Market wrap 17/04/2024

The Nigerian equities market slipped by 80bps and fell below the 100k threshold to settle at 99,909.56 points today. A significant drag on the index is the ongoing selloffs in the banks, including GTCO (-2.85%), UBA (-1.09%) and Wema (-2.08%). Oando (-1.65%) and Intbrew (-2.17%) also closed lower today. Notwithstanding, there was a breather in select banking counters – FBNH (+6.93%), Fidelity (+9.88%), Access (+2.65%) and FCMB (+2.08%) all traded higher and gained some ground on the day. The NGXASI year-to-date return has once again moderated to +33.65%, and the market breadth is still in the negative.

Activities in Zenith, UBA, Access, and GTCO by mostly offshore investors accounted for N5.8 billion ($5.1 million) of the turnover. We anticipate that the next trading session will follow a similar pattern.

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