OCT 16, 2018: DAY OF HEAVYWEIGHTS

It was more or less a day of muscle flexing by top capitalised companies at Nigerian, Nairobi and Ghana stock markets on Tuesday, October 16, 2018.

NIGERIAN STOCK EXCHANGE

 At the Nigerian Stock Exchange the heavyweight involved was Dangote Cement, the market's most capitalised equity.

Dangote Cement, on Tuesday October 16, 2018, led 16 price gainers to drive the All share index into a much needed rally despite pushing against 23 price drops.

The ASI closed at 32,722, up 0.95% on 32,413.48 it dropped to at the start of the trading week the previous day. This was a Dangote Cement found and closed at N205 per share, up N5 or 2.5% per share on the N200 per share clocked on Monday.

This was accompanied with 17 deals for 1.989m shares worth N399.32m and trailed by Nigerian Breweries up N2.70 or 3.14% per share and Unilever Nigeria with N2.30 or 5.58% per share increase.

On the side of price drops, Seplat Petroleum, 2nd highest priced equity, closed down N10 or 1.59% per share as it hit day high of N629 per before closing at N620 per share. Seplat closed with 16 deals for 3.515m shares worth day high N2,179.739m.

It was followed though by price declines recorded by relatively low or medium price shares led by Dangote Sugar down N7.8 or 10% per share to record just 2 deals for involving 50,000 units valued at  N3.515m.

The only other major price drop was recorded by Julius Berger as it shed N2.35 or 9.83% per share while closing with 12 deals for 0.195m shares worth N4.218m.

Traded volume and value took a greap leap from Monday's lows but more because of an offload in low price Sun Assurance and deals in high priced Seplat Petroleum and GTB.

Leading volume was 500.116m shares offloaded  Sun Assurance in 15 deals worth N100.027m.

GTB recorded both 2nd highest volume and value as it witnessed also 2nd rated 221 deals for 41.827m shares worth N1,534.079m  with GTB closing N0.25 per share.

Lead number of deals were as Zenith Bank recorded 274 deals for 17.265m shares worth N389.459m while ending N0.35 or 1.57% per share up.

NAIROBI SECURITIES EXCHANGE

Naturally, at the Nairobi stock market the heavyweight that flexed muscles was Safaricom as for the first time in a long while, it led price gains and only 10 of them ahead of counter weight offered by 23 price drops.

Thus, the All share index rallied at last by 2.54 points to 144.32 just when it was looking like seeking a bottom of the new kind.

Safaricom had joined other 23 price drops to depress the ASI against drive upwards offered by 14 price gains.

On Tuesday Safaricom hit day high of Ksh 24 per share, low of Ksh 22.50 then closed at Ksh 23.50 per share compared to Ksh 22.25 per share.

The bearish outlook around the banking sector continued on Tuesday with 8 out of 9 price changes heading down.

Standard Chartered Bank had closed up exceptionally in the sector on Monday but on Tuesday paced all price drops with Ksh 4 per share decline as it touched day high of Ksh 198 per share, low of Ksh 181 and closed at Ksh 187 per share compared to Ksh 191 per share previously.

It was supported by East African Breweries down Ksh 3 per share; Unga Group which shed Ksh1.50 , Nation Media down Ksh 2 per share and Ksh 1 per share decline by I&M Holdings, Williamson Tea and Centum Investments each.

Trade rallied fairly well as traded volume closed at 20.951m shares in 1306 deals worth Ksh 514.167m compared to Monday's 12.924m shares sold through 1240 deals worth Ksh 274.8m.

Safaricom accounted for 61.64% of traded value or Ksh 317m worth of 13.366m shares sold at between Ksh 22.50 and 24 per share 

Other above 1m shares trade include KCB Group's deals for 2.344m shares valued at Ksh 84.3m at between Ksh 35.50 and 36.75 per share; and 1.222m shares worth Ksh 16.1m dealt at between Ksh 12.80 and 13.55 per share.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange, it could not be said that MTN Ghana flexed its muscles to bring the composite index down but it helped and dominated traded volume.

The GCI dropped further to 2961.20 from 2976.53 as, once again all price changes recorded were drops.

Lead drop was Ghana Oil's GHs 0.05 per share as its 600 shares were traded at GHs 2.90 per share compared to GHs 2.95 previously.

Both Ecobank Ghana and SIC Insurance also lost GHs 0.02 per share each. EGH recorded deals for 4000 shares at GHs 7.98 per share as against GHs 80 per share by Monday close. More decline seemed on the card as bid price dropped further to GHs 7.95 per share.

The fourth decline for the day was MTN Ghana's GHs0.01 per share recorded at day high 274,900 shares at GHs 0.90 per share before closing at GHs 0.89 per share. What's more, bid price too eased further to close at GHs 0.88 per share.

Traded volume continued to rise and closed at 294,308 shares from 150,081 traded on Monday.

MTN's lead was trailed from afar as 11300 share of Unilever Ghana was traded at GHs 17.78 per share before closing firm at GHs 17.79 per share.


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