03 September 2018 : The market is bleeding, investors are on a major panic selling spree due to which the values of the stocks are being eroded despite interstellar performances by some of the firms. The investors are gritting their teeth while their calculated predictions are being set on fire, and the political instability is adding further napalm to it. Consequently, the NSEASI presently reports a YTD loss of 8.91%. But right now, panic selling is not the best way to go, as these uncertainties are short-lived as the basic fundamentals of the equity market stand strong. Most of the top firms are presently undervalued, and hence this is the perfect time to beef up portfolios.
Coming to what happened today, the market opened the week on a bearish note, with the equity marginally dipping by 0.03%, despite advances in the Banking sector and Industrial Goods sector.
The Oil and gas, consumer goods sector is what fueled the losses.
What is interesting is, the market was on a worse downward spiral since morning and the ASI was crashing to more than 2% till the closing hour because of a massive decline in (
DANGCEM ) , and at the nth moment, (
DANGCEM ) decided to change its direction and gained 0.88% which in turn reduced the loss of the market to a marginal 0.03%.
Banking sector was the lead gainer of the day, with advances in (
ZENITHBANK ) by 1.67%, (
GUARANTY ) by 1.39% and (
FBNH ) by 0.57%. (
UBA ) and (
ACCESS ) declined by 1.25% and 1.05% respectively, but were overpowered by the upticks.
The consumer good sector was the biggest loser of the day, with massive declines in (
GUINNESS ) by 5.26%, (
NB ) by 2.96%, (
FLOURMILL ) by 9.67% and (
DANGSUGAR ) by 4.13% overweighed any possible uptick.In all fairness, (
HONYFLOUR ) did gain 7.38%.
Lastly, in the oil and gas sector, the decline in (
OANDO ) by 5.66%, (
JAPAULOIL ) by 4% and (
FO ) by 0.75% defeated the increases in (
OKOMUOIL ) by 0.71% and (
ETERNA ) by 2.99%.
After the announcement of the underwriting firm raising N 25 billion through private placement, the (
AIICO ) share is skyrocketing. Today it gained 9.76%.
Reporting for EasyKobo on Monday , 03 August 2018 in Lagos, Nigeria