Market wrap 12/04/2024

The NGXASI (-0.71%) closed lower today as weakness persisted in top banking as well as consumer goods counters. GTCO (-10%), Accesscorp(-6.76%), FBNH(-6.71%), Zenithbank(-3.73%), Stanbic(-2.78%) and Sterling(-3.43%) declined on dwindling investor appetite for lenders,  likely caused by a mix of less impressive dividend payout on FY’23 earnings as well as the  recent CBN banking recapitalization announcement. Elsewhere, Dangsugar (-10%), Wapco(-5.77%) and Flourmill(-9.87%)  also retreated on weak demands while on the bright side, Transcorp(+9.93%), UBA(+4.57%), Fidelity(+7.53%) Oando(9.61%) and UACN(+2.40%) closed positive.

Market turnover however improved to N21.6bn($17.3m) buoyed by trades in Zenithbank, GTCO, UBA and MTNN involving mixed interest.  The YTD performance on the index further moderated to 36.83%.  We anticipate a subdued trading session in the coming week.

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