The equities market today sustained its recovery to close on a positive note as the benchmark index increased by 0.53% to 29,347.62 points, driven by gains in Banking stocks.
Thus, the Month-to-Date and the Year-to-Date losses moderated to -5.46% and -6.63% respectively.
On sectoral performance, the Insurance (+1.92%) index led the gainers, following a price appreciation in NEM (+10.00%).
The Banking (+1.19%) and Industrial Goods (+0.82%) indices followed suit, with Guaranty (+2.09%) and WAPCO (+3.90%) closing positive.
The Consumer Goods (-0.06%) was the sole loser, weighed by a decline in Flourmill (-2.35%). The Oil & Gas index closed flat.
Market breadth was positive, with 15 gainers and 7 losers led by NEM (+10.00%) and Ikeja Hotel (-9.76%) shares, respectively.
Total volume of trades decreased by 53.5% to 224.03 million units, valued at NGN2.01 billion and exchanged in 3,127 deals.
In the absence of a positive catalyst, experts guide investors to trade cautiously in the short term. However, they add that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.