For the first time since the turn of the year, the domestic equities market yesterday closed positive, as the ASI notched mildly higher, by 0.62%, to 29,517.73 points amidst interest across large cap names.
Consequently, the Month-to-Date loss moderated slightly to -6.09%.
Among sectoral indices, the Banking (+2.74%) index posted the largest gain, following interest in Guaranty (+6.07%) shares. The Industrial (+2.24%) and the Oil & Gas (+0.23%) indices also closed positive, owing to price appreciation in Dangote Cement (+0.88%) and FO (+5.46%) shares, respectively.
On the flip side, the Insurance (-2.05%) and the Consumer Goods (-1.75%) indices closed negative, following sell pressure in NEM (-9.95%) and Nestle (-3.37%).
Market breadth turned positive, with 21 gainers and 12 losers, led by Law Union (+10.00%) and Guinness (-10.00%) respectively. Total volume of trades increased by 64.0% to 385.29 million units, valued at NGN3.07 billion, and exchanged in 3,677 deals.
Outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns.