SEPT 18, 2017: LITTLE DROPS AT NIGERIAN STOCK EXCHANGE

It was a case of little drops that did not make an ocean today, September 18, 2017 at the Nigerian stock exchange but it did lead to major drop in traded value and further easing of the All shares index.

With no real offloads and rather low trade in high priced equities, little drops of traded volume pushed it up by 1.62% to 162.7m but traded value tumbled by 48% to N1.537bn.

Top trade in both volume and value was in Access bank as 35.359m shares were sold in 6th placed 148 deals worth N354.24m. Yea it was little; nothing near even N500m value.

Besides next in traded value was Zenith bank with 2nd ranked 257 deals for 8.127m shares worth N178.97m; that is just barely above half of the leading traded value. It was followed closely though by Nigerian Breweries with N177.48m worth of 125 deals involving 1.019m shares.

In volume terms, Access was trailed by Meyer PLC as 18.9m of its shares changed hands in just one deal worth N13.236m and Fidelity bank with 100 deals for 18.6m shares worth N23.98m.

The day's top deal was in FBN Holdings where 293 deals were struck for 13.755m shares worth N75.73m

The ASI closes down by 0.38% to 34,873.07 mainly very marginal Naira gains compared to slightly higher Naira drop margins.

There were 14 gainers and 18 price losers with the gainers being led by GTB in Naira terms. GTB had closed last week at N37 per share; opened the day at N37.2 and hit day and close of N38 per share thus gaining N1 per share.

In % terms, however, the leader was 4.92% gain or N0.32 recorded in Air Service followed by Cadbury Nigeria' 4.66% or N0.49 per share gain.

Among the price drops, Seplat Petroleum sure had a solo run. It closed Friday at N480.79 then opened the day at N456.76; that is down N24.03 per share and closed there.

The next major Naira drop was in Nigerian Breweries which did a bit of a dance up and down before closing N5 down. Last Friday it ended at N175 per share, opened the day at that level then hit day high of N179.9 and low of N168 before settling at N170 per share.

However % price drops were paced by Neimeth International Pharmaceutical With N0.06 or 8.57% decline followed by Seplat and then, Presco which went down N2.49 per share or 4.32%.

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