JAN 15, 2018: ASI AT NEW HIGH AT NIGERIAN STOCK EXCHANGE

After last Friday's punctuation, the All share index at the Nigerian stock market recovered 0.51% today Monday January 15 2018 to hit a new 8year high of 43,119 but more on the back of Dangote Cement and fellow premium equities 

The ASI had dropped on Friday after 5 days upwards that resulted in crossing 8 year high for the first time on Thursday before the punctuation.

In each of those bullish days, number of price gains consistently outdistanced number of price drops but today, gainers and losers were even at 26 and the main push upwards for ASI came from 1.37% rise in the premium index to 2934.88.

This was as Dangote Cement paced Naira gainers with N3.00 per share of 1.19% although International Breweries shared the N3.00 gain level with it.

Propping the premium index further, Zenith bank rise by 2.37% to N32.60 per share and FBN Holdings added 0.78% to close at N11.66 per share 

Leading % gain was however by FCMB as it closed N0.26 or 9.84% up at N2.79 per share followed by Skye bank up N0.07 or 8.33% per share.

A cluster of three equities closed 5% up each: International Breweries which shared leading Naira gain with Dangote Cement; Fidelity bank up N0.16 per share and Caverton Offshore with N0.18 per share gain.

Leading % drop was by Eternal oil, down 6.82% or N0.45 per share but LA Farge Africa paced Naira price drops by going down N2.84 or 4.99% per share followed closely by Forte Oil which lost N2.47 of 4.69% per share.

Offload continued today but certainly not at the levels witnessed throughout last week except in the case of Transcorp PLC which recorded 2nd placed 648 deals for leading 193.9m shares while closing down by 0.47% at N2.11 per share.

It was in fact the only one with traded volume above 100m shares unlike in the giddy days of last week. However, with 311 deals for 85.66m shares, it also looked as if Diamond bank offer pot is yet dry just like for Fidelity Bank with 526 deals for 56.85m shares and FCMB with 383 deals for 57.57m shares 

But activity indicators clearly pointed down with traded volume dropping by 47.6% to 730.6m and number of deals declining by 30% to 7964.

The market was bit bullish about banking though as 12 banks and groups with banking flagship ended with gains compared to only four with drops led by Union Bank down N0.42 or 5% per share.

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