MAY 28, 2018: STILL GLOOMY AT NIGERIAN STOCK EXCHANGE

For the sixth day at a stretch it was still gloomy at the Nigerian Stock Exchange Monday May 28 as the All share index closed 0.72% down to 39,040.44.

The interesting thing was that the day's decline occurred despite N1 per share day high gain by top weighted Dangite Cement.

The ASI had tumbled into the 39,000 range on Friday after ending the previous Friday at 40,472.45.

The May 28 decline was 33 price gains overwhelmed only 10 gains which included the Dangote Cement lead.

Dangote Cement closed Friday at 244 per share, opened the day at N244.5 then slipped slightly to day low of N244.4 before closing at day high of N245 per share. All these was while recording 28 deals for 0.82m shares worth N20.17m.

Leading the pressure downwards was La Farge Africa which went down by N2 or 4.94% per share while witnessing 33 deals for 0.246m units valued at N9.49m.

Unlike for Dangote Cement, the price change was easy for La Farge Africa as it simply found and closed at N38.5 per share compared to N40.5 last Friday.

MRS Oil was yet another equity that declined by above N1 per share. It closed down N1.80 or 4.99% per share as 49 deals were struck for 0.236m shares worth only N8.29m.

The ASI was not the only indicator that trended down. Trade indicators declined paced by 44.3% drop in traded value to N1.64bn  despite a far lower drop of 24.9% in traded volume to 222.3m shares and just 9.16% easing in deals to 4461.

Most trades were in low or medium priced equities hence the sharp drop in traded value.

Top volume was recorded as 32 deals were struck in AIICO Insurance for 40.76m shares valued at N23.63m as the the price change it recorded was not high enough to be recorded.

Access Bank trailed AIICO in volume but actually paced the day in value terms as its traded value came to N292.08m in 3rd placed 259 deals for 27.41m shares.

As for number of deals struck, the pace was set by FBN holdings with 480 deals for 3rd ranked 26.53m shares worth N245.61m.

It was followed by Zenith Bank with 397 deals involving 9.139m shares worth N236.26m as it eased by N0.55 or 2.06% per share.

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