Market wrap 14/03/2022

Trading activities for the week in the Nigerian equities market commenced on a negative note the ASI edged lower by -0.02% in the day. Weakness recorded in Conoil (-4.38%), Intbrew (-2.88%), PZ (-2.72%), Glaxosmith (- 1.63%), Unilever (- 1.52%), GTCO (-1.11%), NB (- 1.09%) and MTNN (-0.49%) dampened the day’s performance. Nevertheless, ETI (+7.27%), NGXGROUP (+3.21%), Ucap (+3.19%), FCMB (+2.86%), Wapco (+1.91%), Vitafoam (+1.83%), UBA (+1.75%), Afriprud (+1.67%), Access (+0.99%), UBN (+0.81%) and FBNH (+ 0.43%) all succumbed to sell pressure.

Turnover was N7.92b ($19.00m) though boosted by N3.8b ($8.2m) domestic related block trades in Fcmb and MTNN . The YTD return on the NGX index dipped to +11.03%. We expect the market to maintain a similar trading pattern in the coming session.




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