L – R: Abolaji Oyebo, Head, Technology, The Nigerian Stock Exchange (NSE); Tinuade Awe, Executive Director, Regulation, NSE; Bola Adeeko, Head, Shared Services Division, NSE; Oscar Onyema, Chief Executive Officer, NSE; Michele Carlsson, Managing Director, Middle East & Africa, Nasdaq; Meyer Sandy Frucher, Vice Chairman, Nasdaq and James Martin, General Manager, Europe, Middle East & Africa, Market Technology, Nasdaq during the signing of Memorandum of Understanding (MoU) between The Nigerian Stock Exchange and Nasdaq on technology at ASEA Conference in Lagos Tuesday.

Losses persisted in the equities market, as the benchmark index shed 1.14%, the biggest loss since Nov 1, 2018 — to 31,173.71 points (52-week low), owing to sell pressure in bellwether stocks.
As a result, the Month-to-Date loss increased to 3.98%, while the Year-to-Date loss increased to 18.49%.
The Oil & Gas (-5.88%) index recorded the largest loss, following a significant decline in SEPLAT (-9.61%), the most in more than 18 months. The Banking (-1.65%), Industrial Goods (-0.93%) and Consumer Goods (-0.64%) indices followed suit, weighed by losses in the respective shares of Guaranty (-2.51%), Dangote Cement (-1.03%), and PZ (-9.83%).
Meanwhile, the Insurance (+1.17%) index closed positive, driven by positive returns in Continental Insurance (+9.68%) stocks, following the offer, by CRe African Investments Limited, to acquire all the outstanding and issued shares of Continental Insurance at NGN2.04/s.
Market breadth remained negative with 23 losers and 13 gainers, led by AG Leventis (-10.00%) and Betaglas (+9.98%) shares respectively. Total volume and value of trades rose by 73.8% and 41.9% to 182.23 million units, valued at NGN2.75 billion, and exchanged in 3,121 deals.
We remain conservative in our outlook for equities in the short-to-medium term, amidst brewing political concerns, and the absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.


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