JAN 10 2018: BULLS EVERYWHERE AT NIGERIAN STOCK MARKET.

Today January 10, 2018, bullish optimism about Nigerian economic prospects amidst very cold winter induced high crude oil prices and rising foreign reserves, took complete hold of the Nigerian stock exchange resulting in almost across the board price hikes and  record 1,433.14 points or 3.55% leap in the All share index to 41,816.11, a new high.

In all 60 equities recorded price gains compared to only three price drops.

Banking sector and bank related groups had good taste of the bullish run as 16 of them witnessed gains including newest quoted Jaiz bank but excluding Fidelity bank which went down N0.01 or 0.68% per share to lead easing trio from the rear.

Hence, with 5.33% growth to 559.16, the banking index this time paced pressure on the ASI upwards although,  Dangote Cement still leading Naira gains with N9.50 per share supported strongly by hikes in Zenith bank and FBN Holdings, the premium index still applied good shoulder to the wheel by closing 4.66% up at 2848.83.

Even the industrial sector also had its fair romance with the bulls as the industrial index rose by 3.88% to 2188.28, well ahead of the ASI growth.

There was a cluster of three double digit % gainers led by Con oil up N3.48 or 10.23% with Eternal oil and Champion Breweries trailing closely with 10.17% (or N0.55 per share) and 10.04% or N0.23 per share respectively.

Con oil paced after opening at N35.73 per share, then hitting day high and close of N37.51 compared to N34.03 per share yesterday.

Dangote Cement could only boast of  the least among 41 equities with above 4% gain but this blazed the Naira gain trail followed by Nigerian Breweries with N6.00 or 4.29% top up to N146 per share.

Guinness Nigeria led the strange three price drops going down by N1.8 or 1.76% followed by UAC Property which eased by N0.03 or 0.99% per share.

Part of the pressure from optimism came from yet another and indeed, more remarkable shower of offloads. This time it pushed traded volume up by 41.2% to 1.088bn shares and traded value by 68.5% to N13.29bn.

Top three traded volume were above 100m shares each. Transcorp PLC once again paced with 184.726m shares in 4th placed 465 deals worth N365.27m.

It was followed by Diamond bank with more 331 deals for 136.61m shares worth N314.52m and Access bank with 3rd ranked 528 deals for 121.955m shares worth N1.44bn.

Under normal days, offload above 20m shares was something but this day, it was common place as about 12 equities recorded deals for above that each.

Fidelity bank, the lone ranger in banking price wise, recorded offload of 86.02m shares in 305 deals worth N259.94m; FBN Holdings closed with day high 671 deals for 72.47m shares worth N770.41m; in FCMB, 64.5m shares were offloaded in 305 deals worth N150.28m and Zenith bank recorded 2nd ranked 550 deals for 63.49m shares worth day high N2.025bn 

The leap in traded value was accounted for not only by top values in Zenith and Access bank trades but also by above N1bn traded in Nigerian Breweries (N1.7bn in 259 deals for 12.14m shares) and in Dangote Cement in which 78 deals involving 6.991m shares was worth N1.67bn