Market wrap 16/04/2024

The NGXASI continued its consecutive decline as the local bourse slipped -1.04% to settle at 100,717.21 points. Banking counters remained worst hit; the sub index was down by -5.75% as investors trimmed their positions in Zenith (-8.41%), UBA (-8.00%), Access (-8.63%), FBNH (-5.61%), GTCO (-3.66%), Fidelity (-10.00%) and FCMB (-9.43%).  MTNN (-1.32%), Dangsugar (-8.75%), Oando (-9.70%) and Flourmill (-9.76%) further worsened the broad index. 

Turnover of N8.4bn ($7.2mn) was boosted by block trades in GTCO, Zenith, Access, and UBA. The year-to-date value of the index has now dropped to 34.70%. We expect similar trading patterns in the upcoming session.

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