L – R: Mrs. Erelu Angela Adebayo, National Council Member, The Nigerian Stock Exchange (NSE); Mr. Aigboje Aig-Imoukhuede; Ex-Officio, NSE; Mr Oscar Onyema, Chief Executive Officer, NSE; Mr. Ferdi Moolman, Chief Executive Officer, MTN Nigeria Communication Plc; Dr. Pascal Dozie, Chairman, MTN Nigeria Communication Plc; Mr. Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham; Mr. Abubakar Balarabe Mahmoud,, First Vice PresidentNSE; and Mr. Gbenga Oyebode, Director, MTN Nigeria Communication Plc during the Listing of MTN Nigeria Communications Plc on the Premium Board of The Exchange today in Lagos.

Against the listing of MTN Nigeria on the premium board, the Nigerian equities market today bucked its bearish trend as the benchmark index notched higher by 0.54% to 28,438.19 points.

Thus, the Month-to-Date and the Year-to-Date return moderated to -2.49% and -9.42% respectively.

On sectoral performance, all sector indices closed in the red, with the Banking (-1.71%) index leading the packs, followed closely by the Industrial Goods (-0.97%), Consumer Goods (-0.83%), Oil & Gas (-0.56%), and Insurance (-0.05%) indices.
Notable stocks include FBNH (-3.54%), WAPCO (-1.87%), NB (-3.45%), OANDO (-4.26%), and MTNN (+10.00%).

Market breadth was negative, with 25 losers and 11 gainers, led by UNITYBNK (-9.72%) and MTNN (+10.00%) shares, respectively.
Total volume of trades increased by 76.73% to 312.35 million units, valued at NGN2.81 billion, exchanged in 3,933 deals.

Market watchers reiterate the need for cautious trading pattern in the short term. They however believe that stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.

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