FEB 14, 2018: AT LAST BULLS SURFACE AT NIGERIAN STOCK EXCHANGE

The bulls finally surfaced at the Nigerian stock exchange today February 14, 2018 to punctuate seven consecutive trading days daily slide by the All share index.

The recovery was rather strong as the ASI closed 2.55% or 1063.65 points up to 42,771.80 after raising fears of another long daily yesterday by losing 1029.74 points or 2.41%.

The rally occurred in spite of Dangote Cement easing further by N0.3 per share after applying good weight to yesterday's continuous downwards trend by losing N13.30 per share and as 25 price gains were recorded compared to 19 drops.

The rally occurred as out of the 9 banks or bank dominated groups with price changes, only Wema bank lost grounds 

Zenith bank led the banking rally with N1.5 per share rise and GTB was at the rear with very marginal increase that did not reflect.

But the banks were joined by Nestle Nigeria which today  regained N25 out of the leading N40 per share lost yesterday. Nestlé Nigeria had closed yesterday at N1320 per share then closed today at N1345 per share.

However, in % terms lead gain was by Skye bank up 10% or N1 per share while witnessibg 289 deals for day high 113.19m shares worth N121.95m.  It was closely followed by FCMB up 9.8% or N0.25 per share. 

The price drops were paced by Total Nigeria with N1 per share or 0.43% drop to N229 per share and Forte Oil with N0.8 per share or 1.75' drop as it witnessed 44 deals involving 0.27m units worth N12.1m.

First Aluminum from the shadows led % drops with 9.09% drop or N0.04 per share as it recorded 12 deals for 0.876m shares worth N0.355m.

First Aluminium closed yesterday at N0.44 per share, opened today at N0.42 then slipped some more to close at N0.40 per share.

It was followed by LASACO Insurance down N0.02 or 5.88% per share with 82 deals for 23.77m shares worth N7.66m and the duo of ABC Transport and Caverton Offshore with 5% drop each.

The day's lead traded value and number of deals were recorded in GTB as 5th ranked 35.76m shares changed hands in 629 deals worth N1.626bn followed by Nestle Nigeria's N544.4m traded value in 29 deals involving 0.404m shares and in terms of deals, 407 deals struck as 3rd ranked 41.92m shares worth N487.57m.

Total number of deals came to 5694 involving 520.74m shares worth N4.718bn.

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