The domestic bourse Monday began the week on a bullish note, as the ASI rose by 0.35% to 30,745.05 points, following interest across the Tier I banking stocks.
As a result, the Month-to-Date gain increased to 0.61%, while the Year-to-Date loss moderated to -2.18%, respectively.
On sectoral performance, all sector indices – save for the Oil & Gas (-1.12%) index – closed positive, with the Consumer Goods (+1.07%) index leading the pack, followed by the Insurance (+0.70%), Banking (+0.19%), and Industrial Goods (+0.02%) indices.
Notable stocks include FO (-8.47%), NB (+5.27%), Custodian (+4.62%), STANBIC (+1.55%), and CUTIX (+5.56%), respectively.
Market breadth was negative with 20 losers and 16 gainers, led by FO and Redstar Express (+10.00%) respectively. Meanwhile, total volume declined sharply by 32.2% to 183.67 million units, valued at NGN1.04 billion, and exchanged in 2,909 deals.
Outlook for equities in the short-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns.