JAN 31, 2018: MORE PAR VALUE EQUITIES GO DOWN AT NIGERIAN SE

At the Nigerian stock exchange today marked the third day since the take of the new pricing method and as expected, more par value equities, long isolated from change, continued to go down.

In particular, one of them, LASACO insurance went down each day and today paced % price drops with 8.70% or N0.04 per share decline.

LASACO closed yesterday at N0.46 per share, opened today at N0.44 then slipped some more to N0.42 per share while witnessing 7 deals for 415,000 units worth N0.17m.

Close on its trail were two other hitherto par value equities: Law Union  & Rock Insurance which closed down by 8.33% or N0.08 per share and new comer to the downwards trend: Unic which eased by N0.04 or 8% . Law Union posted 10 deals for 415,000 shares worth N0.32m.

Also new was Cornerstone Insurance which lost N0.02 per share as it brought the number of old par value equities down today to 6. The other 3 were ABC Transport; Royalex and Prestige Assurance.

There were 30 price drops with International Breweries topping Naira loses with N3.15 or 4.92% drop followed closely by Nigerian Breweries down N3 or 2% per share.

International Breweries closed yesterday at N64 then opened and closed today at N60.85 per share while Nigerian Breweries opened at N148.2; touched day high of N150 per share then closed at N147 

In contrast, at 23 total price gains were less led in both % and Naira terms by Flour Mills of Nigeria that released latest figures yesterday, up N3.10 or 10.05%.

It opened the day at N32.35 per share then closed at N32.95.

La FARGE Africa gained N2.40 or 4.57% per share to place 2nd in terms of Naira gains and Wema bank with N0.13 or 9.70% did same in terms of %.

With price drops being in majority and many high priced equities closing firm, the All share index two days of hope raising gains eased by 0.23% to 44,393.65.

Traded volume and number of deals went down too by 25.7% to 651.9m shares and 19.2% to 7091 respectively but traded value went up instead 

It rose by 4.48% to N7.76bn as three equities recorded above N1bn worth of deals. Pace setter was Nigerian Breweries with N2.03bn traded value from 137 deals involving 13.57m shares.

It was trailed by Zenith bank with N1.5bn in 355 deals for 48.52m units and GTB in which 328 deals were struck to exchange 21.65m shares worth N1.07bn.

Offloads did not pound on the roof but some did occur like Diamond bank's leading 68.58m shares exchanged in 420 deals worth N218.8m; FCMB's 63.6m shares sold in 337 deals worth N194.85m and Skye bank's 63.119m units in 339 deals amounting to N94.17m.

Top number of deals were struck in FBN Holdings as 23.88m shares changed hands for N330.36m.

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