OCT 23, 2018: DRY SPELL AT GHANA BUT...

The rather low trade at Ghana Stock Exchange continued Monday October 23, raising the prospects of another dull week but it was a bit different at both Nigerian and Nairobi stock markets 

NIGERIAN STOCK EXCHANGE

At the Nigerian stock market, the new week took off on a positive note all round as all indicators pointed upwards.

The All share index rose by 0.37% to 32,962.82; traded volume closed at 257.919m shares compared to 212.649m on Friday; number of deals came to 3178 from 2385 and above all, traded value more than tripled to N4.95bn from N1.456bn.

There was NP reason for the ASI to close otherwise. There were 17 price gains compared to 16 drops and with higher margins of gain to boot.

Seplat Petroleum, the 2nd highest price equity, led gains with N29.9 or 4.86% leap as it found and closed at N644.9 as against N615 per share previously. However, Seplat recorded only 2 deals for 0.100m shares worth N64.674m.

It was followed by Unilever Nigeria with N3.6 or 8.20% per share increase while recording 38 deals for 4.850m shares valued at N222.003m; Zenith Bank up N1.1 or 4.8% per share and Stanbic IBTC with N1 or 2.22% per share top up.

On the other hand, the only major price drop was recorded by La Farge Africa as it closed at N18.9 per share, down N2.1 or 10% after hitting day high of N19.05 per share. This was as it witnessed 117 deals involving 1.087m shares worth N20.658m.

All other price drops were below N1 per share  and had major impact on the ASI only to the extent they recorded by high priced or top capitalised companies 

Guaranty Trust Bank paced volume and value with 178 deals for 74.191m shares offload worth N2.708bn while closing down N0.3 per share.

Diamond Bank also chipped in 42.962m shares traded for N51.569m followed by UACN from a distance with 16.723m shares valued at N169.569m.

Sterling Bank displaced Zenith as pacesetter for number of deals with 334 deals struck for 13.738m shares worth N20.030m, compared to Zenith's 329 deals for 5.820m shares valued at N138.383m.

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, remarkable was the fact that Ken Kobil recorded yet another offload this time 29.505m shares worth Ksh 450.7m at between Ksh 14.50 and 15.30 per share.

However, it was equally significant that the All share index finally went down by 0.12 points to 146.21 after 4 days of closing upwards last week.

There were 20 price drops and 13 gains. Jubilee Holdings closed exceptionally in the insurance sector by recording lone drop amidst 4 price changes.

And it was a big drop too. Jubilee hit day high of Ksh 450 per share, low of Ksh 412 then closed at Ksh 424 per share, down a whopping Ksh 28 per share on Friday's Ksh 452 per share while 700 shares were traded.

East African Breweries too also recorded .major price drop as it closed Ksh 6 per share down followed by Diamond Trust Bank, down Ksh 5 per share, Standard Chartered Bank with Ksh3 per share decline and the duo of British Anerican Tobacco and  Bamburi Cement, down Ksh 2 per share each.

The gains were not only few but also of low margins led by Equity Group in the banking sector, up Ksh 1.75 per share and Williamson Tea with Ksh 1 per share.

The Ken Kobil offload accounted for more than half of the day's traded volume and value leading to the Energy and Petroleum sector's leading Ksh 458m or 70.36% of traded value.

However, Safaricom also recorded good account with deals for 6.414m of it's shares  were valued at Ksh 152.7m or 23.45% of total value at between Ksh 23.50 and 23.45 per share.

On the hand, the Bond market recovered to close with Ksh 1.747bn in 58 deals compared to Ksh 796m in 48 deals on Friday.

There were deals in 3 corporate stocks worth a total of Ksh1.6m, and the rest were mainly from amongst fixed income government bonds with above Ksh 50m nominal value.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange, much as No Monday October 23 traded volume was an improvement on Friday's, it remained on the low side.

Traded volume came to 81,334 shates up on Friday's very lowly 16,584 units but still below average daily trade, especially since the listing of MTN Ghana 

To boot, the Ghana Composite Index declined further to 2952.18 from Friday's 2974.02 as once again there were more price drops (3) than gains (1).

The lone gain was recorded by Ghana Oil as 2300 of its shares were traded at GHs 3.30 per share, up GHs 0.10 on the GHs 3.20 per share recorded on Friday 

Of the 3 price drops Ecobank Ghana paced with GHs 0.78 per share recorded as it closed at GHs 7.17 per share after some deals for 6200 shares were sealed at GHs 7 per share compared to GHs 7.95 per share on Friday.

Also down was Enterprise Ghana Ltd in which 500 units traded at GHs 3 per share down GHs 0.02 per share on Friday's GHs 3.02. What's more, there might be room for more decline in near future as closing bid price eased some more to GHs 2.92 per share.

SIC Insurance recorded the last price change for the day, shedding GHs 0.01 per share as 14,900 of its shares were traded at GHs 0.14 per share as against GHs 0.15 per share previously.

Produce Buying Company recorded top volume for the day while closing firm as 25,200 of its shares traded at GHs 0.03 per share although offer price closed at GHs 0.04 per share.

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