SEPT 12, 2018: RECORD DIVE AT NIGERIAN STOCK EXCHANGE

The Nigerian stock exchange on Wednesday September 12, 2018 closed with a record dive in the All share index by 3.46% or 1156.4 points to 32,292.79.

This was not only year low but most likely the highest % drop in the index from 2017 beginning to date.

Higher % growths were recorded especially in the giddy June 2017 when at least thrice the ASI grew by above 3% per trading day but no % drop higher than the Wednesday figure within the period.

The closest was 3.38% drop recorded on June 1 this year as major decline in Nestle Nigeria (down N42.5 per share) Dangote Cement (minus N17 per share); Total Nigeria which shed N10.3 per share and N4.9 per share decline by Nigerian Breweries combined to drive the ASI down at the rate 

That June 1 decline in terms of points (1288.25 points) was higher this Wednesday dive but because the base figure was higher the resultant % drop was lower.

You guessed right, the Wednesday dive was led by Dangote Cement with helping hands pressures from Nestlé Nigeria, Stanbic IBTC, Nigerian Breweries and Cement Company of Northern Nigeria.

They paced 37 price drops ahead of only 10 gains paced by solo above N1 per share gainer: Seplat Petroleum.

Dangote Cement found and closed at N210 per share, down N13 or 5.83% per share on Tuesday's N223 while recording 59 deals for 18.70m shares worth very dominant N3.928bn 

Thus Dangote Cement accounted for more than 50% of the day's N6.93bn traded value involving 4th highest volume.

Other top 5 price drops were recorded by Nestlé (down N6 per share after rallying strongly on Tuesday); the duo of Stanbic IBTC and Nigerian Breweries with N4 per share drop each and CCNN which closed down N3.05 or 9.87% per share.

Seplat Petroleum closed N3.7 or 0.61% per share up as it too found and ended at N606.7 per share compared to N603 on Tuesday. This was accompanied by 33 deals for 0.108m shares worth N64.9m.

Trace improved significantly not just because the Dangote Cement traded value propped up total traded value, traded volume rose to 246.906m shares from 150.67m while number of deals ended at 3912 compared to 3678 previously.

Lead volume was Access Bank's 46.15m shares traded in 157 deals valued at 368.78m while easing by N0.75 per share.

Zenith Bank, on the other hand, was the pacesetter in terms of number of deals as it witnessed 401 deals for 16.947m shares worth N334.24m.

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