Gains from the previous session were Wednesday wiped off, as the ASI shed 0.78% to 31,969.79 points, following loses across major Industrial Goods and Banking stocks.
Against that backdrop, the Month-to-Date and Year-to-Date losses increased to 1.53% and 16.40% respectively.
On sectoral performance, losses across the Industrial (-2.58%) and Banking (-1.55%) indices offset gains in the Oil & Gas (+1.10%), Insurance (+0.26%), and Consumer Goods (+0.18%) indices. Notable stocks include Dangote Cement (-1.72%), Guaranty (-2.98%), Mobil (10.00%), Prestige (9.84%) and International Breweries (+1.82%), respectively.
Market breadth was negative with 22 losers and 10 gainers, led by with the loser chart led by Unity Bank (-8.60%) and Mobil (+10.00%) respectively. Total volume and value of trades surged by 60.5% and 95.0% to 237.75 million units and NGN3.50 billion, respectively, exchanged in 3,359 deals.
Market watchers 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. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.


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