Following the conclusion of the general election, sentiments in the Nigerian equities market Monday turned positive as the benchmark index notched higher by 0.57% to 32,568.65 points, driven by interest across major counters.
Accordingly, the Month-to-Date and Year-to-Date gains increased slightly to 7.01% and 4.04%, respectively.
On sectorial breakdown, all sector indices close positive, led by the Consumer Goods (+1.26%) index, and followed closely by the Insurance (+1.13%), Banking (+0.85%), Oil & Gas (+0.05%), and Industrial Goods (+0.02%) indices.
Notable stocks include NB (+4.00%), AIICO (+4.23%), Zenith (+0.97%), OANDO (+1.54%), and Dangote Cement (+0.05%).
Elsewhere, market breadth was positive, with 25 gainers and 8 losers, led by Dangote Flour (+9.95%) and Union Dicon Salt (-6.45%) shares, respectively. Total volume of trades declined by 0.7% to 219.81 million units, valued at NGN5.55 billion, and exchanged in 4,327 deals.
In the absence of a positive catalyst, as well as the still tense political milieu, experts advice investors to trade cautiously in the short term.
However, they said stable macroeconomic fundamentals and compelling valuations remain supportive of recovery in the mid-to-long term.