03 August 2018 : Recording the largest value traded since 31 May (N9.79 billion), negative sentiment drove the equity market further southward at week close, down 68bps. With four out of five sessions in the week closing in negative territory, the ASI closed out August with a 163bps w/w and 586bps m/m decline. The Banking (d/d: -248bps; w/w:-149bps) and Industrial Goods (d/d:-22bps; w/w:-473bps) sectors were under pressure amidst sizable losses in GUARANTY (-400bps w/w), ZENITHBANK( -433bps w/w), and WAPCO (-10.48% w/w). 

Meanwhile, the Consumer Goods sector managed a 34bps w/w gain despite a pull back on Friday (-36bps d/d) following losses in NB (-210bps). The Oil and Gas sector (d/d:+10bps; w/w: +97bps) was the only gainer on the day, caping off a positive week for the sector thanks to strong performances from TOTAL (w/w: +681bps) and OANDO (w/w: -600bps). 

Analysts expect trading in the new month to begin on a weaker note as investors remain pessimistic in the short-term. Analysts also highlight that recent earnings releases did little to improve market sentiment, further evidence of the pre-election blues. 

Corporate Disclosures 

The Board of Directors of Fidelity Bank Plc has notified the Nigerian Stock Exchange and shareholders that the delay in releasing the company’s audited financial statements for the half year ended 30 June 2018 as the audit of the financial statememnts is still ongoing and is expected to be concluded on or before 30 September 2018. 

The Board of Seplat Petroleum Plc has notified the Nigerian Stock Exchange that the company was informed of the sale of 95,238 ordinary shares registered in the name of Lexican Consulting Limited, a company owned by Mr. Michael Richard Alexander, a Senior Independent Non-Executive Director of the Company. 

The Board of Directors of Sovereign Trust Insurance Plc has notified shareholders that the 23rd Annual General Meeting of the company will take place on 27 September 2018 at the Grand Banquet Hall of the Civic Centre, Victoria Island. 

The Board of Directors of United Bank for Africa has announced the retirement of Mrs Rose Okwechime, Mr. Adekunle Olumide, OON, Alhaji Ja’afaru Paki and Mr Yahaya Zekeri as Non-Executive Directors. Concurrently, the Board announced the appointment of Ms Angela Aneke, Erelu Angela Adebayo, Mr Isaac Olukayode Fasola and Mr. Abdulqadir J. Bello as Non Executive Directors. 

The Board of Directors of AIICO Insurance Plc has announced the holding of an extra-ordinary general meeting, holding at the Federal Palace Hotel on 5 October 2018. 

The Board of Directors of Courteville Business Solutions Plc has informed the Nigerian Stock Exchange that the Securities and Exchange Commission has approved the Company’s withdrawal as a Capital Market Operator effective 13 August 2018. 

Reporting for EasyKobo on Monday , 03 August 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited