The equities market today sustained its bearish run for the third consecutive session this week, as the benchmark index declined by 0.67% — largest decline since March 12th — to 30,829.45 points, driven by sell-offs across Tier I banking stocks.

Thus, the Month-to-Date and the Year-to-Date returns decreased to -2.80% and -1.91%, respectively.

On sectoral performance, the Banking (-0.98%), Consumer Goods (-0.35%), Insurance (-1.32%) and Oil & Gas (-0.84%) indices recorded losses, while the Industrial Goods (+0.91%) index closed in the green.
Notable stocks include Guaranty (-3.74%), Guinness (-2.42%), Custodian (-3.17%) SEPLAT (-1.82%) and CUTIX (+9.73%), respectively.

Market breadth was negative, with 19 losers and 11 gainers, led by NEM (-5.53%) and UNIONDAC (+10.00%) shares, respectively. Total volume of trades decreased by 8.54% to 131.43 million units, valued at NGN1.40 billion, and exchanged in 2,786 deals.

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

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