Market wrap 20/02/2024

The All share index continued its correction by shedding 1.3% of its weight during today’s trading session. Sharp decline in Buacem (-9.98%) at market close on tiny 182k trade pulled the cement manufacturer underwater alongside pressure in FBNH (-8.42%) to close at 26.10, led the decliners on the day. Other notable losers include: Transcorp, Dangsugar and many banking counters. Market breadth was broadly negative as there were 6 decliners against every stock that gained with investor sentiments towards the outcome of yesterday’s bond auction which came out at 18.5% and 19% for the 7year and 10year maturities respectively. Geregu remained the beacon of hope with a positive 3.68% return during the session. Lafarge also recovered some recent losses, Eterna, Veritas Insurance, Ellah Lakes and Secure Electronics round up the total number of gainers on the day.

Market turnover was N6.6bn ($4.4m) dominated by trades in Geregu and Airtel. We expect the pressure to persist on the offer side of the market in the next session.

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