For the fourth straight session, Nigeria’s equities market today closed in the green territory, following investors’ interest across major counters. Specifically, the benchmark index notched higher by 0.16% to 30,821.80 points.
Against that backdrop, the Month-to-Date gain increased to 0.87%, while the Year-to-Date loss dipped to -2.09%.
Across sectoral indices, the Banking (+0.57%), Consumer Goods (+1.25%), and Insurance (+0.48%) indices closed positive, driven by interest in Guaranty (+1.76%), Nestle (+2.82%), and AIICO (+6.06%) stocks respectively.
Meanwhile, the Industrial (-0.62%) and Oil & Gas (-0.13%) indices closed negative, on account of sell-offs in Dangote Cement (-0.79%) and OANDO (-1.00%) stocks respectively.
Market breadth was positive with 18 gainers and 16 losers, led by Learn Africa (+9.49%) and Custodian (-8.82%) stocks respectively.
Elsewhere, total volume traded expanded sharply by 88.7% to 359.09 million units, valued at NGN4.83 billion, and exchanged in 3,319 deals.
In spite of the recent rallies, Experts outlook for equities in the near-to-medium term is negative, and we advise investors to trade cautiously amidst political uncertainties ahead of the 2019 elections, and the absence of a positive market trigger.
However, they posit that positive macroeconomic fundamentals remain stable and supportive of recovery in the long term.