Against the listing of MTN Nigeria on the premium board, the Nigerian equities market today bucked its bearish trend as the benchmark index notched higher by 0.54% to 28,438.19 points.
Thus, the Month-to-Date and the Year-to-Date return moderated to -2.49% and -9.42% respectively.
On sectoral performance, all sector indices closed in the red, with the Banking (-1.71%) index leading the packs, followed closely by the Industrial Goods (-0.97%), Consumer Goods (-0.83%), Oil & Gas (-0.56%), and Insurance (-0.05%) indices.
Notable stocks include FBNH (-3.54%), WAPCO (-1.87%), NB (-3.45%), OANDO (-4.26%), and MTNN (+10.00%).
Market breadth was negative, with 25 losers and 11 gainers, led by UNITYBNK (-9.72%) and MTNN (+10.00%) shares, respectively.
Total volume of trades increased by 76.73% to 312.35 million units, valued at NGN2.81 billion, exchanged in 3,933 deals.
Market watchers reiterate the need for cautious trading pattern in the short term. They however believe that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.