L – R: Mr. Onome Asagbra, Publicity Secretary, Advertisers Association of Nigeria (ADVAN); Mrs. Ediri Ose-Ediale, Executive Secretary, ADVAN; Mr. Wasiu Abiola, First Vice President, ADVAN; Mr. Bola Adeeko, Head, Shared Services Division, The Nigerian Stock Exchange (NSE); Mrs. Folake Ani-Mumuney, President, ADVAN; Mr. Lampe Omoyele, Member ADVAN Board of Trustees and Mr. Abiona Babarinde, Ex-Officio, ADVAN during a Closing Gong Ceremony in commemoration of the association’s 25th anniversary celebration at the Exchange Thursday.

The bears yesterday continued to dominate in the equities market, amidst heavy sell pressure across Banking stocks. The ASI dipped further, by 0.76%, to 31,864.80 points.
Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.85% and -16.68%, respectively.
The Banking (-3.34%) index recorded the most significant decline, following selloffs in Guaranty (-6.59%) and Zenith Bank (-3.12%). The Industrial Goods (-0.38%), Oil & Gas (-0.07%) and Insurance (-0.06%) indices also closed in the red, weighed by sell pressure in WAPCO (-1.84%), AIICO (-3.03%), and Mobil (-0.66%) respectively.
On the flip side, gain in Nestle (+3.45%) led to upturn in the Consumer Goods (+0.50%) index.
Market breadth was negative, with 10 gainers and 21 losers, led by JAIZ Bank (+7.50%) and UAC Properties (-10.00%) shares, respectively. Total volume of trades rose by 52.34% to 349.25 million units, valued at NGN2.45 billion and exchanged in 2,595 deals.
In the absence of a positive catalyst, as well as brewing political concerns, market watchers want investors to trade cautiously in the short-to-medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long-term.

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