Market wrap 15/02/2024

The Nigerian equities market experienced a positive movement today, with the All-Share Index (ASI) gaining +0.58% to settle at 104,100.00pts. The performance was due to gains recorded in large caps: Geregu (+6.47%), Buacement (+5.87%), Buafoods (+1.56%), as well as upward movement in Fidelitybk (+5.34%), Honyflour (+7.50%) and Custodian (+1.69%) among others. Though investor remain largely cautious as most counters closed on a flattish note; Unilever (-9.80%), Jberger (-9.64%), Nascon (-5.37%), Dangsugar (-4.66%), FBNH (-4.41%), Accesscorp (-2.54%), CAP (-2.08%), Zenithbank (-2.05%) and UBA (-1.39%) succumbed to sell pressure.

Turnover was N6.9bln ($4.56mln), buoyed by block trades in Geregu and GTCO. The year to date return on the ASI increased to 39.22%. We anticipate the same trading pattern in the coming session.

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