The Nigerian equities market Tuesday extended it losing streak as the benchmark index declined by 0.76% to close at 30,092.94 points, following sell-offs of large cap Industrial and Consumer Goods stocks.
Thus, the Month-to-Date and Year-to-Date losses increased to 3.14%% and 4.36% respectively.
On sectoral performance, all sectors closed in the red – save for the Insurance (+0.47%) index – – with the Industrial Goods (-1.10%), Oil & Gas (-0.85%), Banking (- 0.20%) and Consumer Goods (-0.02%) indices declining.
Notable stocks include WAPIC (+2.50%), Dangote Cement (-2.12%), Japaul Oil (-7.41%), Wema Bank (- 3.28%), and Dangote Sugar (-4.35%) respectively.
Market breadth was negative, with 15 losers and 10 gainers, led by Sovrenins (-8.00%) and Unilever (+8.22%) shares, respectively.
Total volume of trade declined by 5.65% to 233.45 million units, valued at NGN3.52 billion, and exchanged in 3,196 deals.
In the absence of a positive catalyst, market watchers guide investors to trade cautiously in the short term. However, the posit that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.