Market wrap 13/06/2023

Today’s trading session in the Nigerian equities market resumed the week on a bright note partly due to the suspension of the CBN governor whom investors may have perceived as restrictive with recent policy decisions and the successful inauguration of the 10th national assembly. Consequently, the ASI appreciated by +3.99% to settle at 58,163.55pts. The gain was due to upward movement in heavy weight stocks; Airtel (+7.78%),Mtnn (+3.60%) and Dangcem (1.34%) as well as bullish demand in Access (+10.00%), GTCO (+10.00%) and Zenithbank (+10.00%), among others. Although market breadth closed in the positive region, NGXgroup (-2.76%), Honyflour (-4.29%), Eterna (-1.49%) and UACN (-0.55%) succumbed to sell pressure.

Turnover was N19.23bln ( $41.41mln) largely on account of trades in GTCO, Zenithbank, UBA, MTNN and Accesscorp. We expect the positive sentiments to persist in the coming session.

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