JAN 25, 2019: NIGERIA: BULLISH FRIDAY OF SORTS

Perceptions at the Nigerian Stock Exchange on Friday January 25, 2019 were essentially bullish as of the 39 price gains recorded, only 7 were downwards.

That was apart from about 11 other equities that closed with gains so marginal that they did not count in the day's official list of gainers and losers 

In view of the dominant price gains recorded, the All share index jumped by 1.41% or handsome 437.03 points to 31,426.63 putting recent downswings below 30,000 very well behind.

One good reason was that all the price drops recorded were not only few, but of the cautious kind because none was above N1 per share.

Top decline was N0.55 or 4.64% per share by PZ Cussons as it recorded 36 deals for 0.289m shares worth N3.308m.

In contrast, both Total Nigeria and Dangote Cement closed up well above N1 per share.

Total Nigeria leaped by N19.5 or 10% per share as it found and closed at N214.5 per share compared to N195 on Thursday but while witnessing only 12 deals involving 0.014m shares valued at N3.077m.

DangCem had led gains on Thursday but on Friday rising by the same N2 per share of 1.04% it trailed Total Nigeria from a lobf distance.

There was also a leap in traded volume but number of deals barely grew and traded value actually eased. There 3970 deals through which 417.172m shares were exchanged for N3.144bn as against 3766 deals for 268.265m shares worth N3.145bn.

The banks were once again very active notably, some shareholders of Diamond Bank were not tired of exiting before the merger in the offing takes off.

The bank once again led traded volume with 89.759m of its shares offloaded in 230 deals worth N204.819m while closing up by N0.21 per share.

Other major offloads were 64.621m shares in FBN Holdings traded in 235 deals valued at N492.491m and Access Bank's 60.506m units traded in day high 429 deals worth N387.276m while gaining N0.5 per share.

Top traded value however, was recorded by Zenith Bank as 35.708m of its shares were traded in 402 deals valued at N805.998m while rising by N0.85 per share.

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