17 July 2018 ( Lagos ): Continuing the negative sentiment of this week, NSEASI closed under again, losing 303.16 points and consequently going down 0.81%. A rise of 1.32% in the Market hulk ( DANGCEM
) could only reduce the overall losses, but wasn't able to help ASI cross the bridge over to the greenery.
The Banking and consumer industry's bears are the one to blame. All its "heavyweight" companies shed some major points today. Staring with a loss in ( ZENITHBANK
) of 0.63%, ( GUARANTY
) of 1.13% and ( NB
) of 1.36%. Other companies that added to the laggard were, ( FBNH
) with a decline of 1.44%, ( ETI
) shed 0.72%, ( UBA
) lost 1.01%, ( ACCESS
) lost 1.49% and ( STANBIC ) shed 7.67%, ( DANGFLOUR
) losing 4.12%, ( GUINNESS
) going down by 7.41%, and ( GLAXOSMITH
) declining by 9.97%, these declines outweighed upticks in ( WEMABANK
) of 7.94% and ( DANGSUGAR
) of 2.57%, and ( FLOURMILL
) of 0.33%. Following increases in Brent Crude, ( PZ
) continues to lose its share value, going below its 52-week low reaching a trade value of 15.4.
In the oil and gas also Bears dominated the sector, with dips in ( OKOMUOIL
) of 7.61% and ( OANDO
) of 9.48% outweighed the surges in ( ETERNA
) by 1.56% and ( JAPAULOIL
) by 6.45%
In terms of trading ( TRANSCORP ) recorded the highest volume of 20.7 million traded shares, followed by ( ACCESS ) (19.5m), ( ZENITHBANK ) (15.42m) and ( SOVRENINS ) (13.3m).
Following political uncertainties, late passing of the budget and cautious investor's trading behavior the NSE All-Share Index (NSE-ASI) already reports an overall year-to-date loss of 3.35%, with the elections coming closer the bearish sentiment will prevail in the market for a while.
Reporting for EasyKobo on Tuesday, 17 July 2018 in Lagos, Nigeria