The Nigerian equities market sustained its bearish performance for the second consecutive session as the ASI moderated by 0.96% to 30,771.32 points, following sell-offs across both tier-1 and tier-2 banking stocks.
Against the foregoing, the Month-to-Date loss notched higher to 0.21%.
Among sector indices, the Industrial (-2.83%), Banking (-2.15%), Insurance (-0.12%) and Consumer Goods (-0.02%) indices closed negative following losses in WAPCO (-4.17%), Guaranty (-4.49%), SOVRENINS (-4.76%) and Dangote Sugar (-1.69%) respectively. Meanwhile, the Oil and Gas (+0.64%) closed positive on account of gains in FO (+9.64%).
Market breadth turned negative with 13 gainers and 23 losers, led by FO (+9.64%) and GlaxoSmithKline (-10.00%), respectively. Total volume of trades declined by 21.1% to 169.19 million units, valued at 1.13 billion and exchanged in 3,683 deals.
Outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a positive trigger. However, analysts opine that stable macroeconomic fundamentals remain supportive of recovery in the long term.