APRIL 2, 2019: NIGERIA: STILL SHRINKING

For the 2nd day on Tuesday April 2, 2019 the Nigerian Stock Exchange continued to shrink after Monday's major dive to herald month of April.

The All share index eased by 0.99% to 30,266.77 on top of its sharp 1.64% decline on Monday, April 1.

Once again the decline was led by Nestle Nigeria but this time, as it shed N50 per share or 3.45% thus making it N180 per share decline in 2 days.

Nestle had hit a high of N1514 per share then slipped to close at N1400 as against N1450 per share previously while recording 53 deals for 0.623m shares worth day high N905.167m.

Indeed, all top 5 price drops were major.  Beta Glass followed Nestle's lead with  N6.45 or 9.95% per share decline in 16 deals through which 0.219m shares were exchanged for N15.824m.

Other major price drops were Nigerian Breweries' N6.1 or 9.68% per share while witnessing 211 deals involving 13.648n shares valued at N776.547m; Unilever Nigeria's N3.3 or 8.46% decline per share in 34 deals involving 0.221m shares worth N7.930m and Forte Oil which closed down N2.75 or 9.93% per share while recording 53 deals for 0.454n shares worth N11.351m

Only Dangote Cement closed with a major gain. It found and closed at N193 per share compared to N191 on Monday, up N2 or 1.05% per share in 41 deals involving 0.547m shares valued at N105.526m

Closest to it was Dangote Flour in the same group, up N0.8 or 5.63% per share while 0.670m of its shares were exchanged for N9.927m in 40 deals.

Lead traded volume was FCMB's 53.884m shares traded in 111 deals worth N99.957m while closing up N0.02 per share.

Zenith Bank paced number of deals with 374 involving 31.651m shares valued at N694.170m while shedding N0.6 per share

In all there were 4018 deals for 376.947m shares worth N4.536bn of course not comparable to Monday's 3251 deals for 1.724bn shares valued at N3.768bn.

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