FEB 13, 2018: INCREASED SPEED DOWNWARDS AT NIGERIAN SE?

Showcasing one of the highest tumbles since this year, the All share index of the Nigerian stock exchange declined by shopping 1029.74 points or 2.41% to close at 41,708.15.

Apart from pointing to likelihood of yet another week of all through daily drops, this high rate drop followed yesterday's mild 0.9% decrease which sustained last week's down all the way.

For good reason too: The market either was bearish about high priced equities or the new pricing method introduced this month, has started to leave its trails.

There were 40 price drops which no doubt point to presence of continued bearish sentiments but what today's ASI drop such high mark was the fact that 7 out of 10 equities priced above N100 per share were traded in today and two did not lead to price change.

However, of the 5 that did, all had above N5 per share drop except 11 PLC (Mobil of yore) which ended down by N0.50 of 0.25% per share.

Nestlé Nigeria, the market's bluest of the blue chips, tumbled by N40 or 2.94% per share to lead the race down for today.

Nestlé had closed yesterday at N1360 pee share; opened the day considerably down at N1315.40 per share before ralling a little to close at N1320. It recorded 31 deals for 0.067m shares worth N92.04m.

On its trail was Dangote Cement with N13.30 or 4.89% drop to N258.70 per share.

Dangote Cement closed the day at N258.70 per share after hitting day low of N258.40 compared to N272 per share close yesterday. It also witnessed 50 deals for 0.137m shares.

The other two above N100 priced equities were Nigerian Breweries and Guinness with N5.20 or 3.91% and N5.0 of 4.55% drops per share respectively.

The two priced above N100 each but without price change were Seplat Petroleum in which just one deal was recorded and Total Nigeria in which 14 deals were struck for 0.014m units.

In the end, the ASI was driven downwards mainly by 3.72% drop in the premium index to 2922.75 as pulled by Dangote Cement and 2.83% decline in industrial index to 955.54.

There 15 price gains led by La Farge Africa with N1 or 2% per share gain. It recorded 50 deals for 0.446m shares valued at N22.73m.

Trading was relatively low as top volume was by Dangote Flour, down N0.75 or 4.73% per share, with 5th ranked 356 deals for 67.697m shares worth N181.139m followed by 49.224m units that changed hands in FCMB worth N126.18m as it closed N0.16 or 5.9% per share down.

Day high number of deals was once again witnessed by FBN Holdings with 674 deals for 32.59m shares worth N358.63m followed by UBA with 508 deals for 39.15m shares worth N437.58m .

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