The Nigerian equities market today closed the second trading session of the week on a negative note as the benchmark index declined slightly by 0.04% to 29,162.24 points, driven by sell-offs in all sectors.
Thus, the Month-to-Date and the Year-to-Date losses increased to 6.09% and 7.26% respectively.
On sectoral performance, all sector indices — Insurance (-1.76%), Banking (-0.48%), Oil & Gas (-0.39%), Consumer Goods (-0.17%) and Industrial Goods (-0.13%) — closed in red.
Notable stocks include NEM (-9.87%), ETI (-6.67%), OANDO (-3.00%), Dangote Sugar (-2.18%) and Dangote Cement (-0.27%), respectively.
Market breadth was negative, with 15 losers and 12 gainers, led by NEM (-9.87%) and Guaranty (+7.77%) shares, respectively. Total volume of trades decreased by 17.95% to 374.03 million units, valued at NGN3.06 billion exchanged in 3,634.00 deals.
In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.