Market wrap 15/04/2024

The NGXASI continued its free fall today as the local bourse closed 52bps lower to settle at 102,367.97 points.  Top tier lenders – GTCO (-7.73%), UBA (-4.94%), Zenithbank (-3.37%), Accesscorp (-3.89%) and FBNH (-1.29%) were all under waters with a read across effect on other banks: Fidelity (-10.00%), Jaiz (-9.69%) and Sterling (-4.60%).  Elsewhere, Transcorp (-6.35%) and Dangsugar (-0.94%) also closed negative.  However, Oando (+6.77%) and NB (+0.18%) salvaged some points today.

Market turnover of N7bn ($5.95m) was boosted by trades in MTNN and UBA. We expect similar trading patterns in the upcoming session.

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