JAN 26: NOT QUITE OVER AT NIGERIAN STOCK EXCHANGE

Today, Friday January 26, 2018 at the Nigerian stock Exchange, week 4 ended on a note that says it is not yet over yet for new year bulls after 4 consecutive days downwards dimmed hopes.

The All share index closed 0.56% up at 43,773.76. Though still far from recent high of 45,092 and all time high of 46,000 in 2008, it acted as a check on downwards trend since the week.

The ASI had dropped by 0.4% on Monday; eased faster by 1.16% on Tuesday and then by still higher 1.64% on Wednesday before slowing down to 0.99% drop to 43,529.06 on Thursday.

The day's reverse trend occurred 11 price drops were recorded including very marginal 0.04% decline by Dangote Cement compared to 40 price gains, including 12 banks.

The drops were paced in % terms by Con Oil down N2.06 or 4.98% per share as it touched and settled at N39.32 per share compared to N41.38 yesterday.

It was trailed by Tripple Gee which eased by 4.95% or N0.05 per share but leading Naira drop was by Guinness Nigeria down N4.1 or 3.53% per share. Guinness opened and closed at N112 per share compared to N116.1 previously.

Fidelity bank led % gains with 9.94% or N0.32 per share rise as it opened at N3.38 then advanced to close at N3.54 as against N3.22 per share yesterday.

But 11 PLC (Mobil) paced Naira gains as it opened and closed the day at N216 per share, up N7 or 3.35% on previous day's N209.

Nigerian Breweries stayed in tow with N3.63 or 2.45% gain per share.

Trading for the day too indicated that rain of offloads was not quite over as well. Traded volume rose by 87.7% to 944.86m shares worth N7.125bn, up 74.1% in 8166 deals, which came to plus 36.1% on yesterday's 6002.

Leading offloads changed though as Transcorp PLC recorded  252 deals for only 35.15m shares worth N71.15m to placed 10th in volume, way behind leading FCMB's 193.09m shares exchanged in equally leading 906 deals worth N554.73m.

Other top offloads include Diamond bank's 133.62m units in 3rd ranked 645 deals worth N341.4m; and Skye bank's 4th ranked 480 deals involving 3rd placed 83.789m shares worth N100.46m

FBN Holdings witnessed 2nd ranked 705 deals for 53m shares worth 2nd highest N718.1m while GTB paced traded value with N1.193bn from 330 deals for 24.38m shares.

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