Nigerian equities extended their slide into the fourth consecutive day as the benchmark index declined by 0.24% to 28,896.25 points, dragged by sell-offs across Tier I Banking stocks

Thus, the Month-to-Date and the Year-to-Date losses increased to 0.90% and 8.06% respectively.

On sectoral performances, the Banking (-0.55%) and Consumer Goods (-0.03%) indices edged lower, following declines in Zenith Bank (-2.20%) and NB (-0.31%), while the Insurance (+1.09%) index rose on the back of a price appreciation in Mansard (+5.41%).
Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.

Market breadth was negative, with 19 losers and 8 gainers, led by JapaulOil (-10.00%) and Veristaskap (+10.00%) shares, respectively.
Total volume of trades decreased by 33.74% to 215.20 million units, valued at NGN2.05 billion, and exchanged in 5,646 deals.

In the absence of a positive catalyst, market watchers guide investors to trade cautiously in the short term. However they say that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.


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