Market wrap 06/12/2023

Sustained positive sentiment toward banking stocks  supported the broad index’s performance today as the ASI gained +0.78 to settle at 71,808.64. For specifics, FBNH (+9.91%), ETI (+9.88%), Accesscorp (+9.04%), Stanbic (+5.06%), Zenithbank (+3.44%), and UBA (+3.29%) were notable in the banking space.  Also market breadth closed in the positive region though Airtelafric (-2.06%), Unitybnk (-4.46%), FCMB (-1.45%), NGXgroup (-1.14%) and Oando (-0.43%) succumbed to sell pressure. On the contrary, Wapco (-0.33%), Cadbury (-2.01%), Mansard (-9.69%), Oando (-9.13%), and Intbrew (-5.33%) lose some value in the session

Turnover was N12.10bln ( $15.1mln)  dominated by trades in  GTCO, Zenithbank, Acesscorp, UBA and MTNN. We anticipate the same trading pattern in the coming session.

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