AUG 20, 2018: MAJORITY WITHOUT CLOUT ACROSS THE MARKETS

At the three African stock markets currently reviewed by Henates daily, one common denominator was the inability of the majority of price changes to effectively determine trend for the All share index except for Nigerian?

NIGERIAN STOCK EXCHANGE:

At the Nigerian Stock Exchange, the question mark came because there was a slight mix up of change direction for Dangote Cement in the official release by the market on Monday 20 August 2018.

Dangote Cement's price per share was put at N215 per share but this should amount to N5 per share drop on Friday's N220 per share.

However, the snapshot on the homepage of the market online and the price list inside the site all say Dangote Cement led gains with N9.5 or 4..32% per share.

Any how, the daily official list confirms the N215 price making Dangote Cement leading price drops not gains for the day as stated too in the gainers and losers chart also released by the exchange.

Hence, should Dangote Cement be truly down and not up, then the All share index closed in the same direction with majority of price changes for the day.

It resumed slide with 1.71 % decline to 34,663.48 which would have been a recovery to 35,341.90 if Dangote cement had increased by N9.5 per share as stayed on line.

Air Service thus led gainers with N0.4 or 8.99% top up per share as 5 deals were struck for 0.122m shares worth N0.587m.

Traded volume declined to 220.495m shares from  374.369m on Friday dragging traded value along to N3.117bn from N2.723bn while number of deals closed at 3054 from 2875.

Top volume was UBA's 42.72 m shares traded in 2nd highest 359 deals worth N354.78m but short of Zenith Bank's leading N804.13m traded value from equally leading 374 deals involving 36.16m shares.

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, there was no doubt that the All share index closed down 0.28 points to 174.31 despite 17 price gains outnumbering 14 drops and to boot, Safaricom closed firm.

British American Tobacco led all gainers with Ksh 9 per share rise as it touched and closed at Ksh 619 per share compared to Friday's Ksh 610.

It was well supported by Crown Paints up Ksh 6 per share and Standard Chartered Bank which topped up by Ksh 2 per share.

On the other hand, the leading price drop was by I & M Holdings which ended the day down Ksh 10 per share supported by Jubilee Holdings Ksh 4 per share and Ksh 2 per share drops by Nation Media and Williamson Tea.

No wonder, the drop in the ASI was so marginal but growth in trade was rather phenomenal. Both volume and value more than tripled to 16.236m shares and Ksh 417.527m respectively although number of deals increased by only 2.64%.

Yet again Safaricom paced volume and value with deals for 7.496m shares recorded at between Ksh 29 and 29.50 per share worth Ksh 219m.

The banking sector even trailed Safaricom's traded value with Ksh 159m or 38.09% of traded value for the day. Top trade here was Cooperative Bank's 3.597m shares exchanged for Ksh 61.6bn at between Ksh 17.05 and 17.30 per share.

KCB Group too, down 1.01% or Ksh 0.50 per share,  witnessed deals for above 1m shares as 1.087m of its shares were sold for Ksh 53m while Equity Group chipped in Ksh 34.7m from deals recorded for 693,400 shares.

The bond market recovered strongly from Friday low as traded value closed the day at Ksh 2bn compared to Ksh 259m previously.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange, it was a simple case of decline in one listed company, Ghana Oil, being more impactful on the composite index than gains by 2.

Ghana Oil hit a new low of GHs 3.15 per share, down N0.05 per share to record deals for 1300 shares after closing previously at GHs 3.20 per share. However, offer price  stayed at the old price.

On the other hand both Ghana Commercial Bank and Produce Buying Company went down GHs 0.01 per share each. For GCB this was accompanied by deals for 5800 shares at GHs 5.30 per share after closing Friday at GHs 5.29 per share.

PBC, on its own part, recorded deals for day high 85,800 units at GHs 0.04 per share compared to GHs 0.03 per share previously.

In the end, the Ghana Composite Index dropped 0.05% to 2941.03 from Friday's 2942.89.

At 129,541 shares traded volume was down almost by half on Friday's 201,619 shares  and apart from PBC, other major trades include Enterprise Group's deals for 18,900 shares at GHs 3.11 per share and CAL Bank's 10,700 units exchanged at GHs 1.27 per share.

A total of 16 companies closed on offer without matching bid; 5 ended on bid while 6 recorded mismatch between and offer prices at close of day.

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