OCT. 23, 2017: TWO DEALS IN OANDO AT NIGERIAN STOCK EXCHANGE

Undeterred by the technical suspension placed on Oando Plc by the Nigerian stock exchange since October 20 after two days of full suspension as ordered by the Securities and Exchange Commission of Nigeria, two deals were recorded in Oando on Monday October 23 as the trading activity at the market recovered from last Friday.s new low.

With technical suspension, dealers are still allowed to trade in the shares of equities so suspended but no price movement is allowed irrespective of the quantity on offer and change in the fortunes of the affected company.

As at October 17 before the SEC directive, 16,886 units of Oando plc had changed hands at N5.97 per share before it closed at N5.99 per share. That is the price that now stands to Oando credit since the suspension and the price at which the two deals involving 4,850 units were sealed.

However, the All shares index trended down in second day at a faster rate. It dropped by 0.48% to 36,411.73 after the 0.46% decline recorded on Friday .

This was not surprising as the day witnessed 26 price drops compared to 15 gains. The losers were led in % and Naira terms by La Farge Africa,down 9.75% or N5.46 per share. La Farge closed Friday at N56 per share, opened the day at N53.2, hit a day high of N51 before closing at day low of N50.54 per share,

It then witnessed rare 137 deals for 4.595m shares worth N232.4m.

Cutix trailed in % terms with 9.62% drop or by N0.25 per share to record 7 deals for 0.056m shares worth N0.133m while Nigerian Breweries edged ahead of Presco to trail in Naira terms with N3.01 per share or by 1.88% while witnessing 94 deals for 0.454m shares worth N71.4m.

Leading the gainers in both % and Naira terms was International Breweries, up N5.22 or 10.23% as it opened the day at N53.56, then closed at day high of N56.23 after Friday's N51.01 per share.

However, trading indicators pointed upwards with traded volume more than doubling from record low of Friday at 253.5m units; traded value rising by 41.7% to N2.669 bn and number of deals increasing by 13% to 3609.

Access bank dominated the day's trading as 4th placed 139 deals were sealed for an offload of 68.74m worth leading N653.54m. It was trailed in traded value by Zenith bank with 2nd ranked 291 deals involving 13.669m shares worth N340.7m and in volume terms by FBN Holdings in which day high 350 deals were sealed for 27.27m units worth N163.58m.



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