FEB 16, 2018: ALL SHARE INDEX UP IN BEARISH NIGERIAN SE

Yes, naturally it should be rare for All share index to be up in bearish stock market but that seemed to have happened today at the Nigerian stock exchange as the ASI eased up by 0.08% while majority of price changes were downwards.

The ASI closed at 42,638.83, up just slightly on yesterday's 42,604.40.which on its own was slight drop on Wednesday's rise to 42,771.80 which punctuated more than a week of daily drop.

Unlike the earlier punctuation, this time the growth in ASI was as only 10 price gains were recorded cpmpared to 30 price drops. Which tends to give the impression that caution about prospects drove most made prices down.

However, closer look points to two factors for the rise in ASI: Nestlé Nigeria's leading N55 per share price and the absence of wide margin drops.

Nestle paced the market and ASI as it opened and closed the day at N1400 per share from yesterday's N1345 as it continued its recovery from the N40 per share leading dive earlier.

As for the price drops, top of the league was N1.7 or 4.6% drop per share witnessed by CAP PLC as  10 deals for 0.078m shares worth N2.779m were struck. CAP just opened and closed the day at N35.25 per share as against N36.95 previously.

On the other hand lead % drop was by Courtville Business Solutions with 9.52% or N0.04 per share decline.

It opened the day at N0.40 per share, then slipped to close at N0.38 per share compared to N0.42 yesterday.

Of the 30 price drops though, 12 were recorded by banks or bank dominated groups but drop margins were so small even the banking index dropped slightly from 571.21 to 568.29.

Zenith bank was the only one with price gain as it closed N0.35 or 1.11% up as 320 deals for 27.479m shares worth N879.23m were sealed.

Just like Nestle amongst gainers, the only price loser quoted above N100 was Nigerian Breweries which lost N0.40 or 1.30% per share while closing with 293 deals involving 2.95m shares worth N387.65m.

Number of deals struck shrunk to 4808 from 5904 but that did not stop traded volume from closing at 815.85m shares compared to 615.17m previously and traded value from leaping to N8.06bn from N6.27bn.

Two unexpected offloads accounted for more than half of the traded volume. Linkassure, in 46 deals recorded exchange of 300.76m shares worth N246.8m and Trans nationwide Express witnessed just 4 deals for 199.32m shares worth N155.48m.

Traded value, on the other hand, was boosted by N3.2bn worth recorded international Breweries in 34 deals for 3rd ranked 57.38m shares and N1.45bn worth recorded as 31.53m of Stanbic IBTC shares changed hands in 61 deals.

Top number of deals was yet again struck in FBN Holdings as 8.748m shares worth N108.24m were bought through 364 deals.

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