MARKET WRAP 16/03/2023

The Nigerian equities market slipped further as persistent sell pressure dragged the ASI southward by -1.04% to settle at 54,915.16 points. Today’s weakness on the broad index was due to losses recorded in Mtnn (-4.95%), ETI(-10.00%), Ucap (-5.13%), Accesscorp (-4.44%), Dangsugar (-2.89%), Fbnh (-2.73%), Wapco (-1.96%), NGXgroup (-1.43%) and GTCO (-1.20%). Though most stocks closed on a flattish note, Zenithbank (+2.52%) and Oando (+2.24%) finished the day on a positive note.

Turnover was N1.51bln $3.27mln) dominated by trade in Zenithbank, Mtnn and Flourmill. The YTD return on the NGX index dipped to +7.15%. We expect the same trading pattern in the coming session.

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