FEB 19, 2018: STILL BEARISH AT NIGERIAN STOCK Exchange

After last Friday's below single digit rally, the All share index closed 1.53% or 650.65 points down today at the Nigerian stock exchange as the market's bearish outlook refused to go away.

Precipitating the dive were 31 price drops recorded for the day as against 16 price gains particularly and Nestlé Nigeria and Dangote Cement, once again paved the way down.

After recovering strongly from N40 per share dive early last week, Nestlé Nigeria started week 8 today down by N58.20 or 4.16% per share as 34 deals involving 0.041m shares worth N56.05m were struck.

Nestlé had closed Friday at N1400 per share, opened today at N1341.0 per share then rallied a little to close at N1341.80.

Dangote Cement, on the other, lost N8.60 per share or 3.31% as it continued its downwards trend discernible since last week. It witnessed just 15 deals for 0.031m shares worth N7.98m.

Other major losers in Naira terms were Nigerian Breweries which released its 2017 figures last week and PZ Cussons PLC.

Nigerian Breweries recorded 187 deals for 1.23m shares worth N161.09m and in the process went down N2.10 or 1.60% per share to close at N128.50 per share from N131.0.

On the other hand PZ lost N2.0 or 8% per share as it recorded 30 deals for 0.635m units worth N15.11m.

International Breweries led the price gains with N1.25 or 2.16% top up as 22 deals for 0.363m shares worth N21.38m were sealed.

Close on its heels was Guaranty Trust Bank, up N1 or 2.15% per share to close at N59.0 per share as against N57.75 previously. It recorded 219 deals for 4.038m shares worth N189.94m.

However, the All share index was not the only market indicator down today. Trades volume and value tumbled to 287m shares and N2.286bn respectively compared to 815.85m shares and N8.06bn last Friday.

Lead traded volume was witnessed by Skye Bank as, while closing firm, it recorded 4th ranked 231 deals involving 57.98m shares worth N63.2m followed by Diamond bank with leading 296 deals for 40.334m shares worth N106.7m as it eased by N0.07 or 2.53% per share.

In terms of traded value, Zenith bank paced the market with N497m from 2nd ranked 264 deals for 15.649m shares followed by Guinness Nigeria as 3.94m shares changed ownership in 40 deals worth N413.54m.

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