JAN 12, 2018: ALAS, ASI DROPS AT NIGERIAN STOCK EXCHANGE

After 5 consecutive trading days of searching for a peak, the All shares index at the Nigerian stock exchange finally today, Friday, January 12, eased by 0.33% to 42,848 from yesterday's new high of 43,041.54

It had risen to 38,676.12 last Friday after dropping by 0.20% the previous day. From there the search for a cap began as it closed at 38,923.21 on Monday, 38849.65 on Tuesday and 41,816.11 on Wednesday before hitting yesterday's high which has now, at least even if temporarily, turned out to be the needed cap.

Part of the reason was that Dangote Cement did not change; Zenith bank dropped N1.75 per share and FBN Holdings managed only N0.04 per share top up.

Thus in the end, premium index dropped to 2895.20 from 2922.43 leaving industrial index and a couple of others to attempt staying on course upwards 

That was not possible as 31 price drops as,against 30 gains were recorded unlike in the past four days when gainers overwhelmed losers in number and change in Naira and Kobo.

However, the punctuation of the ASI did not affect the continued offload in the market well into its 5th day. In all traded volume this Friday rose by 20% to 1.394bn shares as not less than 12 equities recorded deals for above 40m shares each.

Transcorp continued to pace the market this time with 3rd placed 720 deals for 222.9m shares worth N500.1m.

It was again followed by Diamond Bank as it witnessed 4th ranked 633 deals for 153.45m shares worth N418.32m then by FBN Holdings with day high 1327 deals for 133.4m shares ( yes, really top offload for the company) worth 3rd ranked N1.58bn.

FCMB too crossed the 100m shares traded volume mark with 5th ranked 599 deals for 112.23m units worth N300.1m

Top contributor to traded value however turned out to be GTB because 7th placed 533 deals were recorded in it involving 68.59m shares (7th as well) worth N3.44bn.

Nestlé Nigeria was back searching for new top as it gained day high N39.54 or 2.73% per share to draw closer to its all time high from it had slipped earlier.

Nestlé closed the day at N149.00 per share with which it opened thus stepping well ahead of Thursday's N1450.46 per share although it recorded only 33 deals for 0.34m shares worth N510.23m.

Leading % gain was by CCNN, up N1.20 of 10.22% with 85 deals for 1.32m units valued at N17.19m.

It was quite a struggle as CCNN opened at N41.34 per share, hit day high of N42 then slipped to close at day low of N39.41.

International Breweries paced Naira losers with N2 or 3.23% drop per share simply by settling at N60 per share after hitting day high of N61 compared to N62 per share yesterday.

On the other hand, May & Baker recorded leafing % decline with 4.91% or N0.16 per share drop.

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