DEC 6, 2018: STRIDE HALTED AT NIGERIAN STOCK EXCHANGE

Two consecutive trading days of gentle but sure strides at the Nigerian Stock Exchange was on Thursday December 6, 2018 halted as the All share index dived by 1.07% to 30,819.10.

At that level it was almost back to 30,798.76 with which it closed Monday, down 0.24%. It was from this, Tuesday closed with 0.68% increase followed by Wednesday's 0.47% rise.

The halt was not a surprising one because the market closed with 22 price drops and 17 gains. What's more, 4 of the top 5 declines were above N1 per share while no gain hit this mark. To boot top weighted equities were among the price losers.

Pacing decline were the pair of Nestlé Nigeria and Dangote Cement down N5 per share each. For Nestle this came to 0.34% drop that occurred as it simply found and closed at N1480 per share compared to N1485 on Wednesday.

Within the day, Nestle posted 44 deals involving 0.070m shares worth N104.114m.

DangCem, on the other hand went down 2.63% per share after touching day high of N185.1 before closing at N185 as against N 190 per share by Wednesday close.

Other major drops were Okomu Oil and Palm's N3.5 or 4.64% per share and Guinness Nigeria's N1 or 1.35% per share.

Okomu's decline was accompanied with 19 deals for 0.442m shares worth N31.902m while Guinness closed with 29 deals involving 0.220m units valued at N16.016m.

All trade indicators closed positive as 3030 deals were struck for 280.939m shares worth N2.490bn compared to 2845 deals through which 198.637m units were exchanged for N2.309bn on Wednesday.

Top traded volume and value was 92.475m shares of FBN Holdings offloaded in 211 deals for day high N707.260m while closing down N0.05 per share.

Diamond Bank, however recorded highest number of deals for the day (373) while witnessing the exchange of 2nd highest 68.220m shares for N59.461m.

Actually, in terms of trading the banks dominated top 5 for the day but for Ikeja Hotel's 3rd place 34.420m shares traded in just 9 deals worth N58.524m while topping up with N0.02 per share.

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