L – R: Mr. Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Dr. Stefan Traumann, German Consul General, during a courtesy visit to discuss more collaborative opportunities with the Exchange Monday in Lagos.

The equities market started the week positive, as the ASI rose 0.51% to 32,222.24 points, owing to interest in Consumer Goods stocks.
Accordingly, the Month-to-Date and Year-to-Date losses moderated to 0.75% and 15.74%, respectively.
The Consumer Goods (-1.37%) index was the top gainer, following price appreciations in index heavyweights NB (+2.66%) and Nestle (+1.35%). The Insurance (+0.80%) and Banking (+0.38%) indices followed suit, driven by interest in Continental Insurance (+6.38%) and FBNH (+2.01%).
Conversely, a decline in FO (-7.77%) led to a loss in the Oil & Gas (-0.14%) index. The Industrial Goods index closed flat.
Market breadth was positive with 26 gainers and 5 losers, led by GlaxoSmithKline (+9.96%) and Mutual Benefit (-8.00%) stocks respectively. Total volume and value of trades dropped by 9.8% and 35.6% to 148.10 million units and NGN1.80 billion, respectively, exchanged in 2,853 deals.
Analysts reiterate a 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 however said that positive macroeconomic fundamentals remain supportive of recovery in the long term.

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