Market wrap 06/02/2024

The recent downward trend in the Nigerian equities market was sustained today, as the ASI depreciated by -1.50% to close at 102,108.1 points. Notable laggards were Buacement (-10.00%), Guinness (-9.73%), Oando (-8.33%), UBA (-5.70%), NGXgroup (- 4.17%), Transcorp (-3.73%) and Zenithbank (-3.10%). Despite the negative sentiments, Cadbury (+10.00%), CAP (+4.58%), Fidelitybk (+3.45%), NB (+2.50%), Flourmill (+2.41%) and MTNN (+0.36%) advanced in the session.

Turnover was N7.59bln ($5.92mln), supported by trade GTCO, FBNH and MTNN. The year to date return on the ASI decreased to 36.56%. We anticipate the same trading pattern in the coming session.

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