Market wrap 14/02/2024

The All-share index closed with decent performance of 1.76% led by gains in Airtel Africa, Bua foods, late surge in Seplat, sustained buying in Geregu, FBNH alongside others. Market breadth was almost neutral with 26gainers recorded against 23 losing stocks. Notwithstanding, increased selling pressure among locals in cement giant Buacem tapered the level of gains alongside Fidelity, Intbrew and a few others.

Market turnover was N12.1bn ($8.1m) led trades in Geregu, FBNH, Accesscorp and UBA. A total of 54.6m FBNH traded at 27.07 today whilst 3.3m Geregu traded at 756.50. We expect movement among large caps to continue to dictate direction and tempo of the market in coming sessions.

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