Investors yesterday started the week on a bullish note, as the ASI rose 0.37% to 32,962.82 points, following broad interest across value stocks.
As a result, the Month-to-Date gain increased to 0.60%, while the Year-to-Date losses moderated to -13.81%, respectively.
Most sectoral indices closed positive – Oil & Gas (+2.93%), Insurance (+0.76%), Banking (+0.47%), and Consumer Goods (+0.39%) – save for the Industrial Goods (-2.68%) index, owing to gains posted in the shares of SEPLAT (+4.86%), Custodian (+7.84%), Zenith Bank (+4.80%), and Unilever (+8.20%), as well as continued selloff in WAPCO (-10.00%) – following the unimpressive 9M-2018 result released last week.
Market breadth closed positive with 17 gainers and 16 losers, led by Unilever (+8.20%) and WAPCO (-10.00%) shares respectively. Total volume and value of trades increased by 21.29% and 239.85% to 257.92 million units and NGN4.95 billion, respectively, executed in 3,025 deals.
Market analysts’ outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a positive catalyst.
However, stable macroeconomic fundamentals remain supportive of recovery in the long term.

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