AUGUST 21, 2017: ASI DOWN AT STOCK MARKET DESPITE BUHARI RETURN

Those who expected more optimistic pricing at the Nigerian stock exchange today Monday August 21 2017 as a result of the return of President Buhari to Nigeria last Saturday must have been disappointed because the All shares index closed down by 0.91% to 36,584.44 after a promising 1.66% rally last Friday.

But this may not be exactly in response to any interpretation of the possibilities in the presidential return after more than 100 days outside the country because, actually gainers outnumbered losers but high priced or highly capitalised equities were more amongst the losers.

Leading 16 price drops was Nestle Nigeria, undoubtedly Nigeria's highest priced quoted company. It lost N9.99 per share or 0.83% at N1200.01 per share. It then recorded 38 deals for 0.17m shares worth N204.57m.

Dangote Cement, followed closely with N9.38 per share drop to N215.62 or 4.17% then recorded 94 deals for 4.41m worth 2nd highest traded value of N949.94m. Hence, with support from FBN Holdings and Zenith bank, Dangote Cement depressed premium index by 3.52% to 2362.11.

In % terms though, leading drop was by Vitafoam, down 5% or N0.14 per share to record 29 deals for 2.411m shares worth N1.23m.

In contrast, there were 27 gainers but only Nigerian Breweries had enough weighted average to influence ASI valuation. It rose by 3rd highest N2.48 per share or 1.37%. It had hit day high of N184.5 low of N181.01 before settling at N183.5 per share. It witnessed 116 deals for 1.35m units worth 5th ranked N247.18m.

Betaglass led Naira gains by closing N2.51 up per share or by 4.38% while settling for only 2 deals involving 9.78m shares worth 3rd ranked N590.85m. It was followed by Flour Mills with N2.49 gain per share or day high 8.73% closing with 82 deals for 4.05m units worth N124.689m. Flour Mills opened at N28.51 per share, hit day high of N31 then eased to N29.9.

In % terms, Flour Mills leading gain was trailed by Transcorp, up 5.97% and with 103 deals for 6.66m shares worth N9.2m.

The 30.5% increase in traded value to N6.27bn recorded was principally on the back of GTB's recorded offload of 61.18m shares in leading 458 deals worth equally leading N2.479bn. GTB ended the day up by N1.2 per share or 3.04% closing at N40.7.

But this was not the highest single traded volume for the day. AIICO had that honour as 131.017m of its shares changed hands in 17 deals worth N74.668m. AIICO had opened at N0.56 per share, hit a day low of N0.55 and day high of N0.57 per share.

In the end, traded volume rose by 55.7% to 368.38m shares but because of the domination by low priced AIICO, it led to lower % increase in traded value.

On the other hand, the number of deals recorded actually dropped by 1.95% to 3729 for the same reason that investor interest in the AIICO offload was low. GTB's lead number of deals was followed by Zenith with 400 deals for 3rd ranked 22.73m shares worth 4th placed N542.27m.

UBA, down N0.08 per share, followed with 231 deals for 11.17m units worth N104.73 ahead of FBN Holdings' 229 deals for 11.02m shares worth N66.06m.




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