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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    As ASI drops 0.09%

    Following price losses posted in industrial and consumer goods stocks, transaction activities on the floor of the Nigerian Stock Exchange (NSE) closed the first trading week of November in negative territory.

    The All-Share Index (ASI), which had gained 0.37 per cent in the previous trading session, reversed its gain and dropped 0.09 per cent or 28.29 points to close at 32,228.50 points from 32,124.94 points at the beginning of the week.

    Similarly, market capitalization, which opened the week at N11.728 trillion garnered N27 billion to close the week at N11.755 trillion.

    As a result, the Month-to-Date and Year-to-Date losses decreased to 0.73 per cent and 15.73 per cent respectively even as all other indices finished lower with the exception of the NSE ASeM index, which closed flat.

    Following demand in the shares of NEM (+7.69 per cent) and Lasaco (+7.14 per cent), the insurance closed positive while the banking index, consumer, industrial goods and oil and gas indices closed in the red following sell pressure in the shares of UBN (-8.49 per cent), Dangote Flour (-5.65 per cent), PZ (-10 per cent) and Oando (-7 per cent).

    READ ALSO Nigerian banks biggest challenge of investors – Ikpea

    Market breadth was negative as 19 stocks depreciated in value while 18 others appreciated. PZ topped the losers’ chart with 10 per cent to close at N9 per share, Union Bank of Nigeria (UBN) was next with a loss of 8.49 per cent to close at N4.85, Oando fell by 7 per cent to close at N4.65, Dangote Flour lost 5.65 per cent to close at N5.85 while Cadbury decreased by 5.56 per cent to close at N9.35.

    On the flipside, John Holt topped the gainers’ chart with 10 per cent to close at 0.44 kobo per share. Livestock feeds and NEM followed with a gain of 7.69 per cent each to close at 0.56 kobo and N2.80 respectively, Lasaco inched 7.14 per cent to close at 0.30 kobo while Airservice grew by 6.06 per cent to close at N7.

    Surprisingly, Diamond Bank shares grew by 4.07 per cent to close at N1.28 after the management refuted media reports that it had not received an offer from an investor to inject cash.

    “The Board of Diamond Bank Plc (Diamond Bank or the Company) notes the media speculation relating to comments attributed to its former Chairman, Mr Oluseyi Bickersteth.

    “Contrary to such media articles, the Board wishes to clarify that the company has not received an offer from an investor to inject cash.

    Further to the company’s announcement of 26 October 2018, Diamond Bank and its board of directors continue to review all strategic options on a regular basis. Diamond Bank would also like to clarify that it enjoys the support of its major shareholders, including the Carlyle

    Group and Kunoch Holdings who are, as ever, working in cooperation with the board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market and further to the announcement of 24 October 2018

    Diamond Bank is in active discussions with regards to the appointment of new non-executive directors to the board and, subject to CBN approval, these will be announced in due course,” the bank said in a statement.

    On the activity chart, Access topped with a sale of 16.63 million shares valued at N130.82 million, FBN Holdings sold 16.17 million shares worth N120.45 million while Interlink traded 15.52 million worth N55.881 million.

    The volume and value of stocks traded as at November 9, 2018 stood at 121.26 million units and N1.58 billion respectively as exchanged in 2,678 deals.

    Analysts have linked the situation of the market to the global crash in the price of crude oil. For example, as at November 4, 2018, the price of crude oil stood at $72.83 per barrel, only for it to fall further by $70.14 per barrel this week, representing a decrease of 3.84 per cent.

    The positive trigger is still yet to be seen considering the fact that the elections are months away. Thus, investors keep booking their

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