29 August: The cement bear fraternized with the banking bears to cut the wings of the Phoenix right at the closing hour, and the Phoenix that was rising, came crashing down in the last hour, losing 0.44%, thus resulting in a YTD loss of 7.54%.
Unraveling the mystery behind this fall, the declines in (
DANGCEM ) by 0.43%, (
WAPCO ) by 5.56% in the industrial goods sector and (
FBNH ) by 7.22%, (
UBA ) by 3.59% in banking sector have left no room for the Bourse to escape the pessimism.
The Banking sector activity wasn't entirely depressing though: (
ZENITHBANK ) rose by 0.9%, (
GUARANTY ) increased 0.13% to its share price, (
ETI ) grew by 3.89% and (
ACCESS ) surged by 2.15%, but obviously the declines overweighed the upticks.
The oil and gas; consumer goods sector were the gainers of the day, and enjoyed widespread optimism, fueled by massive surges in (
PZ ) by 7.14%, (
DANGSUGAR ) by 3.25%, (
DANGFLOUR ) by 3.82% and (
HONYFLOUR ) by 1.84% in the consumer goods sector. Although, (
FLOURMILL ) fell by 7.06% and (
UNILEVER ) dipped by 1.96%, but the declines in the sector were not strong enough to withstand the surges.
When bellwether stock rise, it takes the sector to the stratosphere, with rises in (
OANDO ) by 3.85%,(
TOTAL ) by 1.05% and (
ETERNA ) by 3.33%, obviously declines in third tier stock like (
JAPAULOIL ) by 3.85% and (
FO ) by 2.69% couldn't reduce the bullish sentiment.
Reporting for EasyKobo on Wednesday ,29 August 2018 in Lagos, Nigeria