The Nigerian equities market Thursday sustained its bearish run for second day in a row as the benchmark index decreased by 0.35% to 32,010.06 points, following profit taking activities across all sectors.
Thus, the Month-to-Date and Year-to-Date returns both moderated to 0.92% and 1.84%, respectively.
On sectoral performance, all sector indices recorded declines – Banking (-0.13%), Consumer Goods (-0.17%), Industrial Goods (-0.39%), and Insurance (-1.00%).
Notable stocks include, Guaranty (-0.79%), Flourmill (-4.76%), Dangote Cement (-0.76%), Mobil (-5.56%), and MBENEFIT (-8.00%).
Consequently, market breadth was negative, with 26 losers and 9 gainers, led by UPL (-9.78%) and Cadbury (+7.84%) shares, respectively. Total volume of trades increased slightly by 4.9% to 218.90 million units, valued at NGN2.74 billion, and exchanged in 3,519 deals.
The still tense political environment guides experts view of cautious trading in the short term. However, they posit that attractive valuations and stable macroeconomic fundamentals leaves scope for sustained market recovery in the medium-to-long term.