The Nigeria’s equities market today started the week on a bearish note as the benchmark index declined by 0.74% to 29,521.06 points, driven by sell-offs across the Industrial Goods and Banking stocks.
Hence, the Month-to-Date and the Year-to-Date losses increased to 4.90% and 6.07% respectively.
On sectoral performance, losses in the Industrial Goods (-2.96%), Banking (-1.15%) and Oil & Gas (-1.12%) indices masked gains across the Insurance (+1.64%) and Consumer Goods (+0.25) indices.
Notable stocks include Guaranty (-2.19%), Total (-8.74%), Dangote Cement (-0.48%), Dangote Flour (+9.97%) and NEM (+7.46%).
Market breadth was negative, with 26 losers and 25 gainers, led by CCNN (-9.76%) and Dangote Flour (+9.97%) shares, respectively.
Total volume of trades increased by 18.65% to 290.18 million units, valued at NGN2.16 billion, and exchanged in 4,302.00 deals.
In the absence of a positive catalyst, experts guide investors to trade cautiously in the short term. They however say that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.