Market wrap 08/03/2023

Trading activities in the domestic equities market closed on a brighter note as the ASI gained 0.35% to settle at 55,801.14 points. Positive movement in large cap names: Dangcem (+1.79%),and MTNN (+0.60%) were the main catalyst for the performance on the board index. Other notable advancers were: NGXgroup (+5.66%), Custodian (+3.51%), UBN (+2.27%), GTCO (+0.76%) and Zenithbank (+0.17%). On the flip side, the session witnessed profit taking in MRS(-9.98%) (-8.44%), as well as weak performance on Ardova (-6.20%), Unilever (-2.17%), UBA (-1.75%), Wapco (-1.49%), Fbnh (-0.89%) and Dangsugar (-0.52%).

Market turnover printed at N3.57bln ( $7.73mln) buoyed by block trades in Dangcem. The YTD return on the NGX index improved to +8.88%. We expect the same trading pattern in the coming session.

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