AUGUST 16, 2017: BEARS STILL STRONG AT NIGERIAN SE

The bears took to the centre stage again for the 3rd day, today August 16 at the Nigerian stock exchange driving All shares index down faster by 2.69% to 36,102.8.

The ASI had hit a new high on Friday August 11 closing up marginally by 0.25% and headed down since then. It lost 0.65% on Monday closing at 37,950.96 from 38,198.60 before clocking 37,096.60 yesterday August 15.

At today's level it was back to about July 25 mark when it crossed to 36,740.77 without landing any where else below but in the 36,000 range.

This time around, the pressure downward was still led by Dangote cement, down N11 per share but with strong support from Total oil which eased by N9.55 per share, Nigerian Breweries down by N1.93 per share and GTB which declined by N1.82 per share.

In contrast, only Nestlé Nigeria recorded comparative growth in price as it closed up N11.90 per share. Besides there were only 10 price gainers compared to 31 drops.

Only two of the 10 gainers closed above 4% up: C&I Leasing up 5.15% or N0.05 per share and Vitafoam which gained 4.43% or N0.12 per share.

On the other hand, 11 losers went down by above 4% led by Jaiz Bank, with 5% decrease or by N0.04 per share and Access bank down 4.98% or by N0.52 per share.

However, trading indicators closed in mixed directions with number of deals and traded volume dropping by 8.76% and 42.6% to 4822 and 224.7m shares respectively while traded value grew by 20.5% to N5.09bn.

The traded value exception to the trend was fuelled by deals sealed in shares of Nigerian Breweries, GTB and Nestle Nigeria.

Nigerian Breweries, amidst the drop in price, witnessed 8th ranked 179 deals for 8.533m worth leading N1.578bn; GTB, down 4.68%, recorded 3rd placed 389 deals and 25.15m shares worth N970.77m while high price of Nestle came in handy as relatively low 0.753m units changed hands in 81 deals worth N917.08m.

Day high volume was recorded as 4th ranked 337 deals for 34.416m units worth N206.85m in FBN Holdings, down N0.04 per share or by 0.67% followed by Access bank with 7th placed 211 deals for 27.42m shares worth N276.9m, closing 3.33% or N0.21 per share down.

None of these, though, paced number of deals sealed. That honour belonged to Zenith bank as it recorded 429 deals for 5th ranked 12.65m shares worth N284.67 with Sterling bank trailing it with 397 deals for 9.91m shares worth N10.16m.

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