L – R: Mr. Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Dr. Oba Otudeko, CFR , Group Chairman, First Bank Holdings Plc during a Closing Gong Ceremony in commemoration of 125 years anniversary of First Bank at the Exchange today in Lagos.

The equities market today closed the first trading session of week on a negative note as the benchmark index declined by 0.31% to 31,042.32 points, driven by sell-off across major counters.

Thus, the Month-to-Date and the Year-to-Date losses increased to 2.13% and 1.24%, respectively.

On sectoral breakdown, all sector indices closed negative, with the Industrial Goods (-1.64%) index leading the pack, followed closely by the Insurance (-0.97%), Banking (-0.78%), Oil & Gas (-0.74%), and Consumer Goods (-0.20%) indices, respectively.

Notable stocks include Dangote Cement (-0.63%), NEM (-6.00%), Zenith Bank (-2.49%), OANDO (-3.45%), and Nascon (-5.00%).

Market breadth was negative, with 19 losers and 12 gainers, led by Academy (-8.33%) and Red Star Express (+10.00%) shares, respectively.

Total volume of trades decreased by 27.03% to 168.72 million units, valued at NGN3.75 billion, and exchanged in 3,048 deals.

Market watchers reiterate rheir negative outlook for the equities market in the short-to-medium term, amidst absence of a positive market trigger. They however state that positive macroeconomic fundamentals remain supportive of recovery in the long term.

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