APRIL 8, 2018: 70% PRICE DISCOVERY DOWN AT NIGERIAN STOCK EXCHANGE

For the first time in a very long while, 69.8% of acknowledged price changes at the Nigerian stock exchange closed down on Monday April 8, 2019 after last week's daily downwards trend that was punctuated late in the week.

There were 43 price changes in all and 30 of them were drops as against only 13 gains leading to 454.14 points or 1.53% decline in the All share index to 29,162.24.

This was not the sharpest dive since this year by the market but the crowded scene of price drops points to very bearish expectations.

The margins of gain were not even major as only 11 Plc closed up by N1 or 0.59%; all others rose below this cut off compared to 4 price drops above N1 per share and by equities with more impact on the ASI valuation basket. 

Top gainer price loser was Dangote Cement as it went down N3.5 or 1.85% per share to close at N185.5 after sliding from Friday's N189 per share to day low of N175. This was while recording 85 deals for 0.670m shares worth N124.2m.

Close on its heels was Stanbic IBTC with N3.05 or 6.59% per share drop while witnessing 20 deals involving 3.645m shares valued at N162.291m followed by Guinness Nigeria down N2.45 or 3.92% per share in 25 deals for 0.110m shares worth N6.602m.

Guaranty Trust Bank was the other major price loser. It lost N1 or 2.86% per share while dominating 2 trading indicators for the day. It recorded day high 528 deals for 78.326m of its shares offloaded for leading N2.66bn. The shares were traded at between N35 and 33.25 per share while GTB closed at N34 per share.

On the other hand, the lone ranger amongst gainers, 11 plc, topped by N1 per share as it found and closed at N171 per share compared to N170 previously. Erstwhile known as Mobil Nigeria, it recorded 17 deals through which 1.915m of its shares were exchanged for N326.915m.

Driven by the GTB trade, traded value at N5.257bn was considerably higher than Friday's N3.491bn even though number of deals increased only to 3993 from 3575 and traded volume came to 455.875m shares compared to 401.185m on Friday. 

Confirmed Sterling Bank seems to have lost its sterling look in the eyes of investors. On Friday, 59.866m of its shares were offloaded and only 81 deals were struck. Come Monday,it paced traded volume once again with 93.423m shares but alas, they were traded in just 52 deals worth N242.187m while going down N0.01 per share.

Tripple Gee recorded surprise volume in the form of 3rd ranked 60m shares offloaded 7 deals worth N42m while shedding N0.07 per share. 

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