OCT 29, 2018: MAJOR TUMBLES EXCEPT AT NIGERIAN STOCK EXCHANGE

On Monday October 29, 2018 the new week started with at least one major tumble in price except at Nigerian Stock Exchange of the 3 African stock markets monitored daily by Henates.

NIGERIAN STOCK EXCHANGE

At the Nigerian stock market on Monday October 29, most price changes were low key but the All share index rose by 0.88% to 33,196.07.

Even, the margins of gain were still higher. Lead gain was N3  per share by Stanbic IBTC as 22 deals were struck for 1.487m shares worth N68.229m.

Stanbic closed at day high of N49 per share after hitting a low of N45 and compared to N46 per share on Friday.

It was trailed by the duo of Dangote Cement and GTB with N1.5 per share price increase each. DangCem recorded 55 deals for 2.304m shares valued at N479.826m while GTB closed with 254 deals involving day high traded value of N1.066bn and 2nd highest 28.284m shares.

DangCem ended the day at high of N212.5 per share after touching day low of N208 and as against N211 per share on Friday while GTB found and closed at N38.5 per share compared to N37 per share on Friday.

Zenith Bank too was among the top 5 price gains that drove the ASI upwards. It gained N0.45 per share while witnessing 204 deals for leading 28.424m shares worth N690.371m.

The interesting thing was that no price drop was above N0.50 per share. Leading the pack was Custodian Insurance down N0.45 per share 0.164m of its shares were exchanged in 16 deals valued at N0.812m.

Custodian found and closed at N4.95 per share as against N6.4 previously and was followed by Oando and Eternal oil down N0.15 per share each and Diamond Bank with N0.14 per share decline.

Traded volume dropped significantly to 150.504m shares from Friday's 280.325m but traded value increased to N2.877bn from N1.961nn recorded on Friday.

Of course, the number of deals struck at 2624 was considerably down on Friday's 3918 mainly because there was no repeat of Friday's rush for millions on offer in Sterling Bank.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange on Monday October 29, the major tumble was Standard Chartered Bank's GHs 2.34 per share drop to hit a new all year low of GHs22.66 per share.

Within the day, SCB had recorded deals for 470 shares at GHs 22 per share before sliding further to close at the new low compared to GHs 25 per share on Friday.

What's more, it is not likely to recover soon because bid price closed at GHs 22 per share and offer price edged forward to GHs 23 per share.

There were 4 price drops and 1 gain with Fan Milk Ltd, amongst gainers, trailing SCB with GHs 1 per share drop to record deals for 800 units at GHs 11 per share compared to GHs 12 per share on Friday.

Other price drops were GHs 0.01 per share decline by both CAL Bank and SIC Insurance. From Friday's GHs 1.04 per share, CAL had eased to GHs 1.02 to record deals for day high 15,100 shares then rallied to close at GHs 1.03 per share.

Much the same way, SIC recorded exchange of 200 shares at GHs 0.14 per share, after closing last Friday at GHs 0.15 per share.

Access Bank clocked the day's only price gain of Ghs 0.01 per share while witnessing deals for 800 units at GHs 3.01 per share.

In the end, the Ghana Composite Index closed down once again, this time by 43.96 points or 1.5%  to 2884.12 from 2928.07 on Friday and traded volume dried up to only 21,320 shares sold compared to 267,931 units previously.

NAIROBI SECURITIES EXCHANGE

On Monday October 29, there was a major tumble too at the Nairobi stock market: The decline of British American Tobacco by Ksh 20 per share while recording deals for 2000 shares.

BAT simply found and closed at Ksh580 per share compared to Ksh 600 per share on Friday thus leading 16 price drops for the day as against 12 gains.

Bamburi Cement too shed good money down Ksh 5 per share to join BAT as the 2 major price changes downwards.

Upwards, the lead was provided by Standard Chartered Bank as it closed Ksh 3 per share up at Ksh 181 per share after  touching day high of Ksh 185 and low of Ksh 179 per share compared to Ksh 178 per share on Friday.

The only other above Ksh 1 gain was by Williamson Tea in the agriculture sector which closed up Ksh 2 per share while Total Kenya topped up by Ksh 1 per share on the dot.

In the end, the All share index declined by 0.32 points to 145.57 thus dancing out of tune with the 0.12 points rise on Friday.

Traded volume dropped too from 24.45m shares on Friday to 18.45m with Safaricom pacing with 9.428m shares traded at between Ksh 23.50 and 24 per share worth Ksh 223m or 54.88% of total traded value: Ksh 407.873m.

The banks accounted for 22.33% or Ksh 91m with lead trade as 1.28m shares of KCB Group were exchanged for Ksh 49.3m followed by 1.2m shares in NIC Group sold for Ksh 27.6m.

Kenya Power and Lighting, and Ken Gen were other equities with deals for above 1m units. K power witnessed deals for 2.171n shares at between Ksh 4.10 and 4.50 per share worth Ksh 8.9m while Ken Gen, down 0.20%, recorded exchange of 2.064m shares for Ksh 14.9m.

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