AUGUST 24, 2017: TOTAL, MOBIL, DANGOTE CEMENT DRAG ASI ALONG

Once again major price drops at the Nigerian stock exchange today August 24 2017 dragged the All shares index down by 1.30% to 36575.86 after two consecutive days of recovery.

The last time gang up of major drops pulled the rug was on August when N9.99 and N9.38 per share drops in Nestlé Nigeria and Dangote cement dragged the ASI down by 0.91%, of course with added shoulders from less weighty equities.

Today, the combination was N11.20 per share leading drop in Total Nigeria: N10.69 per share decline by Mobil oil and Dangote cement's N8.34 per share drop.

With help from 22 other price drops, it was easy to drag ASI down especially when the 19 gainers recorded low drop rates. Nigerian Breweries led Naira gainers with N2.98 gain and closest to that was Union Bank's N0.29 per share gain of day high 5.08%.

Indeed, Neimeth was the only other major gainer in % terms rising by 5.06% of N0.04 per share.

Naturally, indices associated with the leading price drops went down at a rate faster than ASI decline rate.  The premium index dropped by 2.84% to 2355.55;  industrial index eased by 1.94% to 2106.86 and oil and gas index weakened by 1.75% to 300.92.

Traded volume decreased by 9.88% to 238.16m but traded value declined by only 0.69% to N5.49bn. Its decline rate was that low because GTB.  dominated traded value as 2nd highest 368 deals were struck for leading 71m shares offload worth N2.897bn which was 52.7% of market total.

Aside. from GTB, no other equity recorded above N500m traded value with Nestlé Nigeria following with N435.4m in 42 deals for 0.357m shares after snatching back the N0.20 it lost yesterday.

In volume terms, Access bank followed GTB lead with day high 371 deals for 37.1m worth N371.44m.




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