DEC 21, 2018: INDEX BUT NIGERIAN STOCK EXCHANGE POSITIVE

True to trend, the All share index at the Nigerian Stock Exchange closed down 0.09% to 30,773.64 on Friday but take this with some caution because the market closed more positive than indicated by the index drop.

Since December 13, the market ASI has been down today and up the next day and it was not surprising it eased on Friday after Thursday's 0.32% rise.

However, the equally relevant point is that of the 43 price changes reflected st the market on Friday, 29 or 67.4% were positive and only 14 headed down. Besides, there were also 6 other equities which recorded positive price changes that were too marginal to be recognised by the Exchange.

What made the difference was of course that the minority price losers were led by 2 top weighted equities; Seplat Petroleum and Dangote Cement while the lone gainer of near status was Nestlé Nigeria, the market's highest priced equity.

If not all top 5 and more price gains were above N1 per share but only Seplat and DangCem ranked above amongst price losers.

11 Plc ( Mobil Oil of yore) led gains with N16.8 or 10% per share increase. For it, the day was upwards all the way, rising from Thursday N168 per share, first to day low of N173 before closing at day high of N184.8 per share while witnessing 32 deals for 0.312m shares worth N56.577m.

Others also recorded major gains. Nestle trailed 11 Plc with N10.1 or 0.69%  per share followed by Total Nigeria up N8 or 4.17% per share; Okomu Oil & Palm with N3.2 or 4.38% gain and Forte Oil which added N2.5 of 9.63% per share.

Of the top 5 gainers, FO recorded leading 71 deals for 0.679m shares valued at N18.373m.

In contrast, Seplat paced price drops with N8.5 or 1.42% per share simply as it found and closed at N584.5 per share compared to N593 previously. It recorded 29 deals involving 0.053m shares worth N31.185m.

DangCem went down N3 or 1.58% per share while recording 148 deals for 3.137m units worth N585.175m.

Guaranty Trust Bank paced the market in all indicators except Naira decline. GTB placed 3rd amongst top 5 price losers with N0.9 or 2.5% per share decline but closed leading trade in the form of 303 deals for 29.759m shares valued at N1.013bn.

In terms of number of deals, it barely breasted ahead of Access Bank in which scramble still reflected as 301 deals were sealed for 15.351m shares worth N107.818m down N0.35 or 4.73% per share to place 4th on Naira decline top 5.

Zenith Bank recorded the 2nd highest volume for the day (24.936m shares) exchanged through 284 deals worth N570.228m.

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