The equities market on Monday started the week on a bearish note as the ASI shed 0.82% to 30,614.73 points, following selloffs across all sectors.
Thus, the Month-to-Date and Year-to-Date losses notched higher to -0.84% and -19.95%, respectively.
All sectoral indices closed negative with the Consumer Goods (-2.32%) index leading the pack, following a selloff in Nestle (-4.13%). To add, the Oil & Gas (-1.19%), Banking (-0.39%), Industrial (-0.25%) and Insurance (-0.74%) indices also posted losses weighed by sell pressure in MOBIL (-8.47%), Zenith Bank (-2.12%), WAPCO (-1.60%), and Cornerstone (-9.09%) respectively.
Market breadth was negative, with 14 gainers and 25 losers, led by Transexpress (+8.47%) and Livestock (-9.62%), respectively.
Total volume of trades declined by 8.1% to 164.58 million units, valued at NGN1.67 billion, and exchanged in 3,193 deals.
Outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a positive trigger.
However, stable macroeconomic fundamentals remain supportive of recovery in the long term.


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