Market wrap 06/05/24

The NGXASI declined by 0.89% today as gains witnessed earlier in the session was reversed by weakness in Airtelafri (-10.00%) as the telco giant succumbed to sell pressure and was printed lower by just about 100k shares. Transcorp (-3.55%), Stanbic (-2.80%), Intbrew (-9.00%), NB (-4.30%), Nahco (-4.41%) and UCAP(-2.70%) also closed lower further dragging the local bourse to the negative region. Notwithstanding, renewed local interest in tier one banks – GTCO (+7.61%), FBNH (+4.63%) and Access (+3.16%) as well as gains in Transcohot (+5.60%), Dangsugar (+8.30%), Wapco (+6.54%) and Presco (+4.83%) helped salvaged some valuable points today.  Dangcem and Geregu remained fully offered but are still yet to print price.

Turnover stood at N8.95billion ($6.5million) fueled by trades in Access, GTCO and UBA. The year-to-date return on the index moderated to +32.00%. We expect market to trade around current levels in the next session.

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