JAN 29, 2019: NIGERIA: INDEX DOWN 2ND DAY.

On the 2nd trading day this week Tuesday January 29, 2019 at the Nigerian Stock Exchange, the All share index closed down once again after the rather superlative leaps of the previous week.

The ASI eased by 0.53% to 31,378.71 from 31,344.24 it had dropped into by 0.26% on Monday.

Interestingly, the number of price drops stayed at 30 and price gains rose to 14 from previous day's 10 but the ASI went down twice as fast.

With good reason. Of the 14 price gains , none was up to N1 per share while at least Nigerian Breweries did just that amongst the crowded price losers corner.

NB found and closed at N78 per share, down N1.9 or 2.38% on the N79.9 per share with which it closed Monday.

Three banks then followed. Zenith Bank went down N0.5 or 2.13% as it recorded day high 377 deals for out of top 5 14.894m shares worth 2nd highest N343.258m.

Guaranty Trust Bank eased by N0.45 or 1.31% per share as 302 deals for just 7.087m shares were sealed for N241.713m while Access Bank, with merger with Diamond bank still hovering, lost N0.3 or 4.72% per share in 223 deals for 11.394m shares valued at N70.394m.

In contrast, the price gainers were mainly lightweight equities with limited impact on ASI. PZ Cussons found and closed at N12.15 per share to pace gains with N0.85 or 7.52% top up on Monday's N11.3 per share. This was as 0.156m of its shares were traded in 17 deals for N1.867m.

Redstar Express trailed with N0.5 or 10% per share add on while recording 9 deals for 20.732m shares worth N109.016m followed by Cadbury Nigeria up N0.2 or 2.04% per share in 18 deals involving 0.963m shares valued at N2.102m and UAC Property up N0.15 or 9.55% per share as 3.079m shares changed hands in 19 deals worth N5.293m.

Sterling Bank made top 5 price gainers with N0.06 or 2.68% rise as 30.150m of its shares were traded for N66.156m in relatively less than usual investors interest leading to only 165 deals.

In trading improved with 359.511m shares exchanged for N1.912bn in 3773 deals compared to 222.587m shares in 4150 deals worth N1.843bn on Monday 

Lead traded volume was in Chip Plc, down N0.01 per share, as 100.410m of its shares were offloaded in 9 deals worth N31.115m followed by UBA, down N0.05 per share, with 300 deals for 48.483m shares worth day high N354.749m.


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