JUNE 8, 2018: DOWNBEAT WEEK CLOSE AT NIGERIAN STOCK EXCHANGE

After closing up beat consistently for good days, the All share index at the Nigerian Stock Exchange took a dive once again Friday June 8 2018.

After applying brakes Monday June 4 on almost 2 weeks downwards, the market had continued upwards more strongly through three more days before closing the week down on Friday as the ASI  dropped by 0.96% to 38,669.23.

This was partly as far more price drops were recorded (28) than gains (18) and partly because more top weighted companies recorded price drops.

The gainers were led by highest priced Nestlé Nigeria which closed at N1450.2 per share up N20.2 or 1.45% while witnessing 61 deals for 0.213m shares worth N314.3m.

It was followed by 11 PLC which topped up with N8.3 or 5% per share while 0.029m shares changed hands in 21 deals valued at N5.14m and Unilever Nigeria up N2 or 3.77% per share on the trail of 34 deals involving 4th ranked 18.42m shares worth leading N1.013bn.

On the other hand, Seplat Petroleum paced price drops with N23.9 or 3.25% per share decline while recording only 9 deals for 0.092m units valued at N67.9m.

Seplat Petroleum had opened the day at previous day's closing price: N735 per share then slipped badly to close at day low of N711.1 per share.

It was followed by hardly traded Skyshelter which dipped by N5 or 5% per share as 0.02m of its units were exchanged in 5 deals worth N1.9m.

Dangote Cement it was, however, that helped swing the ASI downwards with N3.4 or 1.42% per share decrease while recording just 25 deals for 0.052m shares worth N12.26m.

Other major price drops include International Breweries, down N1.8 or 4.13% per share to witness 40 deals for 0.44m shares worth N18.16m and Cement Company of Northern Nigeria, which lost N1.4 or 5% per share while 58 deals involving 1.579m shares worth N52.94m were being sealed.

None of these topped trade for the day though as number of deals struck stood at 4141; trades volume came to 210m shares and traded value closed at N3.888bn.

Dangote Sugar paced traded volume as 27.92m shares changed hands in 160 deals worth N539.19m followed by FBN holdings with pacing 426 deals for 23.23m shares valued at N247.73m.

But it was Guaranty Trust Bank that recorded 2nd highest traded value behind Unilever Nigeria with 188 deals for 19.88m shares worth N833.87m while closing down N0.85 per share.

Also, after days of leading price gains while the bullish market continued, Nigerian Breweries finally went down N1 per share while 0.797m is its shares were sold in 131 deals worth N93.7m.