MAY 16, 2018: HAT TRICK ASI RALLY AT NIGERIAN STOCK EXCHANGE

On Wednesday, May 16 2018 it was a clear case of hat trick rally for the All share index at the Nigerian Stock Exchange after 2 days downwards.

The ASI closed at 40,992.97, up 0.93% despite there being twice as many price losers (30) as there were gainers (15).

The hat trick was performed as Nestlé Nigeria, Dangote Cement and Unilever Nigeria made strong gains 

The pace setter was Nestlé with N27 or 1.72% rise to N1600 per share, just N15 short of its year high N1615 and twice its N798 per share year low.

Nestlé closed May 15 at N1573 per share as it regained N43 out of N50 lost the previous day, opened at N1590 before the final rise for the day.

This was as it recorded 62 deals for 0.66m shares worth 2nd highest N1.06bn traded value.

On the other hand, Dangote Cement gained N6.5 or 2.67% per share as it witnessed 37 deals for 0.113m units worth just N28.17m and Unilever rose by N2.45 or 4.91% per share while also posting 37 deals for 0.246m shares worth N12.82m.

The price losers were more but could not match the spread of gainers per share. Top drop was by Okomu Oil and Palm down N4.1 or 4.97% per share as it recorded 39 deals involving 0.297m shares valued at N23.32m.

It was a rather simple matter for Okomu, it found and closed at N78.40 per share compared to N82.50 previously.

Next to it was Cement Company Of Northern Nigeria with N1.45 per or 5% per share decline in 21 deals for 0.282m shares worth N7.779m.

There was improvement in traded volume but it led to slight drops in both traded value (from N4.427bn to N4.36bn) and number of deals at 4000 compared to 4090 May 15.

Traded volume stood at 259.48m shares as against 203.35m previously and it was driven by some offload of 68.55m shares of Diamond Bank in 2nd highest 295 deals worth N102.23m as it closed down by N0.15 or 9.15% per share.

Leading traded value was recorded as 31.42m shares of Guaranty Trust Bank were exchanged in 204 deals worth N1.382bn while closing firm.

However, top number of deals was Zenith Bank's 309 for 33.82m shares worth N943.14m.

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