WEEK 8: CORPORATE GOVERNANCE INDEX GOOD START AT NIGERIAN SE

At the Nigerian stock exchange week 8 ended today Friday February 23, 2018 with newly introduced corporate governance index showing it might be one index to watch closely.

The CG Index was introduced on Thursday after 35 listed companies and directors who passed the 70% threshold for certification were honoured and issued their certicates.

It closed that first day at 1697.40 but today it rose by 1.17% to 1717.34, well ahead of slow coach 0.74% rise recorded in the All share index thus indicating that it reflected more the price changes that moved the ASI upwards.

The CG index evolved from the corporate governance rating system introduced through collaboration between the Nigerian Stock Exchange and a company limited by guarantee, Convention on Business Integrity launched in 1997.

Incidentally, the day's slow coach ASI growth turned out to the highest % increase in the ASI through week 8.

After a scary 1.53% drop to 41,987.74 on Monday to herald the week, the ASI had hovered above 42,000 through the rest of the week.

It rose by 0.38% on Tuesday to 42,148.40; added 0.24% and 0.02% on Wednesday and Thursday respectively before the week high rise today. In spite of this though, at 42,570.89 today, the ASI was still slightly below Week 7's 42,638.83 closing figure.

Comparatively, yes today was a bullish day of sorts as 26 price gains were recorded compared to only 9 drops.

Leafing gainers in Naira terms was Nigerian Breweries, up N7.10 per share or 5.78% as it witnessed 231 deals involving 25.67m shares worth day high N3.388bn.

NB had closed yesterday at N122.90 per share, opened at N124 then hit day low of N122 and a high of N130.20 before closing at N130 per share.

It was trailed by CAP PLC which incidentally paced the market in % gain terms as well. CAP rose by 8.57% or N3 per share and recorded just 14 deals for 1.029m shares worth N39.079m.

Japaul Oil & Maritime followed its % gain lead with 7.69% or N0.03 per share increase while posting 46 deals for 5.30m shares worth N2.22m.

The price losers were few and low too were their margins. Cement Company of Northern Nigeria led Naira drops with N0.85 or 4.8% drop per share while recording 31 deals for 0.386m shares valued at N16.85m 

It was rather easy for CCNN to go down as it opened and closed at N16.85 per share, compared to N17.70 previously.

Caverton Offshore trailed CCNN with N0.12 or 4.76% per share slide while witnessing 36 deals for 0.933m shares worth N2.27m.

Hallmark Insurance, however, paced % decline with 7.41% or N0.02 per share drop


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