FEB 12, 2018: RALLY HOPES DASHED AT NIGERIAN STOCK MARKET.

Hopes entertained last week as the Nigerian stock market ended its first all red week since the year, that recovery is on the cards this week were dashed today February 12 2018 as the All share index dropped again, this time by 0.9% to 42,737.89.

The ASI had closed each trading day of last week ending Friday at 43127.92 compared to 43326.89 the previous day.

Today's ASI drop occurred as 36 price drops were recorded compared to 13 gains and inspite of day high Naira gain of N5.30 per share or 1.99% recorded by highly weighted Dangote Cement.

Dangote Cement had closed last Friday at N266.70 per share, opened the day slightly down at N258 then recovered to day high and close of N272 per share.

Hence, naturally, premium index rose to 3037.77 from 3024.74 despite price drops in Zenith bank (down N1.5 per share) and FBN Holdings which eased by N0.60 or 5% per share but was not enough to lift the ASI.

The leading % gain was witnessed by PZ Cussons with 5.83% or N1.40 per share gain as it recorded 105 deals involving 0.07m shares worth N4.8m.

Naira losers were paced by Eterna Oil down 9.67% or 0.58 per share followed by Nigerian Breweries with N3.9 or 2.85% drop as it recorded 161 deals for 0.978m units worth N130.58m; and Equity Assurance with 8.33% or N0.04 per share drop to N0.44 per share  as it recorded just 6 deals for 0.27m shares worth N0.124m.

Eternal Oil closed last Friday at N6 per share; opened the day at N5.7 then closed at N5.42 as 0.93m of its shares changed hands in 46 deals worth N18.4m.

Day high number of deals were recorded in FBN Holdings as 2nd ranked 71.34m shares were offloaded in 732 deals worth also 2nd placed N815.7m followed by Zenith bank with 448 deals for 19.34m shares worth N569.6m.

However, leading traded volume was witnessed by Seplat Petroleum as 258 deals were struck for 73.15m shares without change in price.

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