Market wrap 08/02/2024

The banks continued the unwanted run of declines as investor aversion persisted towards the lenders. The sub sectoral index fell as much as -6.34% intraday before recovering some lost grounds in big banks to close at -2.33%. Market mood appeared tapered on news of rates hike by the CBN as bargain hunters treaded carefully whilst sellers appeared aggressive. All sectoral indices closed under water except for telcos that remained unchanged due to size of trades done today in the market.

Turnover was N7.1bn ($5.1m) relative to N6.4bn ($4.99m) recorded yesterday which was dominated by fragmented trades in Zenith GTCO and a few others.

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