MAR 29, 2019: NIGERIA: TWO DAYS TO REMEMBER

Last 2 days of the trading week ended Friday March 29, 2019 turned out to be days to remember notably because they turned the table for the week.

The first three days of the week had witnessed decreasing traded volume and shrinking market capitalisation but all of that changed in the 2 days.

On Thursday, with record 1.703bn shares and 99.531m shares in Wema Bank and Chams Plc respectively, traded volume and value hit new highs of 1.918bn shares valued at N2.803bn. In the process, the All share index rose by modest 0.01% to 30,833.50.

Come Friday, the market recorded strong price rallies that drove the ASI 0.67% up to 31,041.42 although, naturally unable to repeat volume feat of Thursday, only 266.861m shares worth N3.153m in 3455 deals were recorded.

There were only 18 price drops and 16 gains but top gains were not only recorded by pace setting equities but also, their price change margin was on the high side.

Top priced Nestle Nigeria led all gains with N82.1 or 5.48% leap to close at N1580 per share from Thursday's N1497.50 which turned out to be the day's low. This was as it witnessed 54 deals for 0.332m worth N502.594m.

Seplat Petroleum, also witnessed strong N50 or 9.26% per share rise in 33 deals involving 0.706m shares valued at 383.653m.

Two other equities also closed with major price gains. 11 Plc, that is, Mobil Nigeria of yore, topped up with N8 or 4.71% per share while witnessing 27 deals through which 0.205m shares were exchanged for N36.455m.

The other major gainer was Dangote Cement which added N1 or 0.53% per share in 68 deals for 1.244m shares worty N238.264m.

On the other hand, Presco alone closed down above N1 per share ending with N5.25 or 7.72% per share drop to N62.75 after hitting day high of N69 and compared to N68 per share on Thursday. This was as 14 deals were sealed for 0.389m shares valued at N26.015m.

Traded volume was actually 2nd highest in the week and was paced by Fidelity Bank, down  N0.06 per share, as day high 408 deals were struck for top 58.191m shares valued at N126.335m 

Top traded value was however clocked by Zenith Bank as investors who traded its 25.753m shares in 251 deals realised N562.735m.

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