Dangote Cement shares yesterday continued to the lift the Nigeria’s equities market, as the ASI appreciated by 0.40% to 30,583.21 points.
Thus, the Month-to-Date loss tapered to 2.70%.
All sector indices closed positive, save for the Banking (-0.26%) index. Notably, the Industrial (+2.04%), Insurance (+0.07%), and Oil & Gas (+0.51%) indices posted gains, following interest in Dangote Cement (+1.06%), NEM (+9.71%), and Mobil (+2.17%) shares respectively. The loss in the Banking index was driven by sell-off in Zenith Bank (-1.14%).
Market breadth was positive with 23 gainers and 15 losers, led by NEIMETH (+9.84%) and E Tranzact (-9.87%) stocks respectively.
Meanwhile, total volume moderated sharply by 24.5% to 231.01 million units, valued at NGN3.26 billion, and exchanged in 3,207 deals.
Market watchers reiterate negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, they say that positive macroeconomic fundamentals remain supportive of recovery in the long term.