JAN 7, 2019: EXPECTATIONS STILL LOW AT NIGERIAN STOCK EXCHANGE

When we stopped monitoring the Nigerian stock market around December 21 2018 sequel to our 2 week break, the All share index closed at 3,773.64.

All through pur break, the market closed gloomy and by Monday January 7, 2019 as Henates resumed, the ASI closed at 30,400.28.

Meaning that inspite of so many non trading days within the break, the ASI declined by 373.39 points or 1.21%  

For a market that entered 2018 with glowing faces over rating as one of the top growing markets in 2017, that was indeed quite a slide with which to end the year and begin 2019.

The Monday January 7 slide was 0.78% on previous trading day's level and was heralded by 34 price drops very much unmatched by only 14 gains.

Top slide was N25 per shareor 1.65% by top priced Nestle Nigeria as it closed at N1450 per share after hitting a day low if N1351.60 compared to N1475 per share previously.

Nestle ended with 74 deals for 0.828m shares valued at day high N1.142bn

What's more, compared to price gains that none crossed the N1 per share mark, drops were crowded with 9 price drops of N1 per share and above.

Total trailed Nestlé from a distance with N2.8 or 1.38% per share decline, followed by the duo of MRS Oil and Unilever Nigeria with N2.55 per share drip and Okomu Oil & Palm down N2.4 or 3% per share to round up the top 5 decreases.

In contrast, the gainers were paced by Stanbic IBTC up N0.5 or 1.08% per share as it closed at N47 compared to previous N46.50 per share while recording 30 deals for 2.064m shares worth N96.112m.

Guaranty Trust Bank followed a bit closely with N0.35 or 1.04% per share gain as 8.456m of its shares were exchanged in 286 deals worth N286.036m.

Some shareholders of Diamond Bank were apparently still offloading instead of holding on till the merger deal with Access bank gets the nnod. Up N0.18 or 10.80% per share, they offloaded day high 77.676m Diamond Bank shares equally snapped up in second highest 294 deals worth N153.105m 

Zenith Bank however, topped number of deals with 489 for 19.746m shares worth N430.097m as it went down N0.4 per share.

In all, there were 3746 deals involving 222.583m shares worth N3.342bn.

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