05 July 2018 ( Lagos ) : Equity sector finally rides the rodeo bull ride.
Despite the election heebie-jeebies and the pressure on EM equity and the sell pressure causing it to have lost 7.8% in Q2'18, and ~2% in the start of Q3; the ASI tried to wiggle its way into the winners club.
ASI went up by 0.65 %, gaining 244.15 pts.representing a 1-week gain of 0.03%, a 4-week loss of 0.3%, and an overall year-to-date loss of 1.31%. The market mainly owes the pleasure to the Banking industry and the Industrial goods sector.
Commening with the Banking industry, with advances in ( STERLNBANK ) of 5.71%, ( UBA ) of 0.49%, ( FIDELITYBK ) of 0.12% was not ready to be bogged down by the lows in ( ACCESS ) of 2.71% and ( UNITYBNK ), although it shouldn't be ignored that ( UNITYBNK ) is the second best performing stock on the exchange with a YTD of 108%. Also, a mind boggling number of shares were traded int eh banking sector today, with UBA recoding the highest volume of shares traded- 294.9million, with a total trade value of N 3bn.,followed by ( ZENITHBANK ) -38.3Mn shares, ( ACCESS )- 34,4Mn shares and ( GUARANTY ) -34.4Mn shares.
In the Industrial sector, the market hulk ( DANGCEM ) gaining 2.24% and his loyal friend ( CCNN ) rising by 4.74%, both worked together to lift the curse of the market albeit temporarily.
The oil and gas sector, and the Consumer goods industry shared somewhat mixed sentiments, tilting more towards slight bearish trend. ( FLOURMILL ) and( INTBREW ) led laggards by shedding 5.34% and 3.19% respectively, but the Consumer goods division of the Dangote group tried to save the day with ( DANGFLOUR ) and ( DANGSUGAR ) rising by 1.96% and 3.54% respectively.
Similarly, losses in ( MOBIL ) by 7.89% and ( CAPOIL ) by 9.09 % overpowered the rise in ( JAPAULOIL ) by 8.33%.
Lastly, some other advances include, ( MULTIVERSE ) surging by a whopping 10%, but still trending dangerously low and ( HAMRKINS ) gaining 9.68%. However, ( CHAMPION ) observed a dip of 8% reaching a 52-week low share price of 1.84 N.
We hope for a similar positive sentiment in the market tomorrow, but with the risk aversion attitude prevailing in the market, bears might try to sneak in tomorrow.
Reporting for EasyKobo on Thursday, 5 July 2018 in Lagos, Nigeria