SEPT 28, 2018: PENDULUM STUCK AT STOCK MARKETS

On Thursday, September 27 2018, the swinging pendulum visible in both the Nigerian and Nairobi stock markets got stuck just like in Ghana since last week

NIGERIAN STOCK EXCHANGE

At the Nigerian stock exchange, the swinging pendulum got stock downbeat as the All share index declined by 199.9 points or 0.61% to 32,763.35

If the pendulum had continued to swing, it was time to head up after the ASI went down 0.46% to 32,963.27 on Wednesday after Tuesday's rally.

There was perhaps good reason. Price volatile Nestle Nigeria dived by leading N62.5 or 4.18% per share  as it found and closed at N1400 per share while recording 68 deals for 0.904m shares valued at equally leading N1.273bn.

No other price drop for the day out of the 21 recorded or out of the 13 price gains ended with anything close to this meaning the arrest of the pendulum was significantly by Nestle.

Top gain was Total Nigeria's N1.9 or 1.05% per share rise as it closed at N183 per share compared to N181.1 previously. This was as 19 deals for 0.035n shares worth N6.517m were struck.

Nigerian Breweries joined Total in trying to keep the pendulum moving as it closed up by N1.4 or 1.55% per share  amidst 62 deals involving 0.317m shares being struck for N28.959m.

The closest price drop to Nestlé was Guaranty Trust Bank's N0.8 or 2.13% per share while witnessing 185 deals through which 2nd ranked 16.756m shares were exchanged for N621/36m.

Decline too was recorded in trade as traded volume closed at 154.29m shares from 172.196m shares previously but traded value rose to N2.729bn from N2.50bn . The number of deals came to 2715 from 2866.

Fidelity Bank led traded volume with 158 deals for 23.304m shares worth N39.342m while closing N0.03 up and number of deals was paced by Zenith Bank with 220 deals involving 11.428m shares worth N246.276m.

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, the pendulum got stuck upwards as it closed up by 0.50 points to 150.60 after rising by 1.05 points the previous day.

The rally was in spite of majority of price drops (21) over gains (14) but of course, the ASI, being a weighted index, does not rise or fall with numbers but impact of price changes on the market capitalisation weighted basket.

Leading the gainers was very price fluid East African Breweries with Ksh 5 per share rise as it found and closed at Ksh 190 per share compared to Ksh 185 per share previously.

It was followed by Diamond Trust Bank up Ksh 4 per share and Ksh 1 per share increase by I&M Holdings and TPS Eastern.

On the other hand, Jubilee Holdings, Kapchorua Tea and Williamson Tea led price drops with Ksh 3 per share each.

Jubilee hit a day high of Ksh 480, low of Ksh 470 to close at Ksh 477 per share. Kapchorua Tea touched a high of Ksh 88, low of Ksh 86.50 before closing at Ksh 87 per share compared to Ksh 90 per share. And finally, Williamson Tea hit day high of Ksh 144 then closed at Ksh 140 per share.

All of them were trailed by Standard Chartered Bank as it ended Ksh2 per share down  and Crown Paints' Ksh 1 per share.

Trades volume came to 25.02m shares but traded value declined faster to Ksg729.821m from Ksh 967.133m while number of deals was 1488 compared to 1321 previously.

Safaricom recorded very dominant trade as deals were struck for 14.9m shares valued at Ksh 372m at Ksh 24.50 and 25 per share representing 50.99%.

The banking sector was active too with KCB Group recording deals for 3.411m shares worth Ksh 138m and Equity Group witnessed deals for 3.173m shares valued at Ksh 127m.

The bond market recovered very well as traded value rising to Ksh 3.117bn in 59 deals as against Ksh 2.85bn in 41 deals on Wednesday.

GHANA STOCK EXCHANGE

In the case of Ghana Stock Exchange,  the Composite Index continued upwards by 11.5points or 0.39% to 2966.20 while traded volume leaped to 3.336m shares from a low of 31,697.

Interestingly, from the official figures obtained from the site, the rally was in spite of 5 price drops compared with 4 gains with margins almost at par.

The leading decline was GHs 0.63 per share as 500 shares of Benso Oil and Palm Plantation at GHs 6.99 per share compared to GHs 7 previously. BOPP then closed on bid at GHs 5.95 per share hinting at future price drops.

Access Bank trailed it with GHs 0.20 per share as 100 units were traded at GHs3.6 per share and closing there, while Fan Milk and Camelot Ghana ltd (CMLT) closed down by GHs 0..04 and 0.02 per share respectively.

Both of them did while recording hard to ignore trade. FML recorded deals for 225,500 shares at GHs 12.28 per share then closed at GHs 12.30 per share compared to previous GHs 12.34 per share.

CMLT on the other hand, was a rarely traded equity and witnessed deals for 19,700 units at GHs 0.10 per share as against GHs 0.12 on Wednesday.

The top price gainer was Ecobank Ghana up GHs 0.50 per share as deals were struck for 100 units at GHs 8.50 per share and retaining the gain by day close.

Ghana Commercial Bank and Standard Chartered Bank  were tmup GHs 0.05 each and TBL ended up GHs 0.02 per share.

Traded volume jumped to 3.336m mainly as deals for 2.85m shares at GHs 0.09 per share were recorded in Intravenous Infusions Ltd  while closing firm. This was another rarely traded equity.





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