The local bourse today continued on its losing streak, as the benchmark index declined by 0.99% to 30,226.77 points, following a rout in Consumer Goods stocks.

Thus, the Month-to-Date and the Year-to-Date return decreased to -2.62% and -3.83% respectively.

On sectoral performance, the Consumer Goods (-3.84%) index recorded the largest loss, following selloffs of heavyweights NB (-9.68%), Nestle (-3.45%) and Unilever (8.46%).
The Oil & Gas (-1.75%) and Banking (1.11%) indices followed suit, with Zenith Bank (-2.74%) and OANDO (-7.84%) closing in the red.
On the flip side, interest in NEM (+4.95%) and Dangote Cement (+1.05%) led to respective gains in the Insurance (+0.93%) and Industrial (+0.14%) indices.

Market breadth was negative, with 28 losers and 10 gainers, led by Betaglas (-9.95%) and Sovrenins (+10.00%) shares, respectively.
Total volume of trades decreased by 78.14% to 376.95 million units, valued at NGN4.54 billion, and exchanged in 4,018 deals.

In the absence of a positive catalyst, analysts warn investors to trade cautiously in the short term. However, they posit that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.


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