OCT. 11, 2017: DIAMOND BANK OFFLOAD CONTINUES AT NIGERIAN SE

For the third day running since this week 41, Diamond bank paced traded volume at the Nigerian stock exchange recording 229 deals for 230.55m shares worth N230.237m.

Yesterday and on Monday, it also dominated volume with deals for 215.76m and 76.252m shares respectively.

Thus, so far this week about 522.5m shares in Diamond bank changed hands in 757 deals. This was quite a leap from the 142.465m shares exchanged in 365 deals throughout last week (40).

The offload is in one block but they do add up to dominant volume each day after last Friday's 88 deals for 112.435m units signalled the continued offload since then. So it is actually the fourth day running although Friday trade was grouped appropriately with week 40.

By today, according to official market statistics, Diamond banks outstanding shares available for trading in the market was 23.16bn hence so far the total offload is just a fraction of it.

In spite of the offload today, traded volume still dropped by 4.76% to 336.38m from yesterday's 353.19m also paced by Diamond bank.

However, for the second day, the All shares index inched downwards by 0.34% to 36,652.82 principally despite equal number of gainers and losers (like yesterday).

Top % gain was by AXA Mansard Insurance, up 10% or N0.21 per share to record 21 deals involving 0.379m shares worth N0.877m.

It had closed yesterday at N2.1 per share, opened the day at N2.2 then hit day high and close of N2.31 pee share.

Cement Company of Northern Nigeria once again closed N0.86 per share up just like yesterday but this time it came to 2nd place 9.23% gain.

In Naira terms, Seplat Petroleum lead with N7.51 or 1.59% per share gain followed by Nestle Nigeria, up N2.92 per share or 0.24%.

On the price losers side, lead Naira drop was by Nigerian Breweries as it lost N4.9 or 2.9% per share and witnessed 38 deals for 0.966m shares worth N160.17m.

It was followed by Stanbic IBTC, down N0.95 or 2.32% pee share ending with 26 deals for 1.469m units worth N59.03m.

Topping % price loss was Vitafoam down 5% or N0.14 per share. After ending yesterday at N2.8 per share, Vitafoam opened today at N2.66, hit day high of N2.67 then a low and close of N2.31 per share.

Investors interest continued to be high in Zenith bank in which leading 365 deals for 10.499m shares worth N265.76m were struck; in GTB with 354 deals involving 4.38m shares worth N183.9m and in FBN Holdings with closing 326 deals for 9.139m units worth N55.5m.