28 June 2018: Bears strengthen their hold on the the Nigerian Bourse, after they closed red for a third consecutive session today, after shedding 230.49 points, which translates to a loss of 0.61%. This loss is majorly attributed to the most heavily weighted stock on the market (
DANGCEM ) and of course the intensified sell pressure on the large and medium cap stocks.
(
DANGCEM ) pulled the ASI down by losing 2.17%, which also affected the industrial sector, consequently, the uptick in (
WAPCO ) of 5% wasn't able to save the day.
Drilling down to sectors, the oil and gas sector is in no mood to forfeit its "loser" title, and led laggards yet again today, following declines in (
OKOMUOIL ) by 2.7%, (
OANDO ) by 1.52%, (
JAPAULOIL ) by 2.63%. [ This decline isn't helping Japaul's already negative PE ].
The Banking segment worsened the Equity's losses, courtesy price depreciation in bluechip stocks. Leading the decline is (
STERLNBANK ) which fell by 2.11%, closely followed by dips in (
ZENITHBANK ) by 0.4% and (
UBA ) by 0.48% . Other banks that shed some points are (
DIAMONDBNK ) and ( WEMABNK ), both fell by 3.52% and 4.11% respectively.
The consumer goods sector was the only gainer of the day, enjoying major advances in bellwether stock like (
HONYFLOUR ) by 9.55%, (
FLOURMILL ) by 3.7%, (
NESTLE ) by 0.07% and (
NB ) by 0.54%. These gains offset the loss in (
DANGFLOUR ) of 2.44%.
Lastly, then insurance industry observed mixed sentiments with upsurges in (
LAWUNION ) by 9.3%, (
AIICO ) by 5%, and (
REGALINS ) by 4.17% gave the sector a bullish feel, but at the same time dips in ( EQUITYSAUR ) by 4.5% and (
PRESTIGE ) by 3.51% bought back the bearish sentiment.
Reporting for EasyKobo on Thursday, 28 June 2018 in Lagos, Nigeria