The Nigerian equities market today dipped further as the benchmark index declined by 0.22% to 28,422.76 points, driven by sell-offs in Nestle and FBNH.
Thus, the Month-to-Date and the Year-to-Date losses increased to -2.53% and -9.57% respectively.
On sectoral performance, losses in Consumer Goods (-1.68%) and Industrial Goods (-0.57%) indices neutered the gains in the Banking (+1.29%), Oil & Gas (+0.68%), and Insurance (+0.02%), indices.
Notable stocks include Nestle (-3.48%), WAPCO (-2.73%), Guaranty (+1.94%), Mobil (+5.45%), and AIICO (+3.03%), respectively.
Market breadth was positive, with 20 gainers and 16 losers, led by Neimeth (+9.09%) and UPL (-9.73%) shares, respectively.
Total volume of trades declined by 6.80% to 200.07 million units, valued at NGN2.69 billion, and exchanged in 3,600 deals.
Experts posit that in the absence of a positive catalyst, they guide investors to trade cautiously in the short term, adding however that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the medium-to-long term.