JAN 11, 2019: STRONG RALLY AT NIGERIAN STOCK EXCHANGE

For the first time since this new year, the Nigerian Stock Exchange rallied rather strongly on Friday January 11 2018 with All share Index closing up by 1.06% at 29,830.70.

The reverse of daily downturn had started on Thursday with a weak 0.62% growth in the ASI but this time, the strong rally was driven number of price gains (30) overwhelming drops (5).

Indeed, only Seplat Petroleum tried to really pull the ASI down on Friday as it tumbled N64 or 10% per share while recording just 4 deals for 0.012m shares worth N7.214m. Seplat simply found and closed at N576 per share compared to N640 on Thursday.

On its heels downwards closest was Nigerian Breweries down N1 or 1.27% pee share while posting 63 deals for 0.942m shares worth N73.532m.

After dropping sharply by N16 per share on Wednesday, Dangote Cement recovered N1.50 per share on Thursday then paced Friday with N5.5 or 3.21% per share recovery. 

While recording leading  281 deals for 3.921m shares worth day high N697.184m, DangCem hit day high of N188.6 then N172 per share low before closing at N177 as against N171.5 previously.

Other major gains were N3 or 4.76% per share by Guinness Nigeria while witnessing 47 deals for 2.268m shares worth N156.480m and Forte Oil, up N1 or 3.57% per share while 0.703m shares were traded in 68 deals for N20.839m.

In the end, though, the 2 day rally only stopped the ASI from heading fast for year low recorded in February 2017. The decline recorded in the first 3 trading days in the week that the ASI ended 808.2 points or 2.64% on previous Friday's 30,638.90.

Top price drops through the week were Nestlé Nigeria, down N73.90 per share; Seplat Petroleum with it's Friday decline and DangCem down N9 per share despite the 2 day price increases. Nestlé went down N48.90 per share on Thursday to slide that top of the league within the week.

On the other, top price gain for the week was Julius Berger's N5.15 per share followed by Okomu Oil & Palm up N2 per share and Cement Company of Northern Nigeria with N1.55 per share.

On Friday, January 11, 3538 deals were struck resulting in exchange of 206.301m shares worth N2.747bn compared to 3680 deals for 385.393m shares on Thursday.

Some Diamond Bank shareholders are still offloading and so, up N0.03 or 1.51% per share, day high 30.407m of its shares were traded in 163 deals worth N61.029m.


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