Proceedings in the equities market today sustained its bearish run as the benchmark index declined by 0.53% to 31,178.71 points, following selloffs across Tier I and II banking stocks.
Against that backdrop, the Month-to-Date loss increased to 0.80%.
On sectoral performance, the Banking (-1.45%), Consumer Goods (-0.56%), Oil & Gas (-0.13%) and Insurance (-0.23%) indices closed negative on the back of losses in Zenith Bank (-2.13%), NB (-2.38%), OANDO (-0.98%), and Linkage Assurance (-9.68%). Meanwhile, the Industrial Goods index closed flat.
Market breadth was negative with 29 losers and 14 gainers, led by RedStar Express (-10.00%) and Academy (+10.00%) respectively.
Meanwhile, total volume and value traded increased by 61.4% and 3.8% to 359.51 million units and NGN1.91billion, respectively, and exchanged in 3,773 deals.
Market watchers outlook for equities in the near-to-medium term is negative, and they caution investors to trade cautiously, amidst political jitters ahead of the upcoming elections.
However, they say macroeconomic fundamentals remain stable and supportive of recovery in the long term.