Market wrap 10/03/2023

Trading activities in the domestic equities market closed on a negative note as the ASI dipped by 0.05% to settle at 55,794.51 points. The southward movement was on account of profit taking in Conoil (-9.95%) as well as weakness in UBA (-1.79%), Oando (-1.34%), Zenithbank (-0.77%), Ucap (-0.68%), Wapco (-0.19%) and GTCO (- 0.19%). Nevertheless, gains recorded in NGXgroup (+7.26%), Ardova (+6.90%), Mansard (+5.00%), Guinness (-1.45%) and Sterlnbank (+0.67%) salvaged some valuable points.

Market turnover printed at N8.59bln ( $18.62mln) buoyed by block trades in Buacement. The YTD return on the NGX index tapered to +8.87%. We expect the same trading pattern in the coming session.

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