Proceedings in the equities market were positive today, as the All-Share Index closed in the green (+0.09% to 30,773.57 points) for the third consecutive session, buoyed by continued interest across Tier I banks’ stocks.
Accordingly, the Month-to-Date gain increased to 0.71%, while the Year-to-Date loss moderated to -2.09%.
All sector indices – save for the Consumer Goods (-0.14%) index – closed positive, with the Insurance (+1.03%) index leading the pack, followed by the Oil & Gas (+0.39%), Industrial Goods (+0.22%), and Banking (+0.21%) indices.
Notable stocks include DangoteSugar (-3.23%), Mansard (+1.03%), OANDO (+3.09%), Beta Glass (+10.00%), and STANBIC (+1.96%), respectively.
Market breadth turned positive with 20 gainers and 12 losers, led by BETAGLAS and AGLEVENT (-6.90%) respectively. Total volume and value of trades expanded by 3.6% and 181.2% to 190.32 million units and NGN2.93 billion, respectively, and exchanged in 3,183 deals.
Experts reiterate negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, they said that positive macroeconomic fundamentals remain supportive of recovery in the long term.