24 July 2018 ( Lagos ) : After two days of positive sentiment at the begging of the week, bears return to the market and exploit the NSEASI by dragging it down by 0.7%. All the sectors closed under today, except the Banking segment, which was the sole winner for the day.
The bullish sentiment in the market prevailed due to advances in the sector's big and medium giants wiz; (
ZENITHBANK ) by 0.22%, (
GUARANTY ) by 0.52% and (
FBNH ) by 0.55%. These advances outweighed the decline in (
FCMB ) of 9.5% (making it the biggest loser of the day) and (
ETI ) by 0.97%.
Now talking about the industries that let laggards, we start with the consumer goods sector where companies suffered major dips; (
HONYFLOUR ) went down by 9.47%, (
PRESCO ) fell by 9.98%, (
PZ ) declined by 9.82%, (
DANGSUGAR ) lost 3.95%, (
NASCON ) went down by 3.85%, heavyweight (
NB ) shed 2.31% and (
GUINNESS ) lost 1.03%, with so many declines, the upticks in sector hulk (
NESTLE ) of 1.4% , (
DANGFLOUR ) of 1.69% and (
UNILEVER ) of 0.19% couldn't save the day.
In the oil and gas sector, (
OANDO ) leader of the energy sector shed 2.91%, coupled with (
ETERNA ) that led the losers in the segment by falling 5.51%, followed by (
JAPAULOIL ) that dipped by 3.12%.
Lastly, in the cement industry, when both (
DANGCEM ) and (
WAPCO ) decided to lose 0.42% and a whopping 10% respectively, how much difference could a 4.42% increase in (
CCNN ) do.
Despite NSE's effort to deepen the market by allowing the listing of non- interest debt securities, the political instability and investor's fears caused the NSEASI to report a YTD loss of 4.68%. Maybe the listings of MTN, Dangote Oil Refinery and some more new listings might bring some respite.
In terms of shares traded (MEDVIEWAIR ) recorded the highest volume of 100 million traded shares, followed by ( TRANSCORP ) (45.5m),( ZENITHBANK ) (42.72m) and ( FBNH ) (36.01m).
Reporting for EasyKobo on Tuesday, 24 July 2018 in Lagos, Nigeria