The bears resurfaced strongly in the equities market, as the ASI fell by 2.37% to 32,403.60 points, following significant sell pressure in the market’s heavyweight, Dangote Cement.
Consequently, the Month-to-Date (-1.11%) return turned negative, while the Year-to-Date loss increased to -15.27%.
Dangote Cement shares plummeted 6.76% — its largest daily loss since June 1st – leading to the significant drop in the Industrial Goods (-4.14%) index. The Consumer Goods (-1.20%) and Oil and Gas (-0.24%) indices also closed negative, following significant sell pressure in the shares of Flourmill (-4.15%) and OANDO (-2.78%), respectively.
Meanwhile, the Banking (+0.53%) and Insurance (+0.41%) indices closed positive, owing to demand for Diamond Bank (+9.45%) and Lawunion (+7.69%) shares, respectively.
Market breadth turned positive with 17 gainers and 15 losers, led by Diamond Bank (+9.45%) and TRANSEXPR (-8.45%) respectively. Total volume of trades rose by 105.71% to 380.97 million units, valued at NGN2.33 billion, and exchanged in 3,278 deals.
Experts reiterate negative outlook for the equities market in the short to medium term, amidst political concerns in the 2019 elections and absence of a positive market trigger. However, they expect positive macroeconomic fundamentals to remain supportive of recovery in the long term.

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