Gains persisted on the domestic bourse yesterday for the fourth consecutive session, with the ASI inching up 0.69% to 33,191.45 points – the highest since September 11. The gains were buoyed by interest in large cap stocks.
As a result, the Month-to-Date gain increased to 1.30%, while the Year-to-Date loss moderated to -13.21%, respectively.
The Industrial Goods (+0.94%) index posted the largest gain, following demand for Dangote Cement (+2.14%) stocks. The Consumer Goods (+0.26%) and Oil & Gas (+0.13%) indices also closed positive, owing to gains posted in the respective shares of Nestle (+2.19%) and OANDO (+0.93%).
On the flip side, selloffs in the shares of Nigerins (-7.14%) and Guaranty (-0.27%) led to losses in the Insurance (-0.71%) and Banking (-0.60%) indices, respectively.
Market breadth turned negative with 18 losers and 14 gainers, led by Firstaluminum (-9.09%) and Transcorp (+9.60%) respectively. Total volume and value of trades dropped by 28.20% and 52.52% to 185.19 million units and NGN2.35 billion, respectively, executed in 3,180 deals.
Despite recent gains, market watchers remain conservative in their outlook for equities in the short to medium term, amidst brewing political concerns, and the absence of a positive trigger.
They posit that stable macroeconomic fundamentals remain supportive of recovery in the long term.


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