The Nigerian equities market closed on a negative note today as the benchmark index declined by 0.48% to 31,213.47 points, driven by sell-offs across bellwether stocks.
Thus, the Month-to-Date and the Year-to-Date losses increased to 1.60% and 0.70% respectively.
On sectoral performance, gains in the Oil & Gas (+0.13%) and Insurance (+0.49%) indices were not enough to offset the losses in the Industrial Goods (-0.52%), and Banking (-0.37%) indices, while the Consumer Goods index closed flat.
Notable stocks include OANDO (+0.88%), NEM (+5.04%), Dangote Cement (-1.04%) and Guaranty (-0.84%), respectively.
Market breadth was negative, with 20 losers and 8 gainers, led by LearnAfrica (-9.66%) and Dangote Flour (+8.42%) shares, respectively. Total volume of trades decreased by 52.94% to 177.63 million units, valued at NGN2.56 billion, and exchanged in 2,635 deals.
In the absence of a positive catalyst, market watchers guide investors to trade cautiously in the short term, noting that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.