The Nigerian equities market Monday kicked off the week with a positive start as the ASI notched higher by 0.95% to 32,129.94 points, following gains across heavyweight stocks.
Accordingly, the Month-to-Date and Year-to-Date returns increased to 1.30% and 2.23%, respectively.
Across sector indices, the Banking (+2.66%), Consumer Goods (+0.43%), and Industrial Goods (+0.31%) indices closed positive, driven by gains across Guaranty (+4.79%), Dangote Flour (+5.05%), and Dangote Cement (+0.20%) shares, respectively.
Meanwhile, the Insurance (-0.21%) index closed negative, following sell-offs in NEM (-2.40%) shares. The Oil & Gas index was flat.
Market breadth was positive with 24 gainers and 10 losers, led by CUTIX (+9.76%) and PZ (-9.67%) stocks respectively.
Total volume traded declined by 33.2% to 228.48 million units, valued at NGN2.61 billion, and exchanged in 3,544 deals.
Amidst the still sensitive political landscape, experts still hold the view that the blend of compelling valuation story, together with positive macroeconomic picture, leaves scope for market recovery in the medium-to-long term. However, they advice investors to tread cautiously trading path in the short term.