The Nigerian equities market sustained its bearish run for the third consecutive day as the benchmark index declined by 0.45% to 28,966.41 points, driven by sell-offs across large cap Banking and Industrial Goods stocks.
Thus, the Month-to-Date and the Year-to-Date losses increased to -0.66% and -7.84% respectively.
On sectoral performance, the Industrial Goods (-0.16%), Banking (-0.77%), Insurance (-0.42%), and Oil & Gas (-1.14%) indices closed in the red, while the Consumer Goods (+0.12%) index closed positive.
Notable stocks include Dangote Cement (-1.10%), Guaranty (-2.12%), Linkassure (-5.88%), Mobil (-1.14%), and Dangote Flour (+5.00%), respectively.
Market breadth was flat, with 21 losers and 21 gainers, led by Goldinsure (-10.00%) and Betaglas (+9.97%) shares, respectively. Total volume of trades decreased by 24.51% to 324.81 million units, valued at NGN3.24 billion, and exchanged in 3,631 deals.
In the absence of a positive catalyst, experts 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.