OCT 24, 2018: REVERSE AT NIGERIAN STOCK EXCHANGE BUT.....

Of the 3 stock markets monitored by Henates daily the Nigerian stock exchange reversed itself on Wednesday October 24  while it was downwards for both Nairobi and Ghana stock markets.

NIGERIAN STOCK EXCHANGE

At the Nigerian Stock Exchange, the All share index went down 2.37% to 32,403.60 after rallying 0.69% on Tuesday.

The interesting thing was that in both cases price changes by Nestle Nigeria and Dangote Cement made the difference.

On Tuesday, Nestle gained N30 per share and Dangote Cement rose by N4.5 per share to together drive the All share index upwards.

Come Wednesday, however, the reverse was the case as Nestle lost all it gained on Tuesday and Dangote Cement went down by much more than it earlier gained (down N14.5 per share) to now drive the ASI downwards.

In the process Nestlé recorded 20 deals for 0.07m shares worth N96.341m while Dangote Cement closed with 46 deals for 0.307m shares valued at N62.734m.

Unlike Tuesday, though, Unilever Nigeria applied its own shoulders to the wheel as it shed N2.65 or 5.81% per share to close with 83 deals involving 1.004m units worth N19.593m.

There were 18 price gains and 15 drops with Guinness Nigeria leading gains N1 or 1.26% per share as it found and closed at N80.5 per share compared N79.5 previously.

All other price gains were below N1 per share hence the rather sharp decline in the All share index in the face of high margin drops in high priced Nestlé and top capitalised Dangote Cement.

Most trading indicators ended the day upwards with traded volume more than doubling to 380.965m shares from 185.192m; and number of deals coming to 3278 from 3180 although traded value eased to N2.332bn from N2.35bn.

There were 2 major offloads; FCMB recorded 142.696m shares in leading 342 deals worth N222.123m while 90.797m shares of Access bank were traded in 109 deals worth day high N726.324m.

NAIROBI SECURITIES EXCHANGE

At the Nairobi Stock Exchange , on Wednesday October 24 there was price reverse too as as Limuru Tea, which closed down Ksh 13 per share exceptionally in the agriculture sector, regained it all as it found and closed at Ksh 533 per share as against Ksh 520 previously.

The offload in Ken Kobil that paced traded volume and value on Tuesday seemed to have dried up but it ended with Ksh 4.50 per share gain  followed by Total Kenya up Ksh 2.50 per share.

Ken Kobil hit day high of Ksh 21.75 per share and a low of Ksh 18 before closing at Ksh 19.80 per share as 243,100 shares were exchanged for N4.8m.

There were 16 price drops and 12 gains with the drops paced by both I&M Holdings and BOC Kenya as they shed  Ksh2 per share each.

I&M found and closed at Ksh 93 per share compared to Ksh 95 per share previously while BOC closed at Ksh 81 per share after hitting day high of Ksh 81.50 as against Ksh 83 per share on Tuesday.

In the end, the All share index declined once again, this time 0.36 points to 146.29 especially as Safaricom also declined by Ksh 0.25 per share.

What could not be duplicated was Tuesday's record 385.448m shares traded volume. Only 16.369m shares were traded in 1180 deals worth Ksh 331.820m.

Leading volume was Safaricom's 3.622m shares worth Ksh 85.6m or 25.76% at between Ksh 23.25 and 23.75 per share.

The banking sector however , chipped in 58.7% or Ksh 195m to traded value led by Equity Group with 2.203m shares worth Ksh 87.9m at between Ksh 38.25 and 40 per share and followed by KCB Group with Ksh 73.6m from deals for 1.672m shares.

Kenya Power & Lighting also recorded deals for 3.234m shares worth Ksh 13m and Mumias Sugar, in the manufacturing sector, recorded deals for 1.056m units.

Traded value at the bond market was down slightly to Ksh 3.4bn in 57 deals from Tuesday's Ksh 4.2bn in 77 deals.

GHANA STOCK EXCHANGE

In the case of the Ghana Stock Exchange, the composite index also continued down to 2920.57 from 2924.66 but as 1price gain was recorded from 7 price changes.

On Tuesday, there were no price gains at all from 10 price changes. The lone ranger this time was Fan Milk ltd, up GHs 0.10 per share as the last deal for 260,200 shares was struck at GHs 12.20 per share compared to GHs 12.10 per share on Tuesday.

Top decline was witnessed by both CAL Bank and Ecobank Ghana as they shed GHs 0.04 per share each 

In the case of CAL Bank, as  its 275,900 shares were traded the last deal was at GHs 1.03 per share but closed at GHs 1.04 per share, compared to GHs 1.08 per share on Tuesday.

For Ecobank Ghana, the decline was more straight forward while it recorded its last deal for 400 units and closed at GHs 7.00 per share as against GHs 7.04 previously.

Ghana Commercial Bank witnessed deals for 14,000 shares then closed at GHs 5.30 per share, down GHs 0.03 per share.

Finally, the duo of Access Bank and GGBL went down by GHs 0.01 per share although as it closed and recorded 500 units trade at GHs 3.09 per share, Access closed of offer at Tuesday's GHs 3.10 per share.

Traded volume improved further to 588,683 shares from Tuesday's 205,301 units with leading inputs from CAL Bank and Fan Milk.

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