JAN 15, 2019: NIGERIA: DIAMOND BANK OFFLOAD CONTINUES

Many shareholders  of Diamond Bank are apparently  opting out of the bank instead of waiting to receive cash payment and Access Bank shares once the merger (or take over)  in the works gets official  nod. 

On Tuesday,  January 15 2019, day high 100.673m shares of the bank were offloaded in 148 deals worth N209.014m while losing  N0.01 per share. 

The price drop was not that straight forward because Diamond hit day high of N2.1 per share then a low of N2.05 before closing at N2.08 compared to N2.09 per share  previously. 

It was an offload in a class of its own as closest to it was Guaranty Trust Bank 39.406m shares traded in 236 deals valued at leading N1318.898bn. GTB in the process  rose by very low margin that was ignored. 

The All share index closed the day up 0.58 per cent to 30,137.53 confirming the reverse from persistent drop noticed late last week. This was mainly as 21 price gains and 13 drops dominated on both sides by low and medium  capitalision  equities. 

Cement Company of Northern Nigeria led gainers  with N2 or 10 per cent per share rise as it closed at day high N22 per share after crossing it's lowest for the day N21.2per share as against  N20 previously. 

In the end,  CCNN closed with 65 deals for 1.158m shares worth N25.111m.

It was followed  by Stanbic IBTC which gained N1.35 or 2.93per cent while recording  9 deals involving  2.015m shares worth N95.701m.

The rest gains were below N1 per share with C &I Leasing ending N0 75 or 9.05% per share in 28 deals recorded for 0.518m shares worth N4.424m.

Top of the price drops was Total Nigeria's N5.2 or 2.50% per share  as it found and closed at N195 per share compared  to N200.2 on Monday. It witnessed just 13 deals for 0.019m shares valued at N3.741m.

Total Nigeria was on a lonely road as no other equity went down by above N1 per share. Air Service came closest with N0.75 or 9.49% drop while recording  7 deals for 0 124m units worth N0.888m.

Zenith Bank paced number of deals with 367 deals which involved the exchange  of 21.131m shares valued at N462.994m as it closed up N0.15 per share. 

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