Nigeria’s equities market today extended gains from the prior session, with the ASI rising 0.47% to 31,151.68 points, following a late surge in Dangote Cement shares.
As a result, the Month-to-Date return inched higher to 0.90%, while the Year-to-Date loss moderated to 18.54%.
Dissecting the sectoral performance, the Industrial Goods (+0.85%) and Insurance (+0.58%) indices gained, driven by price appreciations in Dangote Cement (+2.70%) and WAPIC (+8.11%), respectively, while there were losses across the Banking (-1.07%), Oil & Gas (-0.61%), and Consumer Goods (-0.18%) indices, weighed by declines in Guaranty (-1.81%), SEPLAT (-2.46%), and International Breweries (4.23%), respectively.
Market breadth was positive with 19 gainers and 18 losers, led by Veritas KAP (+10.00%) and CCNN (-9.72%) shares respectively. Total volume and value of trades inched higher by 0.1% and 9.2% to 198.64 million units and NGN2.31 billion respectively, exchanged in 2,845 deals.
Analysts posit that the absence of a positive trigger and political jitters ahead of the 2019 elections, guide their conservative outlook for equities in the short to medium term.
However, stable macroeconomic fundamentals remain supportive of recovery in the long term.


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