Market wrap 02/05/2024

The NGXASI finished the day on a positive note, up by 55bps, to settle at 98,762.78 points. This uptrend was majorly on account of the gains in the Tier 1 banks: GTCO (+7.03%), FBNH (+4.60%), UBA (+4.60%), Access (+3.86%) and Zenith (+2.02%).  Other notable gainers were Dangsugar (+9.90%), Transcorp (+4.29%) and Presco (+10.00%). On the other hand, consumer giant, Nascon (-9.99%) led the looser’s chart and traded on full offer. Fidelity (-3.89%), and Oando (-6.74%) lost some points as well. Some index heavy weights – Dangcem, Geregu and Airtel traded flattish today with pressure on the offer side. 

Turnover stood at N5.5billion ($3.97million) boosted by trades in Access, Abbey and NB. The year-to-date return on the index has improved to 32.08%. We expect market to trade around current levels in the next session.

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