The local bourse continued on its losing streak as the benchmark index contracted by 0.34% to 29,096.41 points, driven by sell-off across Banking and Consumer Good stocks.
Thus, the Month-to-Date and the Year-to-Date losses increased to 6.27% and 7.43% respectively.
Losses were evident across all sectors, save for the Industrial Goods (+0.34%) — as the Banking (-0.54%), Consumer Goods (-0.54%), Insurance (-2.80%) and Oil & Gas (-0.66%) all closed negative.
Notable stocks include Betaglas (+10.00%), Zenith Bank (-1.67%), Dangote Flour (-9.86%), Mansard (-7.50%), and OANDO (-5.15%), respectively.
Market breadth was negative, with 32 losers and 11 gainers, led by Dangote Flour (-9.86%) and Betaglas (+10.00%) shares respectively.
Total volume of trades increased by 58.37% to 430.27 million units, valued at NGN2.83 billion, and exchanged in 4,512 deals.
Experts opine that the sustained sell-offs in the Nigerian equities market is overdone compared to peer markets. This provides a basis for the ASI to recover in the absence of further downside risks.
Beyond the obvious, they believe that the blend of positive macroeconomic fundamentals and compelling valuations supports their view of a near term recovery.