The equities market started the week on a positive note, as the ASI closed higher for the third consecutive session, by 0.88%, to 33,196.07 points, owing to interest in Banking stocks.
As a result, the Month-to-Date gain increased to 1.31%, while the Year-to-Date loss moderated to 13.20%.
Positive returns in the shares of Stanbic (+6.52%), Guaranty (+4.05%), and UBA (+1.25%), led to gains in the Banking (+1.98%) index, while investor interest in Dangcem (+0.71%) shares supported uptick in the Industrial Goods (+0.43%) index.
On the flip side, the Insurance (-0.39%), Oil & Gas (-0.25%), and Consumer Goods (-0.17%) indices closed negative, owing to losses in AIICO (-8.86%), Japaul Oil (-4.76%), and NB (-0.57%) stocks, respectively.
Market breadth closed negative with 17 losers and 16 gainers, led by Unity Bank (-10.00%) and LASACO (+6.67%) shares respectively. Total volume of trades fell by 46.31% to 150.50 million units, valued at NGN2.88 billion (+46.67%), and exchanged in 2,624 deals.
Analysts outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a positive catalyst. They posit that stable macroeconomic fundamentals remain supportive of recovery in the long term.


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