AUGUST 15, 2017: TEA PARTY OVER AT NIGERIAN STOCK MARKET.

For quite a while, the Nigerian stock market has been more bullish than bearish resulting in a tea party of sorts.

However, today August 15 2017 it seems the party is over because for the second day and at a higher rate, All shares index went down 2.25% to 37,096.60.

Though still a long way from the year low, the index strong drop was due to price drops across the board at the market and more importantly, just when most mid year figures had been harvested.

The main drivers of the decline were 4.15% drop in industrial index to 2195.25 and premium index decline by 3.85% to 2427.87.

Other indices except Asem index also dropped but at a rate below the ASI drop thus implying they had less impact.

Dangote cement seems major factor in this regard as it led Naira drops  by going down N10 per share or by 4.26% thus needing only a little help from Zenith's N0.24 per share drop and FBN Holdings N0.19 per share decline to drive premium index down.

It was indeed a bullish day as 35 price drops were recorded as against only 11 gains and the leading margins were higher too.

Following Dangote cement lead was N3 per share decline by Nigerian Breweries and N1.35 per share drop by PZ Cussons.

As for % drops, Morison industries led with 8.16% decline or N0.08 per share before PZ and Stanbic IBTC's 5% each.

The 11 on the other hand were led by GlaxoSmithKline and Berger paints up 5% each while in Naira terms Seplat Petroleum rose by day high N2 per share followed by Con oil with N1.30 per share.

Trading indicators closed up though with traded volume increasing by 23.9% to 391.6m: traded value closing at N5.43bn, up 28.7% and number of deals rising by 28.5% to 5265.

Lead traded value was recorded in Access bank as 6th placed 266 deals were struck for day high 178.3m offload worth N1.86bn followed by Zenith bank with N937.27m traded value from leading 533 deals for equally 2nd ranked 40.14m units.

In terms of deals sealed, Zenith's lead was however followed by FBN Holdings with 403 deals for 7th ranked 22.07m shares worth N133.76m.

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