12 September 2018 : When yesterday the ASI fell by 3.1%, it startled the investors as that was highest drop experienced since Mar'18, But today the ASI decided to go sky diving without its gear- and witnessed a 3.46% drop, resulting in a "nosedive" landing making the investors wince in pain.
This massive drop was a collective effort by the "creme-de-la-creme" of the market. All sectors closed under today, expect the oil and gas sector which was the only gainer of the day, but obviously not strong enough to overpower the strong pessimism.
Almost all the top tier stocks in the Banking sector were relished by the hungry grizzly bears. ( ZENITHBANK
) declined by 1.01% and hit its 52-week low thus reporting a YTD of - 22.39%, ( UBA
) fell by 2.76% also hitting its 52-week low and boasting of a negative YTD of 27.67%, ( ETI
) declined by 5.13%, and ( STANBIC
), ( FBNH
) and ( ACCESS
) plummeted by 8.89%, 7.95% and 8.57% respectively. ( ACCESS
) also reached its 52-week low, resulting in a YTD loss of 13.88%
The consumer goods sector wasn't far behind, with enormous declines in ( HONYFLOUR
) by 8.55%, ( FLOURMILL
) by 7.91%, ( CADBURY
) by 6.47% and ( NB
) by 4.55%. The share prices of these four companies have hit 52-week lows and yield a YTD loss of 27.62%, 25.86%, 35.86% and 34.77% respectively. Other companies that led laggards in the sector were ( NESTLE
) losing 0.4% and ( DANGSUGAR
) falling by 1.39%
In the industrial good sector, a gigantic 5.83% decline in ( DANGCEM
) and 9.87% fall in ( CCNN
) were enough to shatter the sector.
Ending the day on a positive note, the sole gainer of the day: the oil and gas sector was flying high due to advances in ( SEPLAT
) by 0.61%, ( JAPAULOIL
) by 4.55% and ( FO
) by 4.42%.( FO
) just barely made it out of its 52-week low and still reports a YTD loss of a whopping 58.37%. The advances in the sector wiped out the 0.99% loss in ( OANDO
Reporting for EasyKobo on Wednesday , 12 September 2018 in Lagos, Nigeria
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