Market wrap 08/05/2024

The Nigerian equities market closed flat today (NGXASI: +0.0%) as intraday losses were countered by late gains in certain tickers.  The major drags on the index were Wapco (-5.43%), Zenith (-2.59%), GTCO (-1.43%), PZ (-10.00%), Transcorp (-2.70%), Sterling (-9.59%), Access (-1.98%), Intbrew (-9.89%) and Nascon (-8.89%) while on the bright side, telco giant  MTNN (+2.33%) salvaged valuable points today.  Other noteworthy gainers were Okomu (+9.98%), Nestle (+3.02%) and FCMB (+3.25%).

Elsewhere, index heavy weights like Airtel, Dangcem and Geregu traded flattish. Market turnover, however, rose to N9.2 billion ($6.6 million) fueled by trades in MTNN and UBA. The year-to-date value of the index is +31.36%. We expect market to trade around current levels in the coming session.

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