Market wrap 18/06/2021

The NGXASI (+0.09%) edge higher in today’s session, although sell pressure dragged the Index by -1.30% w/w to 38,648.91points  . Today’s performance was on account of gains recorded in Presco (+2.70%), Zenithbank (+1.28%),Cadbury (+1.27%), Flourmill (+1.02%), Fbnh (+0.69%), Access (+0.59%), Fidelitybk (+0.44%) and Nascon (+0.35%). While most stock closed on a flattish note, UBA (-0.68%), Mansard (-1.10%), Aiico (-2.68%) and Honyflour (-0.71%) declined. Elsewhere, the Exchange notified that trading in the shares of Guaranty Trust Bank Plc (the Bank) was suspended today, Friday, 18 June 2021.The suspension is necessary to prevent trading in the shares of the Bank in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.

Market turnover was N2.53bln ($6.15mln), boosted by trades in Zenithbank, Presco and Nestle. The YTD return on the NGX index moderated to -4.03%. We expect the market to maintain a similar trading pattern in the coming session..

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