NOV 8, 2017: NO BUDGET 2018 RIPPLES AT NIGERIAN STOCK MARKET

Yesterday' Nigeria's President M Buhari presented 2018 budget proposals to the joint session of the National Assembly but today, November 8, 2017 it did not seem to have caused any ripples at the Nigerian stock market.

The only exceptional trend for the day was the final break with almost one week old up today, and down tomorrow for the All shares index.

It closed the day up marginally by 0.34% to 37,138.97 to hit a new high after crawling back into the 37,000 range yesterday with 0.22% increase.

There were almost equal number of price gainers and losers and the more remarkable was that none of the drops came up to N1 per share or up to 5%.

Interestingly, the leading price drop of the 19 recorded was by Zenith bank which slipped by N0.22 or 0.85% per share. It is the first time Zenith will leave price trails for others to follow.

Zenith closed yesterday at N25.8 per share, opened at N25.65, hit a day low of N25.51 before closing at N25.58 per share.

In the end, it witnessed 2nd highest 246 deals for 6.899m shares worth N176.5m.

Lead % drop however was by UAC Property down N0.14 or 4.71% as it opened the day at N2.93 per share then hit low of N2.83 per share compared to N2.97 previously.

It recorded 14 deals involving 2.018m shares worth N5.718m.

Nigerian Breweries closed the day down too but by N0.21 or 0.15% per share then witnessed 5th ranked 192 deals for 3.135m units worth day high N451.29m.

On the other hand, 18 price gainers were paced in both Naira and % terms by International Breweries as it closed N4.20 or 10.24% per share up.

Yesterday, International Breweries had closed at N41.0 per share, opened today at N43.50; hit a day low of N41.9 then closed at day high N45.2 per share.

It recorded 31 deals as 0.308m shares changed hands for N13.22m.

Learn Africa trailed it % wise with 5% or N0.05 per share gain but more impactful on the ASI must have been Dangote Cement trailing in Naira terms with N2.00 or 0.87% per share gain.

Trading trended down. Traded value dropped by 37.8% to N1.8bn; traded volume declined by 36.6% to 193.4m shares and number of deals decreased by 11.3% to 3904.

Diamond bank paced traded volume with 36.28m shares in 3rd ranked 228 deals worth N43.61m followed by FBN Holdings with leading 370 deals for 35.18m units worth 2nd ranked N248.76m.

Comments

  1. Oluwasegun Emmanuel Ojo9 November 2017 at 00:31

    I am not surprised the budget presentation reflected no tangible ripples at NSE trading.
    The entire society really don't feel the effect either.
    More disheartening is the 2017 budget low funding that has in a way keep the nation's economy dormant.
    the slow recovery from recession among other factors can best be sum as result of failing leadership and govt in her responsibilities.
    I just hope the 2018 budget will be adequately funded and the allocated funds be prudently utilised for the purpose it is meant for.

    ReplyDelete
  2. HENATES9 November 2017 at 03:56

    It is doubtful if 2018 budget will fare any better because of the continuing gap between actual revenue, projected revenue, projected borrowing and the burden of still growing current expenditure in spite of so called savings reportedly achieved so far. Yet minimum wage review is around the corner and militancy and Boko Haram are far from dead

    ReplyDelete

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