SEPT 8, 2017: REVERSE AT NIGERIAN STOCK EXCHANGE

Just after 2 consecutive days of upward swing, the All shares index and by implication market mood, reversed into 0.44% drop to 35,957.24.

After a week of continuous decline, the ASI had risen by 0.58% on Wednesday September 6 then grew even at a faster yesterday closing 1.56% up.

You guessed right, Dangote cement was on the losers side this time but it did not come up with the aces for the ASI drop.

Leading 22 price drops in Naira terms was N3.41 per share decline in Presco or 2nd place 4.99%. Presco closed Thursday at N68.39 then opened and closed today at N64.98 per share.

Close on its heels was Beta Glass down N2. 99 per share or leading 5.00% and Okomu oil which dropped N2.64 or 4.02%. All three were industrial concerns and aided by other sectoral decreases, helped depress industrial index by 1.18% to 2031.28.

Dangote cement, on its part, went down by N1.91 or 0.88% per share and so aided by Zenith bank (down N0.67 per share) and FBN with N0.01 drop, premium index decreased by 1.16% to 2337.51.

There were 18 price gains and surprise, Mobil oil took time off drops to lead Naira gains with N5.49 per share or 3.33%. It also recorded 40 deals for 0.596m units worth N101.37m.

Actually it was quite a climb for Mobil because it closed yesterday at N168.01 per share, opened today at N170 then hit day high and close N170.50 per share.

Lead % gain was by Unilever up 5.12% or N1.95 per share followed by NAHCO, up 4.89% or N0.15 per share.

Unilever closed at N38.05 per share yesterday, opened at N39.95; hit a day high of N41.09 and closed at N40 per share.

All trading indicators however, closed down. Traded volume dropped by 31.5% to 152.466m shares, traded value declined by 26.1% to N3.08bn and number of deals deceased by 11.7% to 4079.

Talking of deals Sterling bank hit another rush as it recorded 1,116 deals for 7.978m units worth N8.12m surpassing yesterday's equally market high 711 deals for 36.58m shares. (By the way, a viewers wrote in through WhatsApp asking why the scramble. We may examine that soon )

As for traded value, no equity recorded above Nbn worth today and that could explain the decline. Top traded value was in GTB as leading 22.16m shares changed hands in 5th placed 162 deals worth N864.1m.

It was followed by La Farge Africa with N611.75m from 10th ranked 104 deals involving 4th 11.5m shares and Zenith bank with N517.3m worth of 3rd ranked 207 deals for 2nd placed 21.79m shares 

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