FEB 18, 2019: NIGERIA: INDEX CRASHES 1.61%

After rallying for 2 days in a row leading finally to 3.76% rise last week, the All share index crashed by 1.61% on Monday February 18, to start a new week after the postponement of presidential elections.

The ASI closed at 32,190.07 from Friday's 32,715.20 as predominantly bearish outlook led to 37 price drops and 12 gains even though on both sides, margin of change was daring.

The 12 gainers were led by Nestlé Nigeria, the market's highest priced equity, with N35 or 2.24% leap per share rising through the day first to N1589.6 before closing at N1600 per share compared to N1565 on Friday.

This was while Nestle recorded 52 deals for 0.488m shares valued at N779.606m.

From a distance, other major price gainers were Beta Glass up N6.7 or 9.27% per share in 18 deals for 0.262m shares worth N18.922m, Presco with N6.6 or 10% pee share as 24 deals for 0.399m shares worth N28.336m were sealed and CAP plc up N2.2 or 6.92% pee share in 12 deals for 5.178m shares worth N176.052m.

On the other hand, Total Nigeria paced price losers down N15 or 7.32% per share as it found and closed at N190 per share compared to N205 previously while witnessing 37 deals for 0.043m shares valued at N8.356m.

Close on it heels was 11 Plc (erstwhile Mobil Nigeria) with N14 or 7.61% decline per share in 62 deals involving 0.502m shares worth N87.009m and Nigerian Breweries up N8 or 9.64% per share in 103 deals for 0.485m shares valued at N36.917m.

Other major price drops were Guaranty Trust Bank's N1.45 or 3.82% per share in 161 deals through which 13.862m shares were exchanged for N519.122m and N1 or 4.76% per share drop by Cement Company of Northern Nigeria as it witnessed 20 deals for 0.326m shares worth N6.582m.

Trade also crashed but admittedly from the highs recorded on Friday amidst shower of offloads. This time, 4134 deals for 233.423m shares worth N3.363bn as against 6177 deals through which 808.646m shares were exchanged for N6.486bn 

Leading offload was an average one in Access Bank, down N0.3 per share, A total of its 25.321m shares were traded in 283 deals worth N160.162m.

On the other hand, Zenith Bank, down N0.75 per share, paced number of deals with 412 deals for 15.682m units valued in N375.323m.

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