The equities market started the week negative, as the ASI fell by 0.18% to 32,143.41 points, owing to sell pressure in banking stocks.
Accordingly, the Month-to-Date and Year-to-Date losses increased to 0.99% and 15.95%, respectively.
The Banking (-1.06%) and Insurance (-1.30%) indices were top losers, with 8 stocks (of the 12 losers) in the financial services segment (7 banks, 1 insurance company) bearing losses. In particular, respective losses in Guaranty (-1.75%) and NEM (-8.21%) stocks led to the indices’ negative returns.
On the flip side, the Consumer Goods (+0.17%) and Oil & Gas (+0.75%) indices closed positive, owing to gains in Flourmill (+7.14%) and OANDO (+6.45%) stocks. The Industrial Goods index closed flat.
Market breadth turned positive with 14 gainers and 12 losers, led by REGALINS (+10.00%) and ABBEYBDS (-9.40%) stocks respectively. Total volume of trades rose by 17.19% to 142.11 million units, valued at NGN1.56 billion, and exchanged in 2,772 deals.
Analysts reiterate negative 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.
They say however that positive macroeconomic fundamentals remain supportive of recovery in the long term.

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