Market wrap 16/02/2024

Another positive performance of the NGX is driven by sustained rally in Buafoods and Geregu (9.90%) together with resurgence in FBNH (7.67%) which remains resilient among banking stocks. Transcorp also witnessed late buying among institutions to post positive returns for the day whilst PZ, Jberger, UBA and others contributed to the 1.56% performance of the ASI. Notwithstanding, market breadth remained negative as banking and many consumer names remained pressured on investor apathy and concerns about how they will fare in the face of the prevailing challenging economic and regulatory induced challenges.

Turnover was N8.1bn dominated by trades in FBNH, UBA and Geregu. We expect the market to sustain its current run.

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