The Nigerian equities market today sustained its bearish run for the fourth successive trading session as the benchmark index declined by 0.14%, to 31,082.32 points, driven by sell-offs across large cap Consumer Goods stocks.
Thus, the Month-to-Date and the Year-to-Date returns decreased to -2.01% and -1.11% respectively.
On sectoral performance, gains in the Banking (+2.08%) and Oil & Gas (+0.29%) indices were not enough to offset losses in the Consumer Goods (-1.99%), Insurance (-0.62%), and Industrial Goods (-0.08%) indices.
Notable stocks included Guaranty (+4.10%), Mobil (+2.41%), NB (-6.67%), NEM (-2.13%) and Dangote Cement (-0.26%).
Market breadth was negative, with 18 losers and 16 gainers, led by PRESCO (-9.33%) and Firstalum (+7.14%) shares, respectively.
Total volume of trades decreased by 39.46% to 286.89 million units, valued at NGN3.09 billion, and exchanged in 3,924 deals.
In the absence of a positive catalyst, analysts 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.