Investors’ interest in DANGCEM shares today acted to help the Nigeria’s equities market stretched its catch-up game into the third session of the week, as the ASI rose by 1.07% to 30,460.68 points.
Set against the foregoing, the Month-to-Date loss declined sharply to 3.09%.
On sectoral performance, the Industrial (+1.70%), Insurance (+2.32%), and Consumer Goods (+0.24%) indices closed positive, on account of gains across Dangote Cement (+4.44), Custodian (+9.43), and Guinness (+9.65) respectively.
Meanwhile, the Banking (-0.68%) and Oil & Gas (-0.01%) indices closed in the red, following losses in Guaranty (-2.69%) and OANDO (-3.30%) respectively.
Market breadth was positive with 24 gainers and 16 losers, led by SOVRENINS (+10.00%) and BETAGLAS (-10.00%) stocks respectively. Meanwhile, total volume increased slightly by 1.9% to 305.81 million units, valued at NGN2.10 billion, and exchanged in 3,642 deals.
The absence of a positive catalyst and political concerns ahead of the 2019 election guide our conservative outlook for equities in the short-to-medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.