MAY 26 2017: BULLS AHOY IN NIGERIA AND, WELL, KENYA

Today May 26 2017, the Nigerian stock market closed the trading week strongly bullish and active but at the Kenya stock market it was slightly a different story especially in terms in trading activity.

NIGERIAN STOCK EXCHANGE

Friday May 26 was certainly a good and bullish end to a week that was consistently upbeat day by day with All shares index (ASI) closing up strongly by 2.1% to hit a new high of 29064.52.

It was driven by even stronger 4.46% rise in banking index to 361.97; 3.12% growth in premium index to 1837.87; 3.05% increase in the pension index to 1010.10 thus crossing 1000 threshold and 2.17% top up by NSE index to 1337.60.

None of the sectoral indices recorded drops, not even the Oil and gas index despite Mobil oil's lead of Naira and %gainers with N14.98 per share price decline or 5%. Despite too Total Nigeria marginal price drop by 0.02%. It only made the index close marginally up on a bullish Friday.

The banking index growth was propelled by cluster of gains by many of the quoted banks led by GTB' 5% gain or N1.68 per share.

As for the strong rise in premium index, Zenith bank's 4.99% drop was overwhelmed by Dangote Cement's day high Naira gain: N3.80 per share or 2.33% supported by FBN Holdings top of the day % gain (10.14%).

After Thursday's 43.5% increase in traded value, Friday ended with a further top up by 15.2% to N5.715bn. This was as GTB and Access bank recorded deals together worth about 55.8% of total traded value for the day.

There were 4th placed 272 deals for 3rd placed 59.2m shares of GTB worth above N2bn to pace traded value.

Access Bank recorded higher offload (144.7m unuts) and lower number of deals 227, but because it was not as highly priced as GTB its traded value came to a little above N1bn.

Both were trailed by Zenith bank with day high 306 deals through which 44.3m shares changed hands worth about N848m.

Top traded volume was however recorded in Diamond Bank with an offload of 204m units in 6th placed 238 deals but worth short of N200m.It was followed by volumes traded in Access bank, GTB, then UBA in which 2nd ranked 287 deals involved 4th placed 51.264m shares worth short of N390m.

In terms of deals, Zenith bank, UBA, were followed by 277 deals in Oando for 6.88m units while gaining 7.66%, the day's 2nd highest % gain.

FBN Holdings came next with 5th placed 252 deals for 7th ranked 23.1m shares worth short of N240m. It closed the day with top % gain of 10.14%.

In all, there were 33 gainers with 14 topping with above 4% and 20 losers with only 7 going down by above 4%.

NAIROBI SECURITIES EXCHANGE

At the Nairobi securities exchange, the only sign that the bulls came calling was the 1.04% rise in All shares index to 147.07.

On Thursday, ASI had risen by 2.07 points or 1.44% and topping further 1.52 more points the next day could only tell tale footprint of bulls.

However, activity slowed down including 56.4% continued slide in bond market traded value to  1.3bn Kshillings after going down by 51.8% earlier on Thursday.

At the equity segment, traded volume dropped by 37.5% to 24.1m triggering 45.4% decline in traded value to 564.47m Ksh although number of deals more or less confirmed bulls hopeful interest by closing at 1487 compared to Thursday's 1362, despite the volume drop.

Safaricom did not pace market volume this time as deals were recorded for 5.86m units or 24.3% of traded volume. On Thursday 22.3m of its shares had changed hands to account for 57.7% of market volume.

No other equity or sector paced market volume in its place. Energy and Petroleum's Ken Gen witnessed deals for 5.968m units, thus just barely squeezing ahead of Safaricom with 24.7%. Yet, after adding fellow sector Kenol Kobil deals for 1.25m and lower units from three other equities, the sector could barely come up with 30%.

Three out of the 10 banks with deals recorded above 1m units each: Cooperative bank witnessed deals for 2.47m units; Equity Group recorded deals for 1.819m units and KCB group closed with deals for 1.03m shares.

Kenya Airways, in the commercial and services sector recorded deals for 1.055m units but in terms of contribution to traded value, it can not be relatively outstanding.

Traded value boosting deals were recorded in East African Breweries for 576,300 units, Centum Investment (543,400); Nation Media (58,100 units) and Jubilee Holdings amongst others.

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