Bearish sentiments in the Nigerian equities market were sustained as the benchmark index declined by 0.90% to 31,636.66 points, following sell off across large cap Banking & Consumer Goods stocks.
Thus, the Month-to-Date return (-0.26%) slipped into the negative region, while the Year-to-Date return moderated further to 0.66%.
On sectoral performance, losses were recorded in the Banking (-2.87%), Consumer Goods (-0.68%), Industrial Goods (-0.44%), and Insurance (-0.53%) indices, while the Oil & Gas (+0.01%) index gained marginally.
Notable stocks include Zenith Bank (-8.82%), Nestle (-1.99%), WAPCO (-3.47%), Cornerst (-8.7%), and Mobil (+0.06%), respectively.
Market breadth was negative, with 19 losers and 14 gainers, led by Cornerst (-8.70%) and Cadbury (+10.00%) shares, respectively. Total volume of trades declined by 44.94% to 128.37 million units, valued at NGN2.39 billion, and exchanged in 2,752 deals.
The still tense political environment guides experts’ view of cautious trading in short term. However, they said attractive valuations and stable macroeconomic fundamentals leaves scope for sustained market recovery in the medium-to-long term.