Market wrap 16/05/2023

Nigerian equities market closed on a positive note as the ASI appreciated by +0.36% to settle at 52,419.33 points. Recovery in NB (+ (+9.97%), as well as upward movement in Mansard (+6.40%), PZ (+4.40%),GTCO (+4.15%), Custodian  (+3.45%), UACN (+2.38%), UBA (+2.38%), Cadbury (+2.20%),CAP (+1.87%), Accesscorp (+1.50%), Wapco (+1.01%) and Zenithbank (+1.45%) among others. Though market breadth closed in the positive zone, Ardova(-6.06%), Glaxosmith (-4.41%), Fidelitybk (-0.88%), Fidson (-2.60%), Geregu (-0.58%), Presco (-0.54%), and Flourmill (-0.16%) finished lower at the end of the day.

Turnover was N6.79bln ( $14.69mln) dominated by block trades in Zenithbank, UBA, GTCO, Accesscorp, MTNN and Airtelafric. The YTD return on the NGX index improved to +2.30%. We anticipate mixed trading sentiment in the coming days.

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