FEB 8, 2018: STERLING BANK OFFLOAD AT NIGERIAN STOCK MARKET

Even as bears still pressurised the All share index downwards, offload of 1.745bn shares of Sterling Bank today at the Nigerian stock exchange gave some pep to the market.

The very large parcel was offloaded in 108 deals worth day high N3.83bn as Sterling closed N0.10 or 4.69% per share up.

It had closed yesterday at N2.18 per share, opened the day at N2.12, hit a low of N2.08 before closing at N2.23 per share.

However, the All share index dropped for 4th day this week by 0.49% as 26 price drops as against 16 gains were recorded.

The leading tumble was recorded in top price Nestle Nigeria as it lost N72.20 or 5% per share.

There was just sale of about 20,000 units in Nestlé worth N28.5m but it was enough for it open and close the day at N1372.80 per share, down sharply on yesterday's N1445 per share.

Perhaps, this was why N1 or 0.38% per share gain in top weighted Dangote Cement could not stop the ASI from going down.

Trailing Nestlé in Naira drop was Nigerian Breweries down N4.60 or 3.24% as 117 deals were sealed for 1.69m shares worth N238.59m.

Top % drop was however by Skye Bank as it eased by N0.10 or 8.93%. It opened at N1.07 per share then closed at lower N1.02. This was a major offload of its 111.239m shares occurred through 229 deals worth N113.65m.

On the gainers side, Unity Bank paced % gains with N0.15 or 9.37%  in the course of 106 deals for 9.559m shares worth N16.04m.

Unity bank opened at N1.67 per share, then climbed further to close at N1.75, up on yesterday's N1.60 per share.

On the other hand Naira gains were led by Forte Oil, up N2.25 or 4.90% per share as it posted just 50 deals for 0.214m shares worth N10.29m.

It was a simple task for Forte Oil as it simply opened and closed the day at N48.20 per share compared to N45.95 the previous day.

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