Market wrap 10/05/2022

Trading activities on the Nigerian equities market closed in the negative region as the NGX ASI retreated by -0.19% to settle at 51805.41 points. Profit taking on telco giant Mtnn (-3.61%) and NB (-2.53%) largely accounted for the southward movement on the ASI. Other notable laggards were Nahco (-4.12%), Wemabank (- 3.73%), Aiico (-1.32%), Afriprud (-0.83%), UBA (-0.62%), Fidelitybk (- 0.27%) and Zenithbank (-0.21%). Notwithstanding, positive sentiment towards selected consumer goods stock was sustained as Okomuoil (+10.00%), Cadbury (+9.73%), Intbrew (+9.46%), Unilever (+9.29%), and Buafoods (+5.88%) finished stronger. Other notable advancers were Glaxosmith (+ 9.45%), Oando (+7.14%), UACN (+ 3.85%), Ucap (+ 2.63%), FBNH (+2.48%), UBN (+2.42%), Dangsugar (+1.85%) and Wapco (+0.88%).

Turnover was N5.04b ($12.1m) supported by trades in GTCO, NB, and MTNN. The YTD return on the NGX index tapered  to +21.28%. We expect the same trading pattern in the coming session .


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