Market wrap 11/03/2022

Trading activities in the Nigerian equities market closed on a positive note as the ASI edged higher by +0.16% in the day. Gains recorded in UACN (+5.97%), Conoil (+5.24%), Flourmill (+2.77%), CAP (+2.56%) and Ardova (+2.58%) supported the today’s  performance. Also, positive movement  on selected banking stocks; GTCO (+3.85%), Zenithbank (+1.12%), UBA (+0.59%) and Fbnh (+0.43%) contributed to the upward trend in the broad index. Nevertheless, Unilever (-5.71%), Oando (-4.34%), Afriprud (-2.99%), Fidelitybk (-2.40%), UBN (-0.80%) and NB (- 0.54%) all succumbed to sell pressure.

Turnover was N7.03b ($16.88m) though boosted by N3.4b ($8.1m) domestic related trades in FCMB. The YTD return on the NGX index improved to +11.05%. We expect the market to maintain a similar trading pattern in the coming session.



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