DEC 12, 2018: SECOND TIME DOWN AT NIGERIAN STOCK EXCHANGE

For the second time this week the Nigerian stock market closed down on Wednesday December 12, 2018 hinting at a possible undulating week.

The ASI declined by 0.25% to 30,642 in line with what looks like up today, down tomorrow trend since Friday last week.

Last Friday, the ASI had closed up by 0.15% at 39,866.82 then dropped by 0.82% on Monday before rising again on Tuesday, this time by 0.34%.

Hence the 0.25% drop on Wednesday fitted in very well with this trend which if rings true should lead to another rally on Thursday.

The decline was in spite of price gainers at 24 out numbering losers (20) and to boot, despite though marginal N0.5 or 1.74% rise by Dangote Cement.

The leading price gain was N3.5 or 10% per share by CAP Plc, one of the market's true lightweights. It found and closed at N34.65 per share compared to N31.5 per share previously while witnessing 32 deals for 0.171m shares worth N5.652m.

The only other major price was Forte Oil's N1.95 or 9.75% per share accompanied by 45 deals for 0.286m shares valued at N6.245m.

On the other hand, top price drop was 11 Plc's N8.8 or 5.50% per share decline. It ended the day at N151.2 per share after hitting day high of N166 and low of N151 as against N160 per share on Tuesday.

This was while recording 60 deals involving 0.269m shares valued at N42.160m .

Two other companies lost above N1 per share as well: Nigerian Breweries and Con Oil plc. NB went down N2.5 or 3.18%  per share while recording 60 deals through which 6.137m units were exchanged for N483.865m in 172 deals while Con Oil shed N2.25 or 10% per share while 0.216m of its shares were exchanged for N4.394m in 17 deals.

Trade picked up slightly leading to 246.134m shares being traded in 3141 deals worth N3.694bn compared to 3193 deals for 215.38m shares valued at N3.398bn on Tuesday.

Zenith Bank dominated all trading indicators with 247 deals recorded while its leading 55.340m shares were valued at N1.321bn. Zenith closed the day down N0.1 per share.

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