JULY 12, 2018: GHANA INDEX. UP; OTHERS DOWN

After closing down across the board on Tuesday July 11,2018, the main market index in the three stock markets being reviewed for now by Henates closed in different directions on Wednesday.

GHANA STOCK EXCHANGE:

At the Ghana Stock Exchange, according to figures obtained from the website, the Composite index jumped by 1.86% or 53.97 points by July 12, 2018.

It closed the day at 2958.74 up considerably from 2903.77 to which it declined on Wednesday. Indeed, with the Thursday jump, the GCI regained more than it lost July 11 and closed above Tuesday's 2943.15.

From available figures, this leap was driven mainly by GHc 0.995 per share rise in the share price of Ecobank Ghana.

Interestingly, the same EGH led the GCI down on Thursday when it lost GHc 0.58 per share to record deals at GHc 7.50 per share while offer price recovered to GHc 8.40 per share.

On Thursday, July 12, offer rose further to GHc 8.50 per share and on that deals were struck involving the exchange of 6000 shares.

EGH's parent company, Ecobank International Incorporated also applied its shoulders to GCI increase as 55,600 units of its shares changed hands at GHc 0.22 per share, up GHc 0.01 per share.

On the other hand, Ghana Commercial Bank pulled in the opposite direction as it went down GHc 0.028 per share.

This was as deals were sealed for the exchange of 4,900 of its shares at GHc 5 per share.

In all, much as actuals were yet updated at the site by Friday morning, Henates estimated that 393,866 shares were traded on July 12, 2018 compared to actual 1.89m and 207,550 shares on Wednesday and Tuesday, respectively.

Ghana oil company paced this volume with deals for 323,600 shares while staying firm at GHc 4.00 per share.

NIGERIAN STOCK EXCHANGE:

ALL SHARE INDEX STILL DOWN

The All share index at the Nigerian Stock Exchange again declined on Thursday, July 12, 2018 but this was at a far lower rate than it did the previous day.

The ASI closed the day at 37,236.44, down 0.07% on Wednesday's 37,253.25.This, however, was lower than 0.45% decline recorded previously.

This time around, top rated capitalisation Dangote Cement regained all N2 per share it lost to lead the ASI down on Wednesday but being counted among the price gainers only helped to slow down the decline ASI decline rate.

This was because price drops at 30 so overwhelmed price gains (15) that it in fact looked more like a bearish day of stronger caution than evidenced by the marginal easing of the ASI.

Lead gain was by International Breweries as it topped up with N2.15 or 5.61% per share amidst 18 deals for 20.947m shares valued at N777.028m.

IB has closer Wednesday at N38.35 per share; opened at that level then hit day low of N37.05 and high of N41.5 before closing at N40.5 per share.

In contrast, price drops were paced by Beta Glass with N9 or 10% per share decline while witnessing 9 deals for 0.059m units worth N4.825m.

Unlike for IB, it was rather easy for Bats Glass as it simply found and closed at N81 per share compared to N90 per share previously.

The next major price drop was Forte Oil's N1.1 or 3.51% per share decrease while recording 147 deals for 1.032m shares valued at N31.48m.

Decoded: Obviously, the ASI decline amidst price rise in Dangote Cement was more a case of very many little price drops making a major difference.

Trading indicators pointed up by close of the day except number of deals which dropped to 3228 from 3526 understandably because top trades were in low investor interest equities.

The day's traded volume was 350.474m shares compared to 287.085m previously and was led by NAHCO, down N0.29 per share, with 12 deals for 88.132m shares worth N483.473m.

This was followed by Access Bank , down N0.35 per share, with 113 deals involving 42.868m units worth N428.473m and Zenith bank, down too but by N0.4 per share, with day high 384 deals that resulted in exchange of 40.843m shares worth leading N980.225m.

NAIROBI SECURITIES EXCHANGE:

ASI ALSO DOWN LOWER RATE

Just like the Nigerian Stock Exchange, at the Nairobi Securities Exchange on July 12, 2018, the All share index closed down for the 2nd day but at a lower rate.

It closed at 171.86, down 0.21% or 0.37points from Wednesday's 172.23 which had been far higher 1.11% decline on Tuesday's 174.16.

Indeed, it was a surprise of sorts that the ASI decline rate was that lower because price drops not only came to 17 as against only 9 gains, the margin of decease were far higher.

None of the price gains were above Ksh 1 per share while six drops were above this bench mark.

Top decline was by BOC Kenya, down Ksh 8 per share followed by Crown Paints with Ksh 7 per share drop and Bamburi Cement which closed down by Ksh 3 per share.

Other major price drops were Williamson Tea, down Ksh 2 per share, Eaagads ltd in the same Agric sector, down Ksh 1.55 per share and Centum Investments which lost Ksh 1 per share.

In contrast, leading price gain was as ARM Cement closed Ksh 0.35 per share up followed by Ksh 0.30 per share increase by East African Cables and Ksh 0.25 per share top up by the trio of Kenya Reinsurance; Equity Group and Sasini ltd.

All trading indicators closed down at the equities market with number of deals falling below 1000 at 873; traded volume ending at 12.2m compared to 17.256m previously and traded value at Ksh 338.7m was significantly down on Wednesday's Ksh 525.64m.

Lead trade was in Safaricom as it witnessed deals for unusually low 3.335m shares worth Ksh 95.5m at Ksh at between Ksh 28.50 and 29 per share while closing firm.

Fairly rare deals for 2.947m shares of Kenya Re were struck worth Ksh 46.6m at between Ksh 15.80 and 16.35 per share.

Barclay's Bank was the only other equity with above 1m traded volume as it closed with deals for 1.343m shares worth Ksh 15m at between 11.55 and 11.70 per share while ending up Ksh 0.05 per share.

The bond market recovered somehow as traded value rose to Ksh 2.945bn in 28 deals from Wednesday's Ksh 1.85bn in 45 deals.

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