MAR 13, 2018: DAY 2 ZENITH OFFLOAD AT NIGERIAN STOCK EXCHANGE

For the second day running, today March 13 witnessed leading offload of Zenith Bank shares as equally day high 756 deals were struck involving 70.26n shares worth also leading N2.189bn.

Yesterday, investors had scrambled for more the 78m units at the market thus bringing total offload so far this week to more than 148m shares. This figure though is just about 0.47% of Zenith's 31.396bn issued shares.

What makes it interesting is that selling now meant losing the dividend for 2017 financial year being recommended to shareholders by Directors at the next annual general meeting.

This time though Zenith bank was not alone. Fellow premium equity, FBN Holdings also recorded exchange of 53.02m shares in equally 2nd placed 409 deals worth 3rd ranked N605.3m.

For a short while Zenith looked like ending with some price gain as it opened the day at N31.4 per share, hit a high of N31.5 then declined to low of N30.3 before closing at N30.45 per share compared to N31 yesterday.

And so both equities closed down marginally while recording these deals but that did not bring premium index down. Instead it rose to 3020.42 from 3000.65 because Dangote Cement, with far higher weight, closed up by N3 per share as it recorded 67 deals for 0.29m shares worth N78.67m.

Indeed, thanks to major gains by Dangote Cement, 11 PLC and Dangote Cement what looked like a bearish day as 39 drops were recorded compared to 26 gains, the All share index edged upwards to 43073.45 from 43056.51 yesterday.

Nestlé Nigeria closed up by N20 or 1.45% per share as only 0.2m shares changed hands for N13.41m while 11PLC gained N8.70 ot 4.97% per share and Total Nigeria rose by N2.9 or 1.18%

Once again corporate governance index danced out of step with the ASI as it eased to 1709.96 from 1717.46 and that was because the gainers were mostly industrial and Oil & Gas equities not yet certified within corporate governance parameters set by the exchange.

The price drops were of the low margin type with Unilever Nigeria leading with N3 or 4.93% per share  as it found and closed at N57.8 per share as against N60.8 per share yesterday.

Compared to yesterday, trading was lower as traded volume closed at 407.96m shares from 831.38m, traded value dropped to N6.118bn from N10.56bn and even number of deals eased to 5247 from 5651.

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