FEB 27, 2019: NIGERIA: STERLING BANK STILL STERLING

At the Nigerian Stock Exchange, on Wednesday February 27, Sterling Bank regained its usual investors interest by recording above 1000 deals in one day.

In recent times. Zenith Bank's 754 deals for 63m offload on February 12 had been the month's highest number of deals.

On January 30, 2019 Sterling Bank had come close to 1000 deals with 988 deals recorded while 32.297m of its shares were exchanged.

On February 26, it had looked like Sterling Bank had lost the shine as it recorded only 186 deals but that notion was pushed back on Wednesday.

This is because it ended the day with 1,062 deals for 13.374m shares worth  N33.341m as Sterling barely closed up.

Its closest rival was again Zenith Bank with 462 deals for 9.755m shares worth N245.779m while losing N0.9 or 3.49% per share.

Top traded volume for the day was as 187.429m shares of Diamond Bank were offloaded in 135 deals valued at N466.652m while losing N0.05 per share.

It was a bearish day of sorts after the formal announcement of President Buhari as winner of last Saturday's election. There were 30 price drops and only 9 gains.

Hence the All share index dropped by 0.71% to 32,244.24. on top of Tuesday's 0.69% decline after Monday's more positive 0.57% rise.

Nestle Nigeria once again led price losers but this time with N10 or 0.66% per share decline to close at N1500   compared to N1510 on Tuesday. This was as 95 deals for 0.136m shares were sealed for N204.763m.

Unilever Nigeria was the other major price loser. It shed N2 or 4.65% per share in 31 deals through which 1.466m shares were exchanged for N60.088m.

The leading price gain was PZ Cussons N1.15 or 9.35% per share as it found and closed at N13.45 per share while witnessing 37 deals involving 0.383m shares worth N4.801m.

In the end, there were 5416 deals for 456.070m shares worth N2.679bn on Wednesday as against  4066 involving 322.180m shares worth N2.434bn the previous day.

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