APRIL 5, 2019: NIGERIAN STOCK EXCHANGE DOWN THIS WEEK.

After days of more or less searching for a bottom, the Nigerian Stock Exchange closed the week ended April 5 2019, turned upwards on Friday but too late.

The All share index rose by 0.21% per share on Friday to 29,616.38 but it thus still ended the week down 1.37% on previous week's closing 31,041.42

The last decline on Thursday was driven by Forte Oil being the lone major price gainer while 11 PLC, CAP PLC and Dangote Cement paced price decline.

On Friday, the reverse in the direction of the ASI was not really a reverse in price discovery in truly opposite direction but the balance struck as very cautious pricing held sway.

For example, there were 18 price changes too low to be recognised as price change, more 15 price gains and 17 price drops.

It was a day of cautious pricing that made the day end without any price up N1 per share.

Cement Company of Northern Nigeria set pace for gains with N0.8 or 4.94% per share as it found and closed at N17 per share compared to N16.2 previously. This was as 29 deals were struck for exchange of 0.624m of its shares for N10.399m.

GlaxoSmithKline on the other  hand, led price drops to close at day high N9.5 per share, down N0.65 or 6.40% per share on Thursday's N10.15 per share after hitting a low of N9.15 in 16 deals for 0.204m shares worth N1.899m.

There was a slight drop in trade on Friday as 401.185m shares being exchanged in 3575 deals worth N3.491bn as against 4133 deals involving 499.089m shares valued at N2.894bn on Thursday.

Unlike for Thursday when the duo of Sterling Bank and Chams PLC dominated traded volume, on Friday volume was more spread out and so top volume turned out to be Sterling Bank's 59.866m shares exchanged in 81 deals ( so low for Sterling!) worth N149.860m.

On its heels were 56.013m shares in 53 deals  worth N13.220m of Chams traded and FBN Holdings 55.497m shares exchanged in 243 deals for N409.238m.

It was Guaranty Trust Bank that closed day high traded value of N1.320bn in 318 deals for N37.748m while Zenith Bank, down N0.15 per share, that led number of deals with 434 deals struck for 33.004m shares valued at N674.420m.

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