L – R: Dr. John Osuoha, Country Representative, Nigeria, Chartered Institute for Securities & Investment; Mr. Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Mr. Simon Culhane, Chief Executive, CISI and Mr. Ade Buraimo, Group Managing Director, Alpha Morgan Capital during a courtesy visit by CISI to the Exchange on Tuesday in Lagos.

The Nigerian equities market Thursday sustained its losing streak for the eight consecutive trading session as the benchmark index declined by 0.23% to 30,029.15 points, following a Dangote Cement-led selloff.
Thus, the Month-to-Date and Year-to-Date losses increased to 3.35% and 4.46% respectively.
On sectoral performance, the Industrial Goods (-0.55%) index was the sole loser following a selloff in Dangote Cement (-1.08%).
Conversely the Oil & Gas (+0.22%), Banking (+0.09%), Insurance (+0.07%) and Consumer Goods (+0.02%) indices all recorded gains following bargain hunting in OANDO (+1.33%), Guaranty (+0.98%), M Benefit (+5.00%), and NB (+0.88%), respectively.
Market breadth was negative, with 14 losers and 15 gainers led by CI Leasing (-9.87%) and Glaxosmith (+9.15%) shares, respectively.
Total volume of trades increased by 3.9% to 242.62 million units, valued at NGN5.97 billion and exchanged in 3,153 deals.
Analysts’ outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst. However, they opine that stable macroeconomic fundamentals remain supportive of recovery in the long term.

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