Cement Bulls to Telecom Bulls: Its us versus the Banking Bears! Let's take 'em down   


22 may 2019: Seem like the bourse is on a glorious spree, since the MTNN listing, the NSE ASI hasn't seen a dark day, despite desperate attempts by the banking and consumer goods bears to pull the bourse down.


Yet another victorious day for the Nigerian bourse, this time the gigantic duo's rise made the ASI reach the stratosphere, gaining 3.07%, not only that, the YTD has dropped to a mere -0.91%, along with the market capitalisation skyrocketing to N 13.73 trillion.


The market is definitely having a positive response to the Telecommunication giant's listing.


On the positive side, MTNN rose by 9.98% yet again, supported by DANGCEM which gained a whopping 9.73%.


On the flip side, a disappointing performance was shown by all the other sectors. Commencing with the Banking sector, declines in ( ZENITHBANK ) and ( GUARANTY )  by 2.56%, ( UBA ) by 4.2% and ( ETI ) by 8.5% really dragged the sector down.


Sharing the negative sentiment was the consumer goods and oil&gas sector, which experienced sluggish sentiment, courtesy the falls in ( NESTLE ) by 7.69% and ( NB ) by 0.72%, both are highly capitalised consumer good stocks. ( OANDO ) shed 2.15% in the oil and gas sector, while ( WAPCO ) lost 1.96% in the industrial goods sector.


Reporting for EasyKobo on Wednesday , 22 May 2019 in Lagos, Nigeria


  

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