The equities market sustained its bearish run for the second consecutive session, as the ASI dipped by 0.24% to 30,568.05 points, following substantial sell-offs in SEPLAT shares.
Thus, the Month-to-Date and Year-to-Date losses increased to 0.99% and 20.07%, respectively.
On sectoral performance, heavy losses in the Oil & Gas (-4.15%) and Consumer Goods (-0.10%) indices masked gains across Banking (+0.44%), Industrial (+0.12%), and Insurance (+2.46%) indices. The notable stocks include SEPLAT (-9.83%), NESTLE (-0.34%), UBN (+8.33%), INTBREW (+1.87%), and MANSARD (+10.00%), respectively.
Market breadth was negative with 23 losers and 21 gainers, led by UCAP (-9.86%) and MANSARD (+10.00%) stocks respectively. Total volume traded moderated by 21.5% to 193.25 million units, valued at NGN3.69 billion, and exchanged in 2,950 deals.
Outlook for equities in the near-to-medium term is negative, and we guide investors to trade cautiously, amidst absence of a near term positive catalyst and political jitters ahead of the upcoming 2019 elections. However, macroeconomic fundamentals remain stable and supportive of recovery in the long term.

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