down 4.20% just after Jaiz Bank but before Ecobank's own decline.

NAIROBI STOCK EXCHANGE: BANKS THROW IN 63,9% VOLUME.

It is still hard for Henates to tell daily price changes at Nairobi SE because average is in use in reports but banks clearly contributed 63.9% of today's depressed volume ( down 27.9% to 23 212,800 units),

All 11 listed banks recorded deals led by day high 5, 878,600 units in Equity Group Holdings ltd followed by Barclay's bank Kenya with deals for 3,419 00 shares while being placed 3rd market wide for the day.

Other major volumes in the banking sector include KCB Group 2,630,600 units; Cooperative bank 2,329,000 shares and Housing Finance corporation with deals for 421,600 units 

The second highest volume though was recorded in KenGen Ltd in deals for 3,657,700 units and in the same Energy and petroleum sector too Kenya Power had deals for 1,285,500 shares.

Other fairly active sectors include Commercial and Services where 10 out of 12 witnessed deals led by the lone one above 1m, WPP Scan Group with 1268900 units and Insurance where 5 out of 6 recorded deals but for mainly below 100,000 units except CIC Insurance 170,200 units 

Manufacturing and allied was also relatively active led by Mumias sugar and East African Breweries with 251,300 units and 137 500 units respectively.

This time around Safaricom stayed in the back seat with deals for only 511,900 shares 

In all number of deals dropped by 6.71% to 1042 and Value too went down too but by 10.4% to 462 199 936 Ksh.

All shares index however rose by 0.46% to 127,78.

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