OCT 23, 2018: DAY OF THE UNEXPECTED AT STOCK MARKETS

Tuesday,  October 23, 2018 turned out to be a day of the unexpected at the 3 stock markets currently monitored by Henates day.

GHANA STOCK EXCHANGE

On Tuesday, October 23, 2018, the unexpected was harvest of price drops as all 10 price changes recorded were drops.

Top decline and perhaps the most interesting was Standard Chartered Bank's GHs 25.06 per share close, down GHs 0.94 on previous GHs 26 per share and after declining by only GHs 0.50 per share to record its last deal for the day at GHs 25.50 per share. 

Exchanged were 2820 of its shares and SCB closed on bid at GHs 25.50 and on offer at GHs 26 per share which tends to give the impression that its closing day low was a misnomer.

Fan Milk's GHs 0.20 per share decline was more straight forward as 1000 shares were traded at GHs 12.10 compared to GHs 12.30 per share on Monday.

The one of Ecobank Ghana was on the level too with 9500 units changing hands at GHs 7.04 per share, down GHs 0.13 on opening GHs 7.17 per share. It closed on offer though at GHs 7 per share.

Other smooth price drops were Benso Oil Palm Plantation's GHs 0.05 per share recorded as 800 units were traded at GHs 5.40 per share; Enterprise Ghana's GHs 0.02 per share decline as 13,700 shares were exchanged at GHs 2.98 per share; and Societe Generale's GHs 0.01 per share drop as 400 units were sold at GHs 0.99 per share.

The very complex price drop was that of Ghana Oil which rose to GHs 3.38 per share to record last deal for 5900 units then promptly closed at GHs 3.28 per share, down GHs 0.02 on Monday's GHs 3.30 per share. Not done, bid price then closed at GHs 3.20 per share with no matching offer.

The decline of GHs 0.03 per share by CAL Bank was a bit complex too. The last of its 24,000 shares traded at  GHs 1.05 per share then it recovered slightly to close at GHs 1.08 per share, compared to GHs 1.11 previously. Then to boot, bid price closed at GHs 1 per share and offer price at GHs 1.10 per share.

Top traded volume for the day was recorded by Ecobank Transnational which also declined by GHs 0.01 for its last deal to close at GHs 0.19 per share as against GHs 0.20 on Monday.

In all, amidst the harvest of drops, the Ghana Composite Index dropped to 2924.66 from Monday's 2952.18 but traded volume rose to 205,301 shares from Monday's 81,334 shares.

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, the main unexpected on Tuesday October 23, 2018 was the offload of 373.457m shares of Ken Kobil in the Energy and petroleum sector at between Ksh 15 and 15.85 per share.

The offload was worth Ksh 5.71bn, that is 95% of the day's Ksh 6.045bn traded value and brings to 434.572m the volume of Ken Kobil's shares offloaded since Thursday when 27.888m was first put on the block followed by 29.505m traded on Monday.

Attempts by Henates to relate this to its outstanding shares out of issued capital available for trading proved abortive because relevant figures could not accessed on the Exchange website.

The offload shot traded volume to all time 385.448m shares ahead, for the first time, of the volume recorded at the bigger Nigerian stock market. It also dwarfed trade in Safaricom and the banking sector in ways hardly seen before.

Safaricom recorded deals for distant 4.292m shares worth Ksh 102m at between Ksh 23.25 and 24 per share while the banking sector chipped in Ksh208m or 3.46%.

Equity Group the banks with deals for 3.182m shares worth Ksh 127m at between Ksh 39 and 41.50 per share followed by KCB Group, down 0.25%, with 1.852m shares exchanged for Ksh72.2m.

It is possible too that high margin drops recorded within the day compared to rather low gains was unexpected too.

There were 20 price drops and 12 gains  with the drops paced by Limuru Tea, down Ksh 20 per share as it settled at Ksh 520 per share compared to Ksh 540 previously.

Close on its heels was British American Tobacco's Ksh 18 per share tumble to Ksh580 per share from Monday's Ksh 598 per share and from a distance of sorts, Standard Chartered Bank  which shed Ksh 3 per share.

On the other hand, top price gain was Kapchorua Tea's Ksh 6.50 per share rise followed by BOC Kenya with Ksh 2 per share increase  and Williamson Tea, up Ksh 1 per share.

Trading at the bond market picked up significantly as trades value came to Ksg4.25bn in 77 deals as against Ksh 1.7bn in 58 deals on Monday.

Unlike for Monday, there were no corporate bond deals and fixed income with above Ksh 50m nominal was the most active with 21 stocks traded followed with 12 amongst those with below Ksh 50m nominal.

NIGERIAN STOCK EXCHANGE

At the Nigerian Stock market, the unexpected was the gains by top priced equity, Nestlé Nigeria and top capitalised Dangote Cement to drive the All share index up by 0.69% to 33,191.45.

Nestle gained N30 or 2.19% per share as it found  and closed at N1400 per share compared to N1370 previously while recording 39 deals for 0.218m shares worth N299.753m.

Dangote Cement, on the other hand, rose by N4.5 or 2.14% per share  while recording 114 deals for 0.532m shares valued at N114.317m.

All other gains for the day were below N1 per share but in the case of price drops, only 2 managed to shed above N1 but below N2 per share.

Top decline was Unilever Nigeria's N1.85 or 3.89% per share to close at N45.65 per share from Monday's N47.5 while witnessing 50 deals for 1.988 m shares worth N90.721m 

Beta Glass shed N1.2 or 1.71% per share to record just 3 deals for 0.150m shares valued at N10.060m.

Top traded value was by GTB, down N0.01 per share, as 15.179m shares were traded in 172 deals for N553.938m while top volume was 27.551m shares of FCMB exchanged in 144 deals for N42.804m.

Not unexpected, Zenith bank closed with top number of deals as 351 were struck involving 13.278m shares worth N318.752m while closing essentially firm.


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