JULY 18, 2018: REVIEW OF NIGERIAN, NAIROBI STOCK MARKETS.

NIGERIAN STOCK EXCHANGE:

INDEX DOWN 3RD DAY

For the 3rd day this week,  the All share index closed down in another day of little drops of trade on Wednesday. July 18 2018 at the Nigerian Stock Exchange.

It dropped by 0.58% or 215.52 points to 36,748.18 after going down by 0.81% and 0.34% on Tuesday and Monday respectively.

This time though, the market was far less bearish than it was Tuesday with 23 price drops and 20 gains compared to 34 drops and 14 price increases previously.

Again, the top weighted equities recorded less price changes as Guaranty Trust Bank led price losers with N2.65 or 6.76% per share decline.

GTB hit day high of N39.1 per share after opening at previous day's N39.2 then closed at N36.55 per share while witnessing 197 deals involving 5.8m shares worth N225.819m.

It was followed by Okomu Oil & Palm, down N2 or 2.35% per share closing with 37 deals for 0.355m shares worth N29.835m and FBN Holdings with N1 or 9.76% per share drop accompanied by 266 deals for 9.59m shares valued at N93.392m.

On the other hand, only 2 gains were above N1 per share led by International Breweries up N3.5 or 9.33% per share as it recorded 12 deals for 0.137m shares worth N5.297m.

International Breweries closed Tuesday at N37.5; opened the day at the same level then slipped to day low of N36 before recovering to close at day high of N41 per share.

The other major price gainer was PZ Cussons with N1.50 or 9.74% per share top up while recording 37 deals which resulted in exchange of 0.282m shares for N4.658m.

Traded volume and value were down considerably as volume closed at 181.281m shares as against 203.8m previously and traded value dropped to N1.64bn from N2.38bn.

Because it was yet another day of little drops in trade that formed the day's minor river of trade, top volume was Transcorp plc's 16.75m shares exchanged in 142 deals worth N20.643m.

It was followed by Zenith Bank, up N0.15 per share, with 15.145m units disposed through leading 322 deals worth day high N361.666m.

NAIROBI SECURITIES EXCHANGE:

VOLUME STILL DROPPING

Traded volume at the Nairobi Securities Exchange shrunk once again on Wednesday July 18 2018 amidst 2nd day rise in the All share index.

The ASI had recorded punctuated decline on Tuesday with rather strong 1.16 points growth and on Wednesday topped up some more with 0.92 points to close at 173.14.

Within the same 2 days, traded volume trended in the opposite direction with a recovery recorded on Monday led to decline on Tuesday and further down to 12.095m shares on Wednesday.

The rally in ASI occurred as 18 price and 17 drops were recorded although aside from more high priced equities closing up, Safaricom once again gained.

Lead gain was East African Breweries as it closed the day at Ksh 211 per share after reaching day high of Ksh 215 and low of Ksh 210 compared to Ksh 207 per share on Tuesday.

Other major price gains were Kapchorua Tea's Ksh 2 per share increase; Sanlam Kenya's Ksh 1.25 per share and Ksh 1 per share rise by the duo of Diamond Trust Bank and Jubilee Holdings.

Indeed, the market was clearly bullish about the insurance on Wednesday July 18 with all 6 listed companies in the sector with price gains.

Then of course, Safaricom closed at Ksh. 29 per share after hitting day high of Ksh 29.75 from Tuesday's Ksh 28.75 per share.

Pacing the price losers was Nation Media down Ksh 7.50 per share as it ended the day at Ksh 86 per share after a high of Ksh 94 compared to Ksh 93.50 per share on Tuesday.

Crown paints trailed N Media as it lost Ksh 3 per share to join the leader as the only 2 equities with Ksh 1 or more decline per share.

In terms of traded volume, KCB Group in the banking sector paced the market this time recording deals for 2.988m shares compared to Safaricom's 2.22m shares; ARM Cement's deals for 1.965m units and Cooperative Bank's witness of exchange of 1.408m shares.

After a long while, Uganda's Umeme ltd finally recorded major trade involving 201,000 while closing down Ksh 0.20 per share.

(Ghana Stock Exchange figures were not available at the time of posting this review).

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