The Nigerian equities market sustained its bearish trend for the third trading session this week as the benchmark index declined by 0.13%, to 31,040.84 points, weighed by a NESTLE led selloff.
Thus, the Month-to-Date and the Year-to-Date returns decreased to -2.14% and -1.24% respectively.
On sectoral performance, the Consumer Goods (-0.94%), Industrial Goods (-0.45%), Insurance (-0.50%) and Oil & Gas (+0.29%) indices all closed in the red, following declines in Nestle (-1.74%), Betaglas (-8.92%), AIICO (-8.45%), and OANDO (-4.27%) respectively.
On the flip side, investor sentiment remained positive across Banking stocks, with its index rising 0.91%, driven by appreciation in Access (+9.24%).
Market breadth was negative, with 23 losers and 14 gainers, led by CUTIX (-9.76%) and Nigerins (+9.52%) shares, respectively.
Total volume of trades decreased by 22.04% to 223.66 million units, valued at NGN286.89 billion, and exchanged in 3,419 deals.
In the absence of a positive catalyst, experts guide investors to trade cautiously in the short term. They however state that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.