MAY 25, 2018: BEARISH FRIDAY ENDS BEARISH WEEK AT NIGERIAN SE

Friday May 25, 2018 was indeed a bearish day that ended a somewhat bearish week at the Nigerian  Stock Exchange.

An overwhelming 42 price drops were recorded compared to only 12 price gains  thus depressing the All share index further by 1.01% to 39,323.62.

Through the week it was downwards all the way for the ASI. It had slipped to 40,472.45 the previous Friday before resuming the week down 0.12% on Monday, and this continued in the same direction to Thursday's 39,723.85.

Pacing the 42 price drops was Guinness Nigeria down N4 or 3.85% per share as it recorded 99 deals for 0.84m shares worth N84.37m.

It was a simple affair for Guinness as it found and closed at N100 per share from Thursday's N104 per share.

It was trailed by three other equities with above N1 per share decline. Unilever Nigeria and Flour Mills went down N1.50 per share each and Julius Berger eased by N1.45 or 5% per share.

Unilever Nigeria ended with 20 deals for 0.164m shares worth N8.116m; Flour Mills witnessed 144 deals for 2.786m  worth N82.35m and Julius Berger closed with 27 deals for 0.37m valued at N10.299m.

On the other hand while topping price gains, MRS Oil lone ranged with N1.70 per share gain or 4.95% per share as it found and closed at N36.05 per share compared to N34.35 per share on Thursday.

It recorded 38 deals for 0.116m shares worth N4.20m.

Trading indicators trended upwards as traded volume rose to 295.99m from 256.43m shares; traded value came to N3.949bn from N2.002bn and number of deals struck closed at 4911 compared to 4111 the previous day.

An offload of 44.016m shares in FCMB lead traded volume in 153 deals worth N98.29m while FCMB closed N0.07 down per share. It had closed Thursday at N2.27 per share, opened at N2.17 then hit day high of N2.36 and low of N2.16 before closing at N2.2 per share.

However, Zenith Bank paced number of deals with 582 deals for 22.21m shares worth N590.59m. This was while closing down N0.35 per share.

Indeed, of the 42 price drops. there were banks or groups with flagship banking units came to 14 and only Sterling Bank closed exceptionally up with N0.06 or 4.65% per share.

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