MAR 20, 2019: NIGERIA: ACCESS BANK TAKES OVER DANCE FLOOR

With the merger with Diamond Bank signed, sealed and delivered, Access Bank virtually took over the spotlight at the Nigerian Stock Exchange on Wednesday March 20, 2019 pacing all trade indicators.

It set the pace in traded volume, traded value, number of deals and even in price gains leaving price only price drops to be led by top priced Nestle Nigeria.

Rising through the day from N5.95 per share on Tuesday March 19, it touched day low of N6 per share then closed finally at N6.5 per share, up leading N0.55 or 9.24% per share.

It also recorded the day's top offload and peak traded value as its 83.197m shares were traded in leading 504 deals worth N529.943m.

As it turned out, Access had been warming up for this dance floor since Monday. It led the market on both traded volume and number of deals on both days and missed top slot in value and price gain.

In the 3 days since the week 223.869m of its shares had been offloaded in bits that paced each day but it was on Wednesday, it added the 2 missing caps.

However, being an average priced equity and in a day there were no major gains, it could not help drive the All share index upwards. The ASI closed 0.13% down at 31,040.84 mainly as Nestlé led 3 other major price drops amidst a total of 23 price drops and 14 gains.

Nestlé found and closed at N1500, down N26.6 or 1.74% per share most certainly out of its own fashion. Nestlé had lost N18.4 per share to also pace downwards the previous day and to fashion, this would have been followed by a rally.

Nestlé went down as 36 deals for 0.034m shares worth N51.118m were struck.

Other major price drops include Beta Glass' N7.05 or 8.92% per share in 5 deals for 0.230m shares valued at N16.609m.and Cadbury Nigeria which added N1 or 8.32% per share in 29 deals involving 0.339m shares valued at N3.676m.

In all there were 3412 deals for 223.659m shares worth N2.163bn compared to 3924 deals through which 286.899m shares were exchanged for N3.094bn on Tuesday.

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