FEBRUARY: MONTH OF THE BEARS AT THE NIGERIAN STOCK EXCHANGE

After a very bullish January which was a follow up of the trend late 2017, the Nigerian stock market turned bearish in the month of February, 2018, according to statistics released by the NSE this week.

Compared to January, some 75 equities recorded price drops compared to only 26 with gains and what is more, the margins of gains were no where near those of price drops.

None of the price gainers topped up with up to N10 each while four at least dropped by multiples of or above N10 per share.

Leading the decline was 11 PLC (formerly Mobil Oil) as it closed at N183 per share, down N32.10 per share from January's closing N216 per share.

As usual, highest priced equity, Nestle Nigeria went through ups and downs through the month but in the end, it closed N28 per share down at N1442 per share on Wednesday, the last trading day in February compared to N1470 per share by January close.

Another major decline was by Seplat Petroleum. It lost N24.50 per share to close at N660 compared to N685 per share previously.

Finally, Nigerian Breweries ended the month at N135.90 per share, down N11.10 from the N147 per share recorded by last trading day of January.

On the other hand, Beta Glass topped gains with N9.75 per share as it closed at N72.10 compared to N62.35 per share previously followed by Unilever with N6.70 per share gain while closing at N57.2 as against N44.50 previously

The equity with the highest investors interest within the month was FBN Holdings in which 10,549 deals were recorded for 771.189m shares worth N9.125bn. It was trailed from a distance by Zenith Bank with 6509 deals for 349.16m shares worth 2nd highest N10.98bn.

The highest traded volume was however, witnessed by Sterling bank with 1,876.3m shares in 1624 deals worth N4.115bn followed by Skye Bank in which 1,062.88m shares changed hands in 3606 deals worth N1.226bn and FCMB with 1,028,4m shares traded in 5th ranked 5554 deals worth N2.78bn.

In terms of traded value, Guaranty Trust Bank was the pace setter for the month, It recorded N12.52bn trade involving 262.8m shares in 4th placed 5597 deals.

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