FEB 27, 2018: ALL SHARE INDEX DOWN AT NIGERIAN STOCK EXCHANGE

After five days of inching upwards to try to cross the 43,000 mark once again, the All share index dropped by 0.66% to 42,299.56 as 37 drops and 18 gains hinted at bearish outlook.

The ASI had last dropped by 1.53% on February 19 to 41,987.74 then it started a slow and steady daily growth that by Monday made it close at 42,579.48.

And indeed, the newly introduced Corporate Governance index has proven to be a reliable barometer of the market trend as it dropped for the first time since it was introduced last Thursday.

It dropped by 0.53% to 1710.03 again ahead of decline in ASI thus reflecting main drivers of the drop. This is not surprising since the equities that currently make up the valuation basket cut across sectors and discriminates not in favour of capitalisation weight.

The gainers were led by Nestle Nigeria and petroleum companies as market reversed its bearish gaze over the sector yesterday.

Nestle closed N22 per share or 1.60% up while recording 82 deals for 2.069m worth leading N2.88bn.

Nestlé opened the day at N1400 per share incidentally then touched day high N1411 and low of N1380 before closing at its opening price, compared to N1378 per share yesterday.

Total Nigeria recorded N15 or 6.91% gain as at N227.80 per share, it opened well ahead of yesterday's N217 then rose to N231.10 and finally closing at N232 per share. Total ended with 43 deals for 0.058m shares worth N13.57m.

11 PLC too, ( Mobil oil of yore) rose by 1.88% or N3.40 per share to record 19 deals for 0.033m units worth N1.178m.

In % terms, Unity bank closed 9.82% or N0.16 per share up while witnessing 36  deals involving 1.87m shares worth N3.35m followed by Japaul Oil & Maritime up 9.82% or N0.04 per share with 59 deals for 14.64m shares worth N7.32m. It closed the day at par.

But of the petroleum equities that went bearish yesterday, Seplat Petroleum continued downwards losing N13.50 or 2.01% per share in 17 deals through which 0.923m shares exchanged for N606.9m.

This lead Naira drop was followed by N2.85 or 4.76% decline in International Breweries and Dangote Cement down N2 or N0.77 per share to close at N257 per share.

Apart from Nestlé Nigeria, Guaranty Trust Bank (GTB) also closed the day with above N1 bn traded value as it recorded 2nd ranked 339 deals for 23.496m shares worth N1.15bn.

But traded volume was paced by Transcorp as it witnessed 166 deals involving 45.08m shares worth N93.03m followed by FBN Holdings' 42.7m shares exchanged in, as usual, day high 464 deals worth N490.90m.

In all, total deals struck came to 5433 for 438.65m shares worth N8.799bn.

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