The domestic equities market today closed in the red for the third consecutive session as the ASI fell by 0.11% to 31,145.34 points, following selloffs across major Consumer Goods counters.
Set against the foregoing, the Month-to-Date loss declined to 0.91%.
On sectoral performance, the Oil & Gas (+1.40%), Insurance (+0.89%), Industrial Goods (+0.23%) and Banking (+0.10%) indices closed positive, on account of respective gains across SEPLAT (+2.88%), Custodian (+1.54%), Betaglas (+0.23%), and Guaranty (+0.59%).
Meanwhile, the Consumer Goods (-0.76%) index closed in the red, following losses in Guinness (-8.45%) and Nestle (-0.69%) respectively.
Market breadth was positive with 23 gainers and 18 losers, led by CORNERST (+10.00%) and Airservice (-9.79%) stocks respectively. Meanwhile, total volume decreased by 30.6% to 249.54 million units, valued at NGN3.12 billion, and exchanged in 4,018 deals.
Analysts posit that the absence of a positive catalyst and political concerns ahead of the 2019 election guide guides their conservative outlook for equities in the short-to-medium term. But stable macroeconomic fundamentals remain supportive of recovery in the long term.