FEB 7, 2018: STILL BEARISH AT NIGERIAN STOCK EXCHANGE

Today, February 7, 2018, the Nigerian stock exchange closed bearish for the 3rd day running even as European and Asian markets rallied from shock dive amidst fears that American interest rates may soon go up.

The ASI declined by 0.77% to 43,538.16 thus sliding only just a shade lower than 0.87% drop to 43,877.30 recorded yesterday.

This was as 40 price drops overwhelmed 18 gains both in number and change margin.

The losers were led by 11 PLC (Mobil) as it closed N10.50 per share down or by 5%. It was a simple shift really; it just opened and closed at N199.5 per share compared to N210 previously.

It was followed by Dangote Cement which closed down by 2.22% or N6 per share.

Leading % drop was however by AIICO Insurance down 4.55% or 3rd highest N0.27 per share. Like 11 PLC, AIICO opened and closed the day at N0.84 per share as against N0.88 on Tuesday.

As for the gainers,  Unilever Nigeria set the pace in Naira terms gaining N2.27 or 4.96% per share followed by Zenith bank with N0.80 or 2.58% gain.

Unilever opened at N47.15 per share then rallied slightly more to close at day high of Ksh 47.6 per share.

Trading was down as traded volume decreased by 29.1% to 508.299m shares compared to yesterday's 717.15m shares and number of deals struck also went down but by 8.41% to 6155.

Top trade was however recorded in LASACO insurance with 155 deals for 57.188 m shares

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