Market wrap 07/12/2023

Trading activities on the Nigerian equities market closed on a negative note as the ASI retreated by -0.49% largely on account of profit taking in the banks. Notably, tier one bank stocks; FBNH (-9.86%), Accesscorp (-5.21%), Zenithbank (-2.35%), GTCO (-1.76%) and UBA (-0.45%) were overwhelmed by sell pressure. Other laggards were UACN (-3.45%), Flourmill (-2.82%), Custodian (-2.60%), Oando (-1.44%) and Wapco (-0.17%). Nevertheless, positive movement in Intbrew (+5.63%), Nahco (+5.04%), Afriprud (+1.54%), UCAP (+0.46%) and NB (+0.13%) salvaged some valuable points for the day.

Turnover was N7.55bln ( $9.31mln)  dominated by trades in  NB, Zenithbank, GTCO and Seplat. We anticipate the same trading pattern in the coming session.

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