L-R: Efiok Efiok, Head, Investment Management Department, Securities and Exchange Commission, Nigeria (SEC); Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Chief Patrick Ezeagu, President, Association of Stockbroking Houses of Nigeria (ASHON); Wale Agbeyangi, Group Managing Director/CEO, Cordros Capital; James Ilori, CEO, First City Asset Management; Dayo Obisan, President, Fund Managers Association of Nigeria (FMAN), at Launch of NSE Mutual Fund Trading Platform which at The Exchange on Friday.

The Nigerian equities market today halted its five-day bearish run as the benchmark index increased by 0.15% to 31,360.28 points, driven by investor interest in Nestle stocks.

Thus, the Month-to-Date and the Year-to-Date return moderated to -1.13% and -0.22% respectively.

On sectoral performance, gains in the Banking (+0.04%) and Consumer goods (+1.60%) indices were enough to offset losses in the Industrial Goods (-0.35%), and Insurance (-0.02%), while the Oil & Gas index closed flat.
Notable stocks include Sterling Bank (+9.77%), Nestle (+4.72%), Dangote Cement (-1.03%), and Prestige (+7.41%), respectively.

Market breadth was negative, with 18 losers and 13 gainers, led by Regalins (-7.69%) and CAP (+10.00%) shares, respectively. Total volume of trades increased by 72.1% to 377.49 million units, valued at NGN2.26 billion, and exchanged in 3,273 deals.

In the absence of a positive catalyst, experts guide investors to trade cautiously in the short term, adding that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.


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