JAN 21, 2019: NIGERIA: AGAIN REVERSE GEAR

Once again, after a couple of days of strong recovery, the Nigerian Stock Exchange closed Monday, January 21 downwards .

The All share index dropped by 0.88% to 30,732.72 after closing Friday and last week with a sound lift.

This time around, margins of gain were not only lower, they were recorded by equities with low market capitalisation while sharp drops were recorded by some equities with top market cap.

For example, the price decline was led by Seplat Petroleum with N46 or 7.99% per share as its shares were traded between N530.1 and 530 per share compared to N576 per share on Friday.

Seplat ended up with 23 deals for 0.030m shares worth N16.429m.

11 Plc also recorded N8 or 4.20% per share drop as it witnessed 20 deals involving 0.088m shares valued at N15.944m.

The 3rd leg of the day's major pressures on ASI downwards was Dangote Cement's N4.9 or 2.51% decline in 24 deals for shares worth N8.339m.

All other price drops were below N1 per share but even that was different from just one equity recording gain above N1 per share.

Cement Company of Northern Nigeria rose by N1.8 or 7.17% per share. CCNN closed at N26.9 per share after hitting day high of N27.5 compared to N25.1 previously while witnessing 105 deals 1.376m worth N37.233m.

Trading activities, though were clearly up although dominated by the banks. A total of 3874 deals for 499.211m shares worth N5.531bn with banks dominating all trading indicators: Number of deals, traded volume and traded value 

Guaranty Trust Bank alone, accounted for N3.796bn out of the traded value as it recorded leading 603 deals for 2nd ranked 119.345m shares while shedding N0.25 per share.

Diamond Bank continued to pace traded volume with 239.356m shares offloaded in 173 deals valued at N497.886m while going down N0.02 per share.

Other banks or holdings companies with banking flagships include Zenith Bank in which 464 deals for 26.107m shares worth N563.197m; FBN Holdings 210 deals for 15.765m shares valued at N115.64m and Fidelity Bank's deals for 9.563m shared valued at N19.220m.

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