Market wrap 20/03/2023

Trading activities on the Nigerian equities market opened on a negative note as ASI depreciated  by -0.09% to settle at 54,888.48 points. The performance was due to weakness Stanbic (-8.52%), Fcmb (-3.56%), NB (-3.14%), CAP (-1.04%), Fidelitybk (-0.77%), Sterlnbank (-0.66%) and Dangsugar (-0.54%). Though most stocks closed on a flattish note, gains in Accesscorp (+7.14%), Custodian (+5.17%), Oando (+2.44%), FBNH (+2.34%), Wapco (+1.20%), UBA (+0.62%), Zenithbank (+0.61%) and GTCO (+0.41%) salvaged some valuable points on the day.

Turnover was N2.87bln ( $6.23mln) dominated by block trades in Neimeth with local interests. The YTD return on the NGX index dipped to +7.10%. We expect the same trading pattern in the coming session.

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