Market wrap 15/06/2023

The ASI recent bullish run came to a halt as the equity gauge retreated by -1.32% to close at 59,195.21pts. Today’s performance was on account of profit-taking in Accesscorp (-9.24%), FCMB (-7.41%), UBA (-7.11%), GTCO (-5.49%), NB (-5.97%) among others. On the contrary, selected Oil & gas stocks; MRS (+10.00%), Total (+10.00%) and Conoil (+9.80%) showed resilience in the session.

Turnover was N15.36bln ( $33.03mln) largely on account of trades in GTCO, Zenithbank, UBA, and Accesscorp. Consequently, year to date return moderated to +15.50%. We expect the positive sentiment to persist in the coming session.

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