NOV 19, 2018: HISTORIC PRICE DISCOVERY AT NIGERIAN STOCK EXCHANGE




For the first time in a very long while, if not in years, the Nigerian Stock Exchange closed with only 5 price drops out of 31 price changes on Monday November 19.

The losers just barely composed top five declines for the day as against 26 price gains. As a result the All share index closed up for the 3rd day running after rallying on the last 2 days of last week.

It closed at 32,222.24, up 0.51% on Friday's 32,058.28 which itself was an improvement on Thursday's 31,864.80 which kicked off the late rally last week that reduced its decline.

The only major price drop recorded was Forte Oil's N1.60 or 7.77% per share rise as it closed at N19 per share after touching high and low of N19.45 and N18.65 per share respectively.

The other 4 drops were marginal indeed led with Mutual Benefit Insurance, Union Dixon; and WAPIC insurance shed N0.02 per share each trailed by Diamond Trust Bank with N0.01 per share decline.

Top priced equity, Nestlé Nigeria, by now has acquired reputation for moving up and down with ease. Monday November 19 was no exception.

After gaining N50 per share last Thursday and losing N20 on Friday, this Monday it closed N20 or 1.33% up per share to pace 26 price gains.

It simply found and closed at N1500 compared to N1480 per share previously while recording 86 deals for 0.272m shares valued at leading N408.771m.

Two other equities also had above N1 per share gains:  Nigerian Breweries, up N2.2 or 2.66% per share accompanied by 0.906m shares traded in 81 deals for N76.582m and GlaxoSmithKline which gained N1.2 or 9.96% per share in 33 deals for 0.274m shares worth N3.256m.

Trading indicators closed down though except number of deals that rose to 2853 from 2272 on Friday. 

Traded volume dropped to 148.1m from 164.263m shares dragging traded value to N1.796bn from N2.788bn on Friday.

Nestlé's top value was followed by Zenith Bank with N338.576m from day high 208 deals that involved 9.159m shares while closing up N0.05 per share.

Top volume was however, recorded as Oando, up N0.1 per share, witnessed 89 deals which resulted in exchange of 30.303m shares for N154.235m.

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