Market wrap 15/03/2023

The bears continued to dominate the Nigerian equities market as the ASI fell by -0.42% to close at 55,490.20 points in the day. The downturn was impacted by losses recorded in medium and large capitalised among which were: UCAP (-9.30%), Glaxosmith (-7.46%), Geregu (-6.46%), Flourmill (-5.92%), CAP (-4.71%), Zenithbank (-4.60%), GTCO (-0.79%) and UBA (-0.62%). On the contrary, recover in NGXgroup (+4.87%) , Unilever (+3.70%) as well as gains in Afriprud (+1.69%), FBNH (+0.92%), UACN (+0.53%) and PZ (-0.47%) salvaged some valuable points in the day.

Turnover was N3.41bln ( $7.38mln) dominated by trades in GTCO, Zenithbank, and Flourmill. The YTD return on the NGX index dipped to +8.27%. We expect the same trading pattern in the coming session.

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