Market wrap 15/05/2023

Trading activities in the domestic equities market closed on a brighter note as the ASI improved marginally by +0.03% to settle at 52,231.29 points. The performance on the broad index was due to gains recorded in Oando (+9.91%), Jberger (+8.77%), Vitafoam (+3.26%),Fidelitybk (+4.01%), Accesscorp (+1.01%), Zenithbank (+0.62%), Wapco (+0.41%), Unilever (+0.38%), and Cadbury (+0.37%) among others. Though market breadth closed in the positive zone, ETI(-3.23%), Custodian (-2.52%), Presco (-1.99%), GTCO (-0.62%), FBNH (-0.41%), Mansard (-0.40%) and Stanbic (-0.27%) finished lower.

Turnover was N5.59bln ( $12.11mln) dominated by block trades in Accesscorp, FBNH, and Stanbic. The YTD return on the NGX index improved to +01.91%. We anticipate cautious trading approach by participants in the coming days.

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