Market wrap 19/02/2024

The Nigerian equities market experienced a notable downswing today, with the All-Share Index (ASI) depreciating by -3.15% to settle at 102,393.2pts. This slump was largely due to sell pressure on equity heavy weight Dangcem (-10.00%), telecoms major MTNN (-10.00%). Other decliners were: NGXGROUP (-9.76%), NB (-9.08%), ETERNA (-7.43%), ETI (-3.47%), Dangsugar (-3.16%), UBA (-1.81%) and Flourmill (-1.71%). These losses masked the gains recorded in Geregu (+5.44%), NAHCO (+5.86%), Custodian (+4.97%), Transcorp (+4.55%), FBNH (+1.79%), Nascon (+1.67%), Oando (+1.63%), Wapco (+1.13%) and Fidelitybk (+0.94%). Buyers proceeded with caution in many names as investor appeared on the sidelines in anticipation of today’s unprecedented N2.5trillion bond auction.

Turnover was N7.44bln ($4.97mln), buoyed by block trades in Geregu, GTCO, Airtelafri and Zenithbank. The year to date return on the ASI decreased to 36.94%. We anticipate the same trading pattern in the coming session.

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