Market wrap 18/04/2024

The NGXASI (-0.06%) continued to show signs of recovery today following discount buying in select names. Banking counters such as Zenith (+1.69%), Sterling (+1.19%), Unity (+1.12%) and Wema (+1.42%) held their ground and bolstered the sub-index, nonetheless GTCO (-3.92%), UBA (-0.22%), FCMB (-2.04%), Fidelitybk (-2.25%), FBNH (-0.19%) and Accesscorp (-0.86%) succumbed to sell pressure. Elsewhere, whilst Transcorp (+2.94%) and Guinness (+10%) advanced, UCAP (-9.73%) and Oando (-6.72%) declined on the day. Other index heavyweights like Dangcem, Airtelafr and Geregu remained on offer. 

Turnover was N5.5bn ($4.8mn), largely driven by activity in GTCO, Zenith, Access, and UBA. The YTD return on the index dipped further now stands at +33.53%. We expect similar trading patterns in the upcoming session.

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