The domestic equities market yesterday resumed its upward trend, with the ASI rising by 0.12% to close at 32,453.69 points, driven by gains in Unilever and Dangote Cement stocks.

Accordingly, the Month-to-Date and Year-to-Date returns grew to 6.21% and 3.26%, respectively.

On sectoral performances, the Insurance (+1.17%) index led the pack, following gains in NEM (+5.00%) and Custodian (+1.67%). The Industrial Goods (+0.71%) and Consumer Goods (+0.27%) indices followed suit, driven by appreciations in Dangote Cement (+0.53%) and Unilever (+6.82%) respectively.

On the flip side, the Oil & Gas (-0.75%) and Banking (-0.45%) indices closed in the red, following selloffs of OANDO (-5.17%) and UBN (-8.03%), respectively.

Market breadth turned positive with 22 gainers and 13 losers, led by Livestock (+10.00%) and UBN (-8.03%), respectively. Total volume and value traded shrunk by 10.0% and 12.1% to 423.38 million units and NGN3.73 billion respectively, exchanged in 4,417 deals.

Outlook for equities in the short-to-medium term remains conservative ahead of the upcoming general elections. Experts however expect stable macroeconomic fundamentals to drive recovery in the long-term.


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