APRIL 3, 2019: NIGERIAN STOCK EXCHANGE SEEKING BOTTOM?


This Month of April, it appears the Nigerian Stock Exchange is seeking a bottom to free fall.

In 3 days of the month so far, the All share index has declined by record 4.42% or 1372.49 points from 31,041.42 at which it closed March, 2019.

On Wednesday April 3, the ASI had dived by 1.85% to 29,668.73 just barely behind pace setting 1.89% drop recorded on January 31 2019.

The more note worthy fact was that the Wednesday drop made it 3 days downwards in a row following 0.99% decline on Tuesday after 1.64% dive on Monday.

Wednesday was indeed a day of overwhelming price drops as of the 34 price changes recorded 26 were downward, only 8 closed upward. Besides, very marginal price changes that could not be recognised at 12, was ahead of price gainers.

Yes,Nestle Nigeria regained N50 or 3.57% per share out of the whopping N130 per share it lost on Tuesday but this did not matter much, the ASI still crashed all the same.

Nestle found and closed at N1450 per share compared to N1400 on Tuesday while recording 61 deals for 0.587m shares worth N851.184m.

Neither did it matter much that Nigerian Breweries also gained N3.1 or 5.45% per share as 12.970m of its shares were exchanged in 145 deals worth N778.320m.

What did matter was that Dangote Cement led the 26 price drops with N3 or 1.55% per share decline as it closed at N190 per share after touching day high of N192 and compared to Tuesday's N193 per share.

DangCem closed with 69 deals for 1.157m shares valued at N221.947m

It was trailed by International Breweries, down N2.5 or 9.62% per share while recording 15 deals for 0.123m shares worth N2.937m; Cement Company of Northern Nigeria with N1.75 or 9.75% per share drop in 6 deals for 0.077m shares worth N1.254m and Guaranty Trust Bank with N1 or 2.78% per share decline while witnessing 391 deals involving 32.411m shares valued at day high N1.140bn.

Trading was not that dominated by one major offload as Wema Bank did twice recently, but it rose to 4146 deals through which 542.579m shares were exchanged for N5.662bn.

Top traded value was recorded by GTB  no doubt but traded volume was led by 144.189m shares offloaded in Sterling Bank but it did not generate true to type investors interest as it was taken in only 85 deals worth N348.134m while closing up N0.09 or 3.77% per share.

This time it was UBA that commanded investors attention resulting in leading 427 deals involving 35.327m shares valued at N225.262m.

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