MAR 18, 2019: NIGERIA: CAUTIOUS PRICING

For caution, at the Nigerian Stock Exchange so far this year, only last Friday,March 15 2019,  could compare but even then the difference was still clear.

On Monday March 18 2019, the All share index closed 0.06% down compared to 0.22% easing on Friday and both days shared in common relatively few price changes and low margins of changes as well.

On Friday there were some 28 price changes, 19 down, 9 up and on Monday, the number was 31: 20 down, 11 up but Friday did  record one equity with N1 per share change, Monday had none.

Part of the reason, of course was that most of the changes on both days occurred in low price equities which under present pricing parameters can only move up and down rather marginally.

Top of price gainers for the first time most likely was Dangote Flour up N0.75 or 7.35% per share. It closed at N10.95 per share after a high of N11 and low of N10.2 per share with which it had closed Friday.

Dangote Flour grew ahead of all while 155 deals were sealed for 6.602m of its shares worth N70.380m.

Closest on its heels on the top 5 gainers table were UBA and La  Farge Africa up N0.1 per share each. UBA's came to 1.34% per share while rather impressive 456 deals were struck 22.615m shares valued at N170.697m.

La  Farge, on the other hand, closed up 0.78% in 28 deals for 0.214m shares worth N2.777m.

At the other end of the fulcrum, the 20 price drops were paced by N0.2 per decline by both Ikeja Hotel and Cutix plc.

Ikeja Hotel, down 9.66% per share, witnessed only 9 deals involving 0.501m shares worth N0.938m while down 8.89% per share, Cutix recorded 19 deals through which 0.207m shares were exchanged for N0.428m.

In all, 3821 deals were struck on Monday, slightly higher than Friday's 3022 but for lower 205.725m shares valued at N1.925bn compared to Friday's 208.618m shares worth N3.329bn.

Top volume and number of deals was as 56.019m shares of Access Bank were traded in 606 deals worth N328.39m while ending N0.05 per share up.

Zenith bank led traded value though with N603.654m realised by investors as 2nd highest 27.576m of its shares were exchanged in 304 deals  while shedding N0.1 per share.

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