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.