The Nigerian equities market today extended its positive run from the prior session, as the ASI appreciated by 0.46% to 30,878.56 points, following investors’ interest across Tier-1 and Tier-2 banks.
Hence, the Month-to-Date loss declined to 1.76%.
Across sector indices, the Industrial (-0.04%), Insurance (-0.24%), and Oil & Gas (-0.14%) indices closed negative, driven by WAPCO (-0.40%), NEM (-4.40%), and FO (-1.67%) respectively.
Meanwhile, the Banking (+1.64%) index was positive, following marked gains in Guaranty (+2.80%). The Consumer Goods index was flat.
Market breadth was positive with 21 gainers and 10 losers, led by First Aluminum (+9.68%) and RESORTSAL (-8.33%) stocks respectively. Elsewhere, total volume and value traded increased by 53.0% and 21.5% to 376.26 million units and NGN2.97 billion respectively, and exchanged in 3,405 deals.
Experts want investors to trade cautiously in the short to medium term, as selloffs are likely to persist, amidst brewing political uncertainty, and the absence of a positive catalyst.
However, they state that stable macroeconomic fundamentals remain supportive of long-term gains.