JUNE 6, 2018: ZENITH PACES AT NIGERIAN STOCK EXCHANGE

Zenith International Bank Wednesday June 6, 2018 paced the Nigerian stock market in all indicators except price gains even as the market closed almost as bullish than it was on Tuesday.

 

In fact, in a way it was more bullish since 41 price gains were recorded compared to Tuesday's 39 but the All share index closed up at a lower 1.53% at 38,435.29.

Traded volume had risen by 15.7% to 393.12m shares, traded value yo by 11.9% to N6.67bn and number of deals closed 19.1% up but more because Zenith paced all three trading indicators.

Up only N0.95 per share, Zenith recorded leading trade all round as 467 deals were sealed for 110.59m offload valued at N3.095bn or 46.4% of the day's market traded value.

The gain was with some struggle as Zenith opened the day at N27.1 per share, hit day high of N28.2 and low of N27.6 before closing at N28 per share as against N27.05 previously.

On the other hand, the 41 price gainers were paced by Nigerian Breweries for the 3rd day running with N5.5 or 4.94% gain as 223 deals were clinched for 0.885m shares valued at N102.07m.

Again this was with some struggle. NB opened at N116.4 per share, hit day low of N113.8 then recovered to close at N116.8 per share compared to N111.3 per share on Tuesday.

Other major price gains were Guinness Nigeria's N4.75 or 5% rise while 49 deals were sealed for 0.217m shares worth N21.57m ; La Farge Africa's N3.25 or 9.35% per share gain and Dangote Cement's N2 or 0.88% top up as 2.95m shares changed hands in 100 deals worth 2nd ranked N677.46m.

In contrast, Okomu oil had a solo run leading 16 price drops with N2 or 2.38% per share decline as it closed at day low of N82 per share after hitting high of N87 compared to N84 per share on Tuesday.

Other price drops were below N1 per share led by Cement Company of Northern Nigeria's N0.95 or 3.28% per share decline as 61 deals for 0.639m shares worth N11.649m were struck.

Zenith was not the lone company with good offload though. Fidelity bank recorded 401 deals for 63.86m offload worth N148.39m while gaining N0.21 per share.