DEC 19, 2018: BACK TO UP, DOWN AT NIGERIAN STOCK EXCHANGE

The Nigerian Stock Exchange once again found itself on the up today and down tomorrow trend as the All share index closed down 0.35% to 30,704.98.

It had broken with the trend last week on December 13 by closing 0.24% down after the previous day's drop. But it looks like it was just a minor pause.

On Friday, December 14 the trend had apparently resumed as the ASI rose by 0.34% only to be followed on Monday this week with 0.27% decline.

Then on Tuesday December 18, the Monday drop was followed with 0.70% rise. Hence with Wednesday. December 19 closing down, up and down seemed confirmed.

The ASI dropped despite 23 price gains as against 18 drops all because the losers were led by top weighted Seplat Petroleum, Dangote Cement. Total Nigeria and 11 Plc while only Nestle Nigeria and Forte Oil recorded comparable gains.

Seplat tumbled by N38.8 or 6.53% per share as it found and closed at N555.2 per share from Tuesday's N594 while recording 26 deals for 0.026m shares worth N14.587m.

DangCem and Total Nigeria closed down N3 per share eachwhile  11 Plc went down by N2 per share.

DangCem posted 87 deals for 2.701m shares worth N502.668m; Total Nigeria settled for 13 deals involving 0.505m shares worth N100.068m just like fellow oil marketer, 11 Plc also with 13 deals but for 0.019m shares valued at N3.357m.

At the other end of the fulcrum, Nestle Nigeria paced price gains with N20 or 1.38% as it found and closed at N1470 per share compared to N1450 previously while witnessing 35 deals for 0.215m shares worth N317.045m.

Forte Oil followed with N2.35 or 9.85% per share while recording 76 deals involving 0.796m units worth N20.329m.

Naturally, the previous day's top trade was going to be hard to beat and Wednesday did not disappoint on that score. Number of deals struck came to 3035 through which 200.997m shares were exchanged for N4.098bn compared to 3445 deals for 316.199m shares worth N5.090bn.

The previous day's leading offload in Zenith Bank continued though and this time, the bank dominated all trade indicators.  It closed with 357 deals for 51.895m worth N1.180bn.

The rush for Access Bank was not that mad this time around but still impressive. It recorded 207 deals for 9.095m shares worth N71.127m while closing N0.2 per share up.

Diamond Bank continued to inch upwards by closing N0.11 per share up while some stakeholders still opted out of the still to be realised new merger deal as it closed with 26 deals for 1.363m shares worth N1.704m.

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