MAY 30, 2018: MOMENTUM DOWNWARDS. AT NIGERIAN SE

Cascading share All share index gathered momentum downwards Wednesday May 30 at the Nigerian Stock Exchange after democracy day celebration May 29.

During the one day holiday, President M Buhari had given account of his 3 year stewardship in a nationwide address but apparently this did not help to stem the daily slide in prices at the market for more a week now.

The ASI tumbled at top rate since the daily fall losing 434.03 points or 1.1% to close at 38,606.41. 

Before the May 30 tumble, top daily slide within the period was May 24's decline by 426.7 points or 1.06% and so far, the I index dropped daily from May 15's 40,992.46.

The latest tumble however, was more as top weighted or priced equities recorded major drops ahead of minor gains even 25 price drops witnessed was just slightly above 23 gains.

Top decline was the N60 or 3.75% per share recorded by the market's highest priced equity, Nestle Nigeria while recording 91 deals for 0.482m shares worth N750.76m.

Nestlé had closed Monday before the holiday at N1600 per share, opened at N1560 then slipped further to close at N1540 per share.

From a distant, Nigerian Breweries trailed with N5 or 3.75% per share drop; International Breweries lost N2.55 or 4.92 per share while top weighted Dangote  cement and La Farge Africa sealed the ASI drop with N2.5 or 1.02% and N1.9 ot 4.94% per share decline respectively.

Of the 23 price gainers, only Flour Mills crossed N1 per share. It paced gains with N1.50 or 4.98% per share while featuring 70 deals for 0.762m shares worth N23.41m.

Flour Mills opened the day at N30.40 per share then rose further to close at N31.60 per share compared to N31.10 per share previously.

It was followed by Dangote Sugar up N0.45 or 2.72% per share and Dangote Flour with N0.40 or 4.68% per share increase.

There was marked improvement in trade as traded volume rose to 342.04m shares from 222.31m on Monday; traded value closed at N4.739bn compared to lowly N1.64bn and deals struck rose to 5057 from 4461.

Unlike for Monday, traded value was boosted by trade in high or medium priced equities led by Guaranty Trust Bank with N1.007bn worth from 3rd placed 300 deals for 4th ranked 24.56m shares.

In volume terms, the market pacesetter was Access Bank as 68.32m shares were offloaded in 213 deals worth N743.89m followed by Transcorp in which 42.068m shares changed hands in 297 deals worth N51.49m and Zenith Bank with day high 488 deals for 3rd ranked 35.695m shares worth 2nd placed N929.62m.

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