JAN 28, 2018: NIGERIA: HIGH INVESTORS INTEREST

Unlike Friday January 25 when the Nigerian Stock Exchange closed up strongly on expectations, on Monday January 28 2019, it closed down in bearish outlook but not to worry, investors scrambled for shares.

In all 222.587m shares were traded for N1.843bn compared to 417.172m shares on Friday valued at N3.144bn but number of deals struck increased out of tune with these indicators.

Compared to 3970 deals on Friday, 4150 deals were struck on Monday despite the almost half number of shares traded and also far lower traded value.

Except for Transcorp, most of the scrambles were for bank shares with Zenith Bank pacing with 442 deals for outside top 5 by volume 17.568m shares valued at N399.307m. In the process, Zenith closed up by N0.45 or 1.96% per share.

Guaranty Trust Bank too did not feature amongst the top 5 by volume but it recorded 2nd ranked 347 deals for 14.281m shares worth day high N487.924m while closing down N0.25 per share.

Other major scrambles were for Access Bank shares in which 278 deals were sealed for 14.935m units worth N94.165m; Fidelity Bank's leading 23.769m shares traded in 256 deals worth N56.662m while closing N0.14 per share down and 237 deals struck as 2nd ranked 21.891m shares of UBA were exchanged for N162.024m while shedding N0.35 or 4.62% per share.

Transacorp, down N0.05 per share,  posted 219 deals for 20.843m shares valued at N26.338m just a shade behind FCMB's 231 deals for 20.119m shares worth N42.468m.

It was a rather bearish contrast to last Friday. Out of 40 price changes recorded, 30 were drops compared to Friday when of 39 price changes, 32 were positive.

Thus the All share index eased by 0.26% to 31,344.24. On the surface that may be surprising given the far greater number of drops but the truth was, except for 2, all of the price changes were below N1 per share each.

The battle for which way for the ASI then became one between Total Nigeria that led price gains and Seplat Petroleum that paced decline.

Seplat won because it tumbled by N20 or 3.70% per share in 54 deals for 0.097m shares valued at N51.037m compared to Total Nigeria's leading N8.8 or 4.10% per share gain as it found and closed at N223.3 per share as against N214.5 previously.

Shareholders in Diamond Bank are still opting out as 3rd placed 21.208m of its shares were traded in 173 deals worth N48.479m while ending N0.03 per share down.

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