MAY 14, 2018: BEARISH MONDAY AT NIGERIAN STOCK EXCHANGE

The mood was cautiously bearish Monday May 14, 2018 at the Nigerian stock exchange with no equity gaining up to 5 kobo per share.

There were 35 price drops and only 11 gains and even at that margin of decrease was way ahead of gains.

Hence after recovering on Friday from three consecutive days of decline, the All share index resumed downwards Monday at 40,677, down 0.84%.

Nestlé Nigeria led the pressure downwards as it lost N50 or 3.16% per share after closing Friday at N1580 per share, opening at N1560 before closing the day at N1530 per share.

It recorded 58 deals for 0.11m shares worth N168.89m and with the whopping decline killed all hopes that it was heading once again for a new all time high.

Three other equities also lost above N1 each per share: Okomu Oil & Palm ( down N4.50 or 5% per share); Nigerian Breweries ( Eased by N2.50 or 2.01% per share), and Dangote Cement down N1.50 per share or 0.61%.

Of the top price losers, only Nigerian Breweries recorded above N1m traded volume as closed with 3rd placed 280 deals for 1.15m shares worth N141.2m.

The 11 price gains recorded for the day were indeed on the low side with Carveton Offshore Services leading with N0.13 per share or 4.98% rise as it witnessed 44 deals for 2.38m shares worth N6.52m.

Fidson Healthcare too ended N0.11 or 2.04% per share up as it showcased 12 deals for 0.335m units valued at N1.82m followed by Cutix PLC with N0.1 ot 3.28% gain in 8 deals involving 0.147m shares worth N0.459m.

Traded volume at 218.77m shares was slightly higher than Friday's 214.58m shares and so was number of deals too at 4109 as against 3675 previously.

Not so for traded value which came to N2.23bn compared to N4.23bn on Friday.

FBN Holdings was the most sort after with leading 324 deals for 11.91 m shares worth N143.1m as it went down N0.25 per share.

Top volume was however recorded as UBA witnessed 2nd highest 293 deals for 60.44m shares valued at leading N706.6m.

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