Market wrap 08/04/2024

The Nigerian equities market started off the week on a bearish note, as the NGXASI (-0.38%) continued its downward trend to settle at 103,047.23 on the day.  Banking counters continued to witness sell pressure as top tier banks such as GTCO (-4.17%), FBNH (-4.75%), UBA (-5.09%), Accesscorp (-0.44%) and Zenithbank (-2.24%) shed more points today. Other notable laggards include NB (-2.94%), Ucap (-3.21%) and Abbey mortgage bank (-9.75%).  Reversing the trend, Sterling (+5.52%), Transcorp (+0.37%), Custodian (+1.67%), AIICO (+3.54%) and Oando (+0.88%) were able to salvage some points for the day. The year-to-date return has moderated to 37.81%.

Market turnover is N7.1bn ($5.6m) driven by trades in MTNN, GTCO, Accesscorp, FBNH, Zenith and Abbey Mortgage bank.  We expect similar trading pattern in the upcoming session.

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