08 August 2018 ( Lagos ): As fast as the Oil and gas sector rallied with the release of the H1'results, the sector is falling down at the same pace, the equity market is having to bear the brunt of this fall resulting in the
NSE witnessing a YTD loss of 4.99%. The NSEASI closes under after another day of negative trading this week, shedding 33.98 points. The day mimicked yesterday in terms of the oil and gas sector leading the losers club and the consumer goods sector being the sole gainer of the day.
The consumer goods sector enjoyed a bullish day with upticks in (
DANGFLOUR ) by 1.22%, (
PZ ) by 1.79%, (
NASCON ) by 0.5% and (
CADBURY ) by 0.5%.
The Banking sector enjoyed a bullish day as well, as skyrocketing rises in third-tier stocks like (
UNITYBNK ) by 9.3%, and ( JAIZBANK ) by 5.36%, overweighed the declines in (
GUARANTY ) by 0.38% and (
UBA ) by 1.04%. This is the perfect example of the victory of the mouse over the elephant.
Now, coming to the sector that led laggards and dragged the market down- the oil, gas and energy sector: (
OANDO ) fell by 4.39%, (
TOTAL ) closed 2.56% lower, and (
ETERNA ) dipped by 1.64%.
In terms of traded shares (
UBA ) boasted of the highest number 21.3 million shares worth N 205.2 million, followed by (
SOVRENINS ) = 14.1 million shares worth N 3.4 million; (
TRANSCORP )= 8.3 million shares worth N 10 million and (
ZENITHBANK ) = 7.8 million shares worth N 186.5 million.
As the political insecurity and instability in the country is increasing and intensifying as we get closer to the elections, not only the sell off pressure is increasing exponentially, investors holding their investments because of this,is hindering the growth of the market and in turn the economy.
Reporting for EasyKobo on Wednesday ,08 August 2018 in Lagos, Nigeria