MAR 7, 2018: AGAIN, ASI DROPS AT NIGERIAN STOCK EXCHANGE

After crossing into the 43000 range on Monday and edging further in with 0.22% growth yesterday, the All share index was back in the 42,000 range today as it dropped by 1.51% to 42,952.70.

Sure, it is not too far from 43,000 but below all the same and it is hard to tell if it is heading for another struggle to brake out of 42,000.

Before crossing to above 43,000, it had been more than a week long struggle to cross the 42,999 borderline and getting there earlier had offered some relief.

This time the ASI dropped remarkably because Dangote Cement led 23 price drops with N9.9 ot 3.6% per share drop. It had closed yesterday at N274.90 per share, opened the day at N274.50 then slipped further to close at N265 per share, 

This was as it recorded 88 deals for 3.33m shares worth 2nd highest N889.76m.

Total Nigeria was close on its heels as it lost N9.8 or 3.92% per share while recording 28 deals for 0.074m units worth N18.35m.

Nestlé Nigeria was yet another price loser as it witnessed 69 deals for 0.081m shares worth N120.1m.

Nestlé had closed yesterday at N1380 and had for a while looked like closing firm right there but ended up at N1375 per share, down N5 per share.

The gains recorded during the day were not as remarkable as Flour Mills paced with N1.40 or 4.05% per share gain while recording 113 deals involving 1.44m shares worth N51.45m.

Flour mills closed the day at N36 per share after opening at N35.45 compared to yesterday's N34.60 per share.

Trading trended down however, when compared to yesterday. Number of deals dropped by 5.49% to 4799; traded value closed 13.2% down at N5.179bn and traded volume came to 270.33m shares, down 39.3%.

Traded value eased at lower rate to volume principally because Zenith bank witnessed leading N2.012bn worth of 2nd highest 345 deals for day high 64.6m shares.

FBN Holdings continued to receive top investor interest as it yet again topped number of deals with 352 deals for 8.566m units worth N96.69m. 

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