L – R: Jude Chiemeka, Divisional Head, Trading Business, The Nigerian Stock Exchange (NSE); Patience Oniha, Director General, Debt Management Office; Hajara Adeola, Managing Director/CEO, Lotus Capital and Andrew Morgan, Managing Director/CEO, REDmoney during the Inaugural Islamic Finance News (IFN) Nigeria Forum at the Eko Hotel today in Lagos.

The Nigerian equities market Tuesday sustained its losing streak for the second trading session this week as the benchmark index declined by 0.39% to 29,818.80 points, following selloffs in large cap Consumer Goods stocks
Thus, the Month-to-Date and Year-to-Date losses increased to 4.03% and 5.13% respectively.
On sectoral performance, losses in the Consumer Goods (-1.22%) index masked gains in the Insurance (+1.72%), Oil & Gas (+0.57%), Banking (+0.32%) and Industrial Goods (0.04%) indices.
Notable stocks include Intbrew (-9.97%), NEM (+8.78%), OANDO (+5.76%), ETI (+2.00%), and WAPCO (+2.05%) respectively.
Market breadth was negative, with 21 losers and 20 gainers, led by Okomu Oil (-10.00%) and Champion (+10.00%) shares, respectively.
Total volume of trades increased by 1.65% to 2.91 billion units, valued at NGN11.22 billion, and exchanged in 3,324 deals.
In the absence of a positive catalyst, market watchers guide investors to trade cautiously in the short term, adding however that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.

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