L – R: Jude Chiemeka, Divisional Head, Trading Business, The Nigerian Stock Exchange (NSE); Jamie Rixton, Chief Agronomist, Ella Lakes Plc; Wole Onasanya, Chief Financial Officer, Ella Lakes Plc; Chuka Mordi, Chief Executive Officer, Ella Lakes Plc; Olumide Bolumole, Divisional Head, Listing Business, NSE; Enot Ogbebor, Non-Executive Director, Ella Lakes Plc; Frank Ellah, Non-Executive Director, Ella Lakes Plc and Kolo Majekodunmi, Managing Director, MBC Capital Limited during the Listing of Ella Lakes Plc at the Exchange Monday..

The Nigerian equities market Monday kick-started the week on a bearish note as the benchmark index declined by 0.37% to 29,936.33, following selloffs in bellwether stocks.
Thus, the Month-to-Date and Year-to-Date losses increased to 0.37% and 4.75% respectively.
On sectoral performance, losses in the Industrial Goods (-0.53%) index masked gains in the Insurance (+0.49%), Oil & Gas (+0.30%), Consumer Goods (+0.38%) and Banking (+0.16%) indices.
Notable stocks include Dangote Cement (-0.87%), WAPIC (+9.67%), FO (+9.86%), Unilever (+3.23%) and Zenith Bank (+1.00%) respectively.
Market breadth was negative, with 20 losers and 16 gainers, led by Royalex (-8.33%) and Prestige (+10.00%) shares, respectively.
Total volume of trades declined to 2.86 billion units, valued at NGN3.92 billion, and exchanged in 3,360 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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