FEB 20, 2018: ASI UP, BANKS DOWN AT NIGERIAN STOCK MARKET

No bank having issues with its capital adequacy ratio or non performing debts will be allowed to declare dividend this year, says the Central Bank of Nigeria and investors do not seem to be bullish about banks that much again.

At the Nigerian stock exchange today, as the All share index inched up 0.38% to 42,148.40, a total of 17 banks or bank dominated groups witnessed volumes that could result in price changes.

Of the 17, two closed firm: Stanbic and NPFMicro finance; one recorded price gain: UBA while 14 went down.

UBA, the lone ranger gained N0.20 or 1.67% per share as it recorded 234 deals for 11.97m units worth N145.61m. It was tough staying up.

It opened the day at N12.10 per share, hit day high of N12.25 and low of N12.05 before closing at N12.20, up on yesterday's N12 per share.

FBN Holdings paced the 14 banks downwards and the market in terms of volume, value and number of deals as it lost N0.85 or 7.26% per share while recording 1149 deals involving 115.5m shares worth also leading N1.253bn.

FBN closed yesterday at N11.70 per share; opened at N11.15; touched day high of N11.20 then closed at N10.60 per share.

In % terms however, Unity Bank led the 14 banks with 9.20% or N0.15 per share drop as it recorded 18 deals for 1.71m shares worth N2.55m followed closely by Sterling bank with 9.05% or N0.18 per share decline as 34 deals for 2.51m shares worth N4.57m were struck.

Both % drops however, slightly trailed the leading 9.67% or 2nd place N3.80 per share drop by Con oil while recording 29 deals for 0.18m shares worth N6.42m.

Con oil opened the day at N37.50 per share then slipped further to close at N35.50 compared to N39.30 yesterday.

The leading Naira drop for the day was by Total Nigeria, down N11.40 or 4.98% per share as 43 deals for 0.095units were struck Worth N21.09m. Total just simply eased and closed at N217.60 per share after yesterday's N229 per share.

Apparently this and others could not drag the ASI down because both Nestle Nigeria and Dangote Cement had strong recoveries.

After yesterday's major drop, Nestlé once again started on the way upwards  by gaining N38.20 of 2.85% per share to close at N1380 per share while witnessing 46 deals for 0.251m shares worth 3rd ranked N346.45m.

It too did some dance on the trading floor by opening at N1315.50 per share, hitting day low of N1316.10 before closing at N1380 per share compared to yesterday's N1341.80 per share.

Dangote Cement, on the other hand, gained N8.70 or N3.46% per share while recording 208 deals for 1.05m shares worth N266.91m.

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