JAN 8, 2019: NIGERIAN STOCK MARKET STILL DOWN

Downswing at the Nigerian Stock Exchange since the new year continued Tuesday January 8 with 1.2% decline in the All share index to 30,036.15 after going down 0.78% on Monday.

At that level the ASI continues to draw nearer 2017's low 25,376.93 in February but still has a fairly lone way to go.

There were far less price drops than on Monday and so, the higher % of decline could be traced to more heavyweight equities in decline this time around.

There were 28 price drops ( compared to 34 on Monday) and 12 price gains as against 14 previously.

Okomu Oil & Palm led gains with N6.15 or 7.93% rise as it closed at N88.75 per share after a day low of N78.3 compared to N77.6 per share previously.

Interestingly, this was after going down N2.4 or 3% per share the previous day as part of the top 5 declines for the day.

Okomu ended Tuesday with 25 deals for 3.377m shares worth N14.403m.

All other price gains were below N1 per share with Nigerian Breweries trailing Okomu with N0.4 or 0.51% per share rise while witnessing 72 deals for 0.371m shares worth N14.403m 

On the other hand all of the top 5 decline were N1 per share or above led by Forte Oil down N2.3 or 7.97% per share as it closed at N26.55 after day high of N30 per share and compared to N28.85 per share on Monday.

FO set this pace while 2.171m shares were traded in 187 deals valued at N62.312m followed by Presco up N2 per share while 13 deals were struck for 0.155m of its shares worth N9.614m.

Guaranty Trust Bank went down N1.85 or 5.47% per share while witnessing 3rd placed 329 deals for 18.688m valued at N608m.

However, Zenith Bank paced traded value and number of deals while easing N1 or 4.69% per share. A total of 710 deals were struck as leading 32.840m of its shares changed hands for leading N679.772m.

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