MAR 25, 2019: NIGERIA: WHEN THE MIGHTY GO DOWN

At the Nigerian Stock Exchange, Dangote Cement and Nestlé Nigeria are in a class of their own in a way: One is the highest priced equity ( Nestlé) and the other has highest market capitalisation.

Because the All share index of the market monitors or reflects how price discovery affects market capitalisation each day, when ever DangCem and Nestle close in the same direction, the ASI rarely has any option but to head that way.

However, they rarely head in the same direction, down or up but on Monday March 25, 2019 they did and of course, the ASI went down 0.31% to 31,042.32 while the market had little appetite for price change.

There were only 31 price changes compared to an average not less 40 on an active day but both DangCem and Nestlé were among the price losers 

11 Plc led the price drops with N3 or 1.76% per share decline to N167 per share from Friday's N170 while witnessing 33 deals for 0.02m shares worth N10.410m.

Then Nestlé followed with apparently its lowest price shift for a very long while: N2 or 0.13% per share while recording 37 deals through which 0.175m shares were exchanged for N262.181m.

Next was DangCem as it shed N1.2 or 0.63% per share as 0.810m of its shares were traded in 54 deals worth N152.879m.

The only other major price drop was NASCON Industries' N1 or 5% per share decline while 45 deals were being sealed for 0.997m shares worth N19.363m.

In contrast, Stanbic IBTC was the lone major price gainer for the day. It rose by N3 or 6.59% per share as it found and closed at N48.5 per share compared to N45.5 previously while recording 18 deals for 3.492m shares worth N169.328m.

There were 3048 deals involving 168.121m shares valued at N3.751bn as against 3253 deals for 231.234m shares  worth N2.616bn on Friday.

Guaranty Trust Bank claimed the market trading spotlight from Access bank by pacing 2 of the 3 trading indicators:  traded volume and traded value while Access Bank still retained number of deals.

GTB, while closing firm, recorded 238 deals involving 46.974m shares worth N1.762bn while Access Bank, down N0.45 per share, witnessed leading 337 deals for 18.643m shares valued at N121.979m.


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