Market wrap 03/01/2024

The Nigerian equities bourse sustained its upward trend in today’s session as the All share index finished higher by +2.04% to close at 77537.57. The positive sentiment was broad based as Berger (+10.00%), Custodian (+10.00%), Dangsugar (+10.00%), FCMB (+10.00%), UBA (+10.00%), and Nascon (+10.00%) all closed at limit up. Other notable gainers were Transcorp (+9.98%), Accesscorp (+9.98%), Oando(+9.68%), MRS (+9.52%), FBNH (+8.25%) and Presco (+7.84%) among others contributed to the day’s performance. Consequently, market breadth closed in the positive region with 73 gainers against 7 laggards. Prominent among the laggards were Cadbury (-1.17%), Cileasing (-2.33%), NGXgroup (-1.70%), and Mansard (-0.91%) closed southwards.

Turnover was N10.69bln ( $11.94mln) dominated by trades in UBA, Fidelitybk, Accesscorp and Zenithbank. The year to date return on the ASI stood at 3.70%. We anticipate the same trading pattern in the coming session.

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