SEPT 21, 2018: RASH OF BANK OFFLOADS AT NIGERIAN STOCK EXCHANGE

At the Nigerian Stock market the trading week ended on Friday September 21 2018 with a rash of bank shares offload and a break from the up and down trend in the All shares index before then.

The rash led to traded volume more than doubling to 523.444m shares from Thursday's 226.027m which was second highest before the Friday rash.

At the close of tradibg , top 6 by volume were all banks and each recorded relative offload that swelled top 6 share of total traded volume to 88.1%.

Guaranty Trust Bank paced them all with 208.54m shares offloaded in 171 deals worth N6.714bn as GTB rose by N0.70 or 2.05% after hitting day high of N35.50 per share and low of N34.50 before closing at N34.70 per share compared to N34 on Thursday.

Zenith Bank, up N0.15 or 0.73% per share, with 82.46m shares exchanged in day high 287 deals worth N1.715bn.

Two banks has above 60m of their shares offloaded as well. United Bank For Africa while closing up N0.2 or 2.56% per share, recorded 153 deals involving 66.144m units valued at N528.539m.

On the other hand, 61.54m shares of Access Bank were offloaded in 107 deals worth N492.282m as it closed up N0.15 or 1.88% per share.

Two other banks witnessed deals for above 20m units. Wema Bank, down exceptionally N0.03 or 5% per share recorded 83 deals for 21.15m shares worth N12.125m while Jaiz Bank, up N0.05 or 9.8% per share, closed with 22 deals for 21.15m shares as well but worth N6.338m.

FBN Holdings witnessed 97 deals for 6.708m shares worth N56.869m to place 7th but Transcorp and WAPIC Insurance intruded into the banking dominance ahead of Fidelity bank.

Transcorp posted 42 deals for 8.761m shares worth N10.955m, WAPIC hosted 40 deals for 5.056m units worth N2.012m while Fidelity Bank recorded 98 deals for 4.584m shares worth N7.568m.

The ASI closed up by 0.18% to 32,540.17 despite downwards pressure by Dangote Cement against trend expectations of a drop.

From Tuesday, it had been dropping one day and rallying the next thus ending Thursday up 0.33% at 32,480.89 but, Friday rally punctuated that.

With good reason: Some 3 heavyweights countered the Dangote Cement led pressure downwards 

Second highest priced Seplat Petroleum, after going down N6.7 per share on Thursday, rallied very strongly to find and close at N622 per share, up N22 or 3.67% per share while only 52,000 units were exchanged for N32.442m in 20 deals.

Nestlé Nigeria, top price equity and another good dancer up and down, rose by N19.50 or 1.41% per share also as it found and closed at N1400 per share, and closed with 41 deals for 0.283m shares worth N396.39m.

Also, Nigerian Breweries gained N4 or 4.4% per share to record 137 deals for 2.314m shares worth N215.322m.

Dangote Cement reduced the ASI growth rate to only 0.18% by leading 15 price drops against 23 gains by shedding N5 or 2.78% per share closing at N205 per share after hitting day low of N204 compared to N210 per share on Thursday.

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