The Nigerian equities market today closed the second trading session of week nearly flat as the benchmark index declined marginally by 0.01% to 31,038.86 points, driven by sell-off in Banking and Consumer Goods stocks.
Thus, the Month-to-Date and the Year-to-Date return decreased to -2.14% and -1.25% respectively.
On sectoral performance, gains in the Industrial Goods (+0.35%), Insurance (+0.87%), and Oil & Gas (+0.74%) indices were not enough to offset the losses in Banking (-0.38%) and Consumer Goods (-0.54%) indices.
Notable stocks include OANDO (+1.79%), NEM (+6.33%), Dangote Cement (+0.80%), Guaranty (-0.27%), and NB (-3.60%).
Market breadth was negative, with 20 losers and 18 gainers, led by Wemabank (-6.25%) and Cadbury (+9.60%) shares, respectively.
Total volume of trades decreased by 14.83% to 143.71 million units, valued at NGN1.68 billion, and exchanged in 3,457 deals.
In the absence of a positive catalyst, experts guide investors to trade cautiously in the short term, adding however that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.