Sentiments in the equities market yesterday turned negative, as the ASI dropped 0.14% to 32,108.92 points, following sell pressure in value stocks.
Accordingly, the Month-to-Date and Year-to-Date losses increased to 1.10% and 16.04%, respectively.
The Oil & Gas (-1.23%) and Banking (-0.30%) indices closed negative, following losses in the shares of Eterna (-9.17%) and Diamond Bank (-9.52%), respectively.
On the flip side, interests in Law Union (+5.77%), Honeywell Flour (+6.00%), and CCNN (+0.56%) stocks led to gains in the Insurance (+0.21%), Consumer Goods (+0.05%), and Industrial Goods (+0.02%) indices, respectively.
Market breadth turned positive with 16 gainers and 15 losers, led by Unity Bank (+8.97%) and Diamond Bank (-9.52%) stocks respectively. Total volume of trades dropped 42.65% to 229.26 million units, valued at NGN2.50 billion (+11.40%), and exchanged in 2,726 deals.
Experts’ outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a one-off positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.


Please enter your comment!
Please enter your name here