The Nigerian equities market today halted its 3-day bearish run to close on a positive note as the benchmark index increased by a marginal 0.04% to 29,171.73 points, driven by gains in bellwether Consumer Goods stocks.
Thus, the Month-to-Date and the Year-to-Date losses moderated to -1.91% and -7.19% respectively.
On sectoral performance, the Industrial Goods (+0.46%), Consumer Goods (+0.39%), Insurance (+0.35%), and Oil & Gas (+0.07%) indices gained, while the Banking index (-0.52%) closed in red.
Notable stocks include CCNN (+4.29%), NB (+1.15%), NEM (+2.67%), Mobil (+5.08%) and UBA (-2.21%), respectively.
Market breadth was negative, with 26 losers and 21 gainers, led by Afromedia (-10.00%) and Transcorp (+9.91%) stocks, respectively.
Total volume of trades decreased by 48.49% to 279.61 million units, valued at NGN2.82 billion, and exchanged in 4,836.00 deals.
In the absence of a positive catalyst, market watchers guide investors to trade cautiously in the short term, adding however that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.