Proceedings turned positive in the equities market Tuesday, as the benchmark index inched up 0.33%, following interest in large cap stocks.
As a result, the Month-to-Date and Year-to-Date losses reduced to 0.96% and 15.92%, respectively.
Returns were mixed across the major sectoral indices, as the Consumer Goods (+1.82%) and Industrial Goods (+0.36%) indices posted positive returns, while the Insurance (-1.11%), Banking (-0.53%), and Oil & Gas (-0.13%) indices closed in the negative. The respective index movers include Nestle (+3.62%), CCNN (+9.81%), MBENEFIT (-10.00%), Guaranty (-1.84%), and OANDO (-0.99%) stocks.
Market breadth remained negative with 23 losers and 13 gainers, led by FIDSON (-10.00%) and CCNN (+9.81%) shares respectively. Total volume of trades dropped 5.18% to 149.65 million units, valued at NGN2.79 billion (+59.55%), and exchanged in 3,063 deals.
Analysts remain conservative in their outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, they said positive macroeconomic fundamentals remain supportive of recovery in the long term.


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