Market wrap 01/03/2023

Today’s trading session closed on a negative note as the ASI retreated by -0.53% to settle at 55,508.61 points. Profit taking in telco giant Airtelafri (-5.25%), as well as weakness in Wapco (-1.46%),ETI (-7.69%), Ucap (-3.91%), Uacn (-2.22%) and Maybaker (-1.10%) dragged the index into the red zone. Nevertheless market breadth closed in the positive region with gains recorded in Ardova (+9.76%), Geregu (+8.20%), Buafoods (+5.56%), Intbew (+2.11%), and Fcmb (+2.02%).

Market turnover printed at  N4.25bln ( $9.21mln) buoyed by trades in GTCO, Zenithbank, Airtelafri and Seplat. The YTD return on the NGX index dipped to +8.31%. We expect the same trading pattern in the coming session.


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