Domestic equities endured a third consecutive week of losses as sell pressure intensified across bellwether stocks. The ASI shed 2.54%, the largest weekly drop since mid-September, to close at 30,874.17 points.
The market closed in the red on all trading days of the week, save for Friday. Consequently, the MtD and YtD losses increased to 4.90% and 19.27%, respectively.
On sectoral indices, the Oil & Gas (-5.12%), Industrial Goods (-3.36%) and Banking (-2.99%) indices posted losses, while there were gains in the Insurance (+4.71%) and Consumer Goods (+0.08%) indices. Market breadth was negative, with 41 losers and 25 gainers, led by Diamond Bank (-31.58%) and Continsure (+33.33%), respectively.
Notably, the bullish run in Continsure was spurred by the news of the offer, by CRe African Investments Limited, to acquire all outstanding and issued shares of Continsure at NGN2.04/s.
Analysts reiterate negative outlook for the equities market in the short-to-medium term, amidst political concerns surrounding the 2019 elections, and the absence of a positive market trigger.
However, they said positive macroeconomic fundamentals remain supportive of a recovery in the long term.


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