MAR 6, 2018: NEW INDEX WEAKNESS AT NIGERIAN STOCK EXCHANGE

Today at the Nigerian stock market, the weakness in the newly introduced Corporate governance index as an indicator of market trend showed as it dropped by 0.02% to 1728.15 while the All share index closed up 0.22% at 43609.77.

Since it was introduced the CG Index had stayed well ahead of the direction of the ASI thus hinting at possible useful tool for market monitoring but today's opposite closing to ASI growth marked a difference.

This could be because the sectors with more impactful price changes this time around were yet to have many or influential listed companies amongst those who have been honoured for their corporate governance score.

Oil and Gas paced gains as its index closed up 1.44% to 376.76 implying it was the major driver of ASI upwards. Consumer products sector also rose by 0.95% to 991.70, ahead of ASI growth and in contrast to the CG index drop and 0.2% and 0.05% growth in  main board and premium indices respectively.

There were 29 price drops and 26 gains led by first and second highest priced equities: Nestlé Nigeria and Seplat Petroleum respectively.

Nestlé declined by N20 or 1.43%  as it opened at N1399.9 per share, hit day high of N1400 before closing at day low of N1380 per share. In the end, 0.536m shares changed hands in 91 deals worth N741.96m.

On the other hand, Seplat closed N25 per share or 3.29% as 72 deals for 0.264m units worth N206.05m were struck.

Seplat closed yesterday at N760 per share, opened and closed the day at N780 after hitting day high of N785 per share.

In all improved 5078 deals were struck today involving 445.5m shares worth N5.96bn.

FBN Holdings continued to pace deals with 483 deals for 34.36m shares worth N393.93m followed this time closely by Zenith Bank with 432 deals involving 37.85m shares worth 2nd highest N1.18bn.

Leading traded value was recorded as 315 deals were struck through which 30.996m shares changed hands for N1.5bn in Guaranty Trust bank, down N0.85 or 1.72% per share.

Sterling bank witnessed top traded volume as 101.9m shares were offloaded in 33 deals worth N191.58m as the bank eased by N0.09 per share.

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