Market wrap 09/03/2023

Today, the Nigerian equities market closed on a positive note as the ASI edged up by + 0.04% at the close of the session. The broad index was salvaged by gains recorded in Dangcem (+1.05%), as the Securities and Exchange Commission approved the share buyback programme of the cement manufacturer. On the contrary, market breadth closed in the negative region with losses recorded in Conoil (-9.93%), Ardova (-8.33%), NGXgroup (-4.11%), Stanbic (-2.44%), FBNH (-0.90%), Mtnn (-0.48%) and Wapco (-0.19%).

Market turnover printed at  N3.09bln ( $6.73mln) buoyed by block trades in GTCO as well as fragmented trades in Zenithbank and Stanbic . The YTD return on the NGX index improved to +8.92%. We expect the same trading pattern in the coming session.


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