The Nigerian equities market today sustained its bearish run as the benchmark index dipped by 1.02% to 31,313.36 points, driven by sell-offs across major counters.
Accordingly, the Month-to-Date loss increased to 1.28%, while the Year-to-Date return was dragged into negative territory at -0.37%.
All sector indices, save for the Industrial Goods (+0.24%) Index – closed negative with the Banking (-2.26%) index leading the pack, followed closely by the Consumer Goods (-1.26%), the Insurance (-0.51%), and Oil & Gas (-0.37%).
Notable stocks include Lafarge (+4.00%), Guaranty (-4.83%), Intbrew (-9.93%), Linkassure (-7.44%), and Mobil (-3.00%).
Elsewhere, market breadth was negative, with 8 gainers and 29 losers, led by Intbrew (-9.93%) and Lawunion (-7.69%) shares, respectively.
Total volume of trades expanded by 70.9% to 219.37 million units, valued at NGN2.93 billion, and exchanged in 3,345 deals.
In the absence of a positive catalyst, as well as the still tense political milieu, market watchers guide investors to trade cautiously in the short term. However, they say stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.