The equities market yesterday closed negative for the third negative session, with the benchmark index dropping 1.42% to 32,006 points, as profit taking in value stocks persisted.
As a result, the Year-to-Date loss increased to 16.31%.
All sectoral indices closed in the red, with the Industrial Goods (-2.10%) index remaining the top loser, followed by the Consumer Goods (-1.13%), Oil & Gas (-0.79%), Banking (-0.61%), and Insurance (-0.07%) indices. Notable stocks include DANGCEM (-2.87%), Cadbury (-10.00%), Eterna (-9.92%), Diamond Bank (-7.09%, and AFRIPRUD (-9.82%) respectively.
Market breadth remained negative with 24 losers and 11 gainers, led by Cadbury (-10.00%) and Japaul Oil (+10.00%) shares respectively. Total volume and value of trades rose by 67.41% and 29.02% to 355.76 million units, valued at NGN4.86 billion, and exchanged in 3,019 deals.
Market watchers reiterate their negative outlook for the equities market in the short-to-medium term, amidst political concerns in the 2019 elections, and absence of a positive market trigger.
However, positive macroeconomic fundamentals remain supportive of recovery in the long term.


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