Market wrap 14/06/2023

The ASI accelerated further by 3.13% as market responded to Central Bank of Nigeria’s directive to Deposit Money Banks to remove the rate cap on the Naira thereby allowing for a free float of the national currency against the US Dollar. Notable among the gainers were Mtnn (+10.00%), Total (+9.99%) Dangsugar (+10.00%), Intbrew (+10.00%), Fbnh (+10.00%) and Stanbic (+9.96%) . Although market breadth closed in the positive region, Buacement(-6.52%), Dangcem (-0.98%) Ardova (-5.06%), Jberger (-4.46%) and Oando(-0.35%) succumbed to sell pressure.

Turnover was N21.08bln ( $45.19mln) largely on account of trades in GTCO, Zenithbank, UBA, MTNN and Accesscorp. Consequently, year to date return increased to +17.04%. We expect the positive sentiment to persist in the coming session.

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