JAN 17, 2018: NO ASI CAP YET AT NIGERIAN STOCK EXCHANGE

Today Wednesday, January 17, at the Nigerian stock exchange, the All share index scaled another decade high closing at 44,885.24, up 1.89% on yesterday's previous high.

Even though the % growth represents a slow down of sorts on yesterday's 2.17%, it is higher than what was achieved in the golden days of the 2008 boom before historic crash.

This time, however, price gains in the industrial sector drove the ASI upwards more than more traditional premium board did. The industrial index grew by 4.42% to 2364.73, well ahead of the ASI growth and also, ahead of 3.74% increase in premium index to 3137.05.

Despite leading N16.50 or 8.27% growth in 11 PLC (Mobil oil of yore), the Oil and gas index rose only nearly in step with ASI closing at 366.35, up 1.79% on Tuesday's 359.9.

11 PLC opened the day at N209.47 per share, then closed at day high of N216 compared to N199.5 per share yesterday.

Dangote Cement was very much part of the push upwards for ASI as it recorded N13 or 5% per share gain to trail 11plc in Naira terms .

Dangote cement closed yesterday at N260 per share, opened at same level then after a day low of N252, it closed at day high of N273 per share.

However, the leading % gainers were the cluster trio with above 10% gains led by Cement Company of Northern Nigeria, up N1.49 or 10.17% per share; followed by Diamond Bank with 10.10% or N0.29 per share gain and Sterling bank with 10% or N0.22 per share top up.

Naturally, the price gainers were more (40) compared to just 19 price drops.

NASCON was the top % loser with 4.98% or N1.10 per share; followed by Cadbury Nigeria down 4.97% or N0.80 per share and University Press with N0.13 or 4.94% drop per share.

In Naira terms however, Nigerian Breweries paced the market with N3.44 or 2.30% drop to close at N146.05 per share. It had opened at N144.71, hit day high of N148.89, before closing the day down on yesterday's N149.49 per share.

Once again it was not a dull moment for trading at the market as offloads continued albeit at less pace, investor interest remained high leading to 8866 deals compared to 7331 previously and  rise traded volume to 960.75m from yesterday's 635.4m shares.

Transcorp PLC continues to witness leading daily offload. Today it recorded 232 deals for 140.61m shares  worth N358.17m thus bringing total number of Transcorp shares traded in the market since January 5, to roughly 1.473bn.

Sure, Transcorp is the equity with the highest number of shares outstanding and so technically available to be dealt in.

By last count it had 40.6bn shares outstanding compared to 38.57bn by Wema bank, 36.89bn in FBN Holdings; 31.39bn in Zenith bank and 17.04bn in Dangote Cement. Ssh, it means with higher prices per share, Transcorp could dethrone Dangote Cement from its dominant grip on market capitalisation.

Meaning that 1.473bn is just 3.62% of its outstanding shares but then the daily offload has lingered long for many to begin to wonder who is offloading and why?

The same can also be asked of daily offloads in many banks within the same period.

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