FEB 21, 2018: SOME BANKS RALLY AT NIGERIAN STOCK EXCHANGE

Investors panic that yesterday greeted the Central Bank directive about no dividend payment for banks with capital adequacy and non-performing loans issues, seem to have fizzled out today as 8 out of 14 banks with price change ended up.

Yesterday, the panic had led to 14 banks or bank dominated groups closing with UBA being the lone ranger upwards.

Today, even as the All share index struggled to close up by 0.02% at 42,158.32, Guaranty Trust Bank paced 21 market Naira gains (8 banks inclusive) with N0.75 or 1.59% gain per share.

GTB opened the day at N47.15 per share which turned out to be its day low, then hit day high of N49 before closing at N48 per share, compared to N47.25 yesterday.

Other banks that recovered from the shock reaction were Sterling, FBN, Access, Zenith, Diamond and Ecobank Incorporated.

UBA continued its movement upwards but Fidelity bank led five other banks downwards losing N0.18 of 5.66% per share. Others yet to recover were FCMB, Union Bank, Unity bank, Jaiz Bank and Wema bank.

The ASI closed slightly up though in spite of 30 price drops led in Naira terms by Nestlé Nigeria which seemed to have lost its penchant for recovering after a sharp drop.

Nestlé went down by N58.20 per share on Monday and now, before fully recovering from that, it closed today with leafing N10 per share or 0.72% drop.

Nestlé opened the day at N1399.90, way ahead of yesterday's closing N1380 per share, hit day high of N1409.80 but finally closed at N1370 per share while recording 51 deals for 0.169m shares worth N234.9m.

It was followed closely by 11 PLC ( Erstwhile Mobil) with N9 or 4.52% drop but top % decline was by Con oil down 9.58% or N3.40 per share witnessing 31 deals for 0.164m units worth N5.29m.

Con oil closed yesterday at N35.50, opened the day at N33.75 then slipped further to close at N32.10 per share. 

Ja Paul oil and maritime paced the market in terms of % gain, closing N0.02 of 5.71% up as 14.7m of its shares changed hands in 54 deals worth N5.45m followed by Champion Breweries with 4.81% or N0.13 per share increase through 11 deals for 0.222m shares.

Traded volume for the day came to 570.25m valued at N5.325bn in 5794 deals.

Top volume was the 94.452m shares offload in Custodian Insurance in 24 deals worth N377.8m while closing firm followed by FBN Holdings leading 644 deals for 61.64m shares worth N683.25m  and FCMB's 319 deals involving 48.25m shares worth N110.56m.

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