Market wrap 19/04/2024

The Nigerian equities market fell by 0.31% today to close at 99,539.79 points, reflecting the general bearish mood. The banks continued to be the hardest hit, with FBNH (-9.83%), Stanbic (-4.76%), GTCO (-2.47%), Zenithbank (-1.39%), and Accesscorp (-1.45%) suffering the most. Only Fidelity (+2.30%), was able to salvage some points for the day. Elsewhere today, NB (-0.18%) and Unilever (-2.86%) were also losing points. Although the market’s breadth was negative, the large cap stocks—Dangcem, Geregu, Airtel, and Nestle traded flat and have not yet printed prices. 

The major drivers of the N5.3 billion ($4.7 million) turnover are trades in GTCO, UBA, Zenith, and Access. The index’s year-to-date performance dropped even further, reaching +33.12%. We expect similar trading pattern in the upcoming session.

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