Banking and Consumer bears trim the edges off ASI's wings   

30 October 2018: Despite opening the week on a positive note, buoyed by the positive earnings reports by large cap firms, the NSEASI was struck by mid-week blues, dipping, albeit marginally by 0.08%. This resulted in the YTD dropping to 13.27% and market capitalization dropped to 12.13 trillion.


This marginal drop was fueled by declines in the Banking and Consumer goods sector.  Large cap stocks of both the sectors witnessed massive drops: ( ZENITHBANK ) fell by 3.07%, ( GUARANTY ) dipped by 1.3%, ( FBNH ) lost 8.33%, ( ETI ) shed 4.18% and ( UBA ) closed 1.23% lower. Ofcourse in the consumer good sector, the declines in ( HONYFLOUR ) by 3.33%, ( DANGSUGAR ) by 2.05%, ( UNILEVER ) by 0.93% ( DANGFLOUR ) by 9.52% and ( INTBREW ) by 1.61%. Advances in ( STANBIC ) of 7.14%, ( NB ) of 0.57% and ( CADBURY ) of 5.26%, were overshadowed.


Even in the Industrial good sector, the 4.11% decline in ( WAPCO ) overpowered the 1.65% advance in the cement king ( DANGCEM ).


Lastly, in the oil and gas sector, which was also predominantly bearish, caused by declines in ( OANDO ) by 2.88% and ( SEPLAT ) by 4.56%, overpowering the surges in ( MOBIL ) by 0.86% and ( JAPAULOIL ) by 5%.


Reporting for EasyKobo on Tuesday ,30 October 2018 in Lagos, Nigeria

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