Market wrap 17/01/2022

Trading activities for on the domestic equities market commenced on a negative note as the ASI dipped by -0.12% to settle at 44,399.66 points. The lukewarm performance was on account of profit taking in Buafoods (-6.36%), as well as weakness in Intbrew (-5.26%), NGXGROUP (-2.27%), PZ (-2.10%), UBA (-1.21%), Wapco (-0.78%) and GTCO (-0.20%). Though most stock closed on a flattish note, gains in NB (+2.83%), Baucement (+2.19%), Fidelitybk (+1.92%), ETI (+1.16%), UACN (+0.55%), Ucap (+0.45%) and Oando (+0.42%) salvaged some valuable points.

Turnover was N2.69b ($6.48m) though boosted by trades in GTCO and Zenithbank. The YTD return on the NGX index dipped to +3.94%. We expect the market to maintain a similar trading pattern in the coming session.


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