MAR 16, 2018: ALL SHARE INDEX STILL JINXED AT NIGERIAN STOCK EXCHANGE

The All share index today Friday March 16 2018, dived back below 42,000 it had found pretty  difficult to scale in the past. It dropped by 0.59% to 41,935.90 crossing 42,000 range in  just two days after  rising slightly to 43,073.45 on Tuesday.

One thing was sure though: The undulating trend noticed up to Wednesday was broken yesterday when instead of an increase, it dropped further to 42,185.38 instead of closing up to fit the undulating mould.

The Friday slide was in spite of leading N1.40 or 0.53% increase in the price of Dangote Cement and as 37 drops had been recorded compared to only 16 price gains.

The losers were dominated by 12 insurance companies; 9 banks or bank dominated group and 5 manufacturing companies while 6 manufacturers and 3 banks held sway among the gainers.

Dangote Cement closed yesterday at N262.60 per share; opened and closed the day at N262.50 after touching day high of N264 per share. This was while witnessing 62 deals for 0.94m shares worth N248.97m.

The more effective downward trend was heralded by Nestle Nigeria as it once again played out its now common trend of losing what is gained a day after it was gained. It closed Thursday N15 per share up but today, lost this gain to close at N1380 per share.

Earlier on Tuesday it had closed N20 per share up but lost this on Wednesday to close at the same N1380 per share. Nestle Nigeria directors are on card to ask shareholders to approve N27.50 per share dividend come AGM May 22 2018 and already, the equity is Nigeria's highest priced equity by a long distance. Indeed, it is the only one priced above N1000 per 50k share.

Nestle was trailed by Seplat Petroleum with N7.50 or 0.91% decline as it simply found N760 per share compared to N767.50 previously. In the end Seplat recorded 34 deals involving 0.207m shares worth N157.26m.

After a brief respite yesterday following two days of offload, today 87.42m shares of Zenith bank changed hands in equally day high 807 deals worth leading N2.46bn which pushed total traded value for the day to N7.89bn. Zenith had lost N1.15 per share in the process.

Guaranty Trust bank was the only other equity with aqbove N1bn traded value as it witnessed 5th ranked 303 deals for 31,96m shares worth N1.439bn while losing N0.75 per share.

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