10 August 2018: When you work really hard for an exam and still get disappointing results, that exactly how the investors are feeling, they did all the right analysis, and invested in the right companies, the companies also showed their support by releasing incredible financial results - the country’s most profitable banks, 11 plc, Nestle, Oando and many more.
But the Political condition is something no one has control over, which dragged down the market to the extent that the index dropped to a 9-month low yesterday after reporting 6 continues days of bearish trading. The sector reports a massive YTD loss of 6.97% as of today .The index has already shed 2,010 points this year and reports a market cap loss of a whopping N 600 billion, the market turnover yesterday declined to a 16-month low of N 730 million on Wednesday.
The Nigerian Bourse ends the week with one of the biggest decline the market has seen. Tribute to this decline goes to the Dangote group, all its companies were slayed by the bears, ( DANGSUGAR ) lost 2.5%, ( DANGFLOUR ) lost 1.2%, and the biggest loss of all- the decline in the gigantic ( DANGCEM ) by an enormous 6.14% destroyed the market to shreds. Ofcourse another 6.35% dip in the other major industrial good company ( WAPCO ), made matters worse and contributed to the market decline. Other sectors bears that wanted to help spread the pessimism were- Banking bears- ( GUARANTY ) went down by 0.51%, ( ETI ) closed 4.97% lower and ( STERLNBANK ) shed 8%, these declines overthrew the upticks in ( ZENITHBANK ) by 0.21% and ( FBNH ) by 0.53%. In the consumer goods sector, other than the decline in the Dangote group companies, the firms to join the loser's club were ( FLOURMILL ) which shed 1.96% and ( NASCON ) closed 0.25% lower. The surges in ( INTBREW ) by 3.23% and ( UNILEVER ) by 0.1% did not stand a chance in the survival of the fittest. Interestingly,the sector that was leading laggards this entire week was actually the sole gainer of the day, this is the perfect example of the tortoise winning the race in the end against the hare. ( OANDO ) gained 1.83%, ( MOBIL ) went up by 3.53%, ( JAPAULOIL ) put on 7.41% and ( FO ) increased 0.22%. The decline in ( TOTAL ) by 2.63% was overweighed by the upticks. In terms of stocks traded, ( UBA ) witnessed the highest number of stock traded = 52.1 million worth N496.1 million, followed by ( TRANSCORP ) = 18.5 million worth N 21.6 million, ( COURTVILLE ) = 14.7 million worth N 3 million, ( OANDO ) = 12.1 million worth N66.8 million and Lastly, ( ZENITHBANK ) = 11.8 million worth N 279.1 million.
If you would like to post comments! Please log in.