OCT 15, 2016: TRADE AT NEW LOW AT NIGERIAN STOCK EXCHANGE

Except in Ghana Stock Exchange, trading this week took off down previous Friday's level but in the case of the Nigerian Stock Exchange, it was a new low.

NIGERIAN STOCK EXCHANGE

At the Nigerian Stock Exchange trade hit lowest level for quite a long time as 2529 deals were sealed for only 91.405m shares worth N960.906m.

This represented 43.7% drop on Friday's 162.41m shares dealt in and 24.3% drop on previous Monday's 120.822m shares. In value terms, it was 57.1% drop on Friday's N2.238bn and 28.1% down on previous Monday's N1.337bn.

The All share index closed the day down 0.13% to 32,413.48 as 16 price gains and 17 drops were recorded.

Leading the gainers was Forte Oil with N2 or 9.88% increase per share while witnessing 49 deals for 0.417m shares worth N9.291m.

It was followed by NASCON Industries as it closed up N1.4 or 7.57% per share accompanied with 21 deals involving 0.1m shares worth N1.962m.

On the other side of the spectrum, Unilever Nigeria declined by N2.3 or 5.29% per share as 50 deals for 0.336m shares valued at N14.206m.

Two other equities also dropped by above N1 per share: Nigerian Breweries and La Farge Africa.

NB ended the day down N2 or 2.27% per share as 0.101m shares changed hands in 63 deals worth N1.962m while La Farge shed N1.5 or 6.52% per share while recording 43 deals for 0.215m shares worth N4.619m.

Naturally, with the low trade, leading volumes and values were on the low side. UBA, up N0.05 per share,  paced volume with 14.613m shares worth N118.384m in 80 deals.

On the other hand, GTB led traded volume with N216.93m realised by investors from 117 deals for 5.922m shares and zenith bank was back on the number of deals saddle with 234 deals for 4.334m shares worth N97.612m.

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, although traded volume was down compared to Friday levels, the real new low occurred as the All share index continued downwards this time with 2.48 points or 1.72% to 141.78.

This is the lowest level since the year and also represents further decline on the 150.58 from which it has been sliding down daily since last week.

This time around, 23 price gains not only outnumbered 14 gains, a decline by Safaricom was accompanied with what amounted to be bearish fears about the banking sector.

The losers were led by Crown Paints as it found and closed Ksh 85.50 per share compared to Ksh 79 per share previously while recording deals for only 300 units.

It was followed by I&M Holdings, down Ksh 4 per share but more impactful was the fact that, led by I & M, of the 8 price changes in the banking sector, 7 trended down.

The lone gainer, Standard Chartered Bank ironically ended pacing gains as well. SCB closed up Ksh 5 per share after hitting day high of Ksh 202 per share, low of Ksh 186 and closing at Ksh191 per share.

Traded volume came to 12.924m shares as against 14.001m previously while traded value stood at Ksh 274.8m compared to Ksh 338.259m. Despite the trade decline though, number of deals rose to 1248 from 1179.

As usual Safaricom, down Ksh 0.75 per share, led traded volume with deals for 8.478m shares worth Ksh 189.2m at between Ksh 21.75 and 23.50 per share.

The only other equity with above 1m shares volume was KCB Group, down Ksh 0.75 per share, with deals for 1.118m shares worth Ksh 40.3m at between  Ksh 36 and 37 per share.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange, on Monday October 15, the composite index went down further by 30.27 points or 1.01% to 2976.53 from previous 3006.86.

The number of price changes were less (4) compared to Friday's 7 but like the previous trading day, all changes were downwards.

Top decline was Republic Bank of Ghana's GHs 0.18 per share as 100 units were exchanged at GHs 1.27 per share compared to GHs 1.45 previously.

It was followed by Standard Chartered Bank in which 38,660 shares were exchanged at GHs 26 per share, down GHs 0.10 per share.

CAL Bank went GHs 0.02 per share as 800 units were traded at GHs 1.14 per share as against GHs 1.16 per share on Friday.

All of them found new prices and sustained them till close. Not so for MTN Ghana which lost GHs0.01 to strike deals for 6900 units at GHs 0.90 per share but bid price closed at GHs 0.88 per share hinting at more decline likely in near future.

Traded volume closed at 150,081 shares compared to 138,997 shares on Friday led by Benso Oil Palm Plantation in which 50,500 shares were traded at GHs 5.45 per share and Camelot with 40,700 shares exchanged at GHs 0.10 per share.

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