Market wrap 20/03/2024

Profit-taking activities, particularly in major lender FBNH, which saw a -9.90% decline, played a significant role in the slight downturn observed in the NGX All-Share Index, closing down by -0.28%. Other notable counter such as Transcorp (-7.19%) and JBerger (-8.48%) due to increased selling pressure. This activity occurred as investors seeking bargains found it challenging to match the pace of those taking profits. Zenith (-0.26%), along with other banking entities, recorded slight losses. Meanwhile, key market players including MTNN, Dangcem, Buacem, Airtel Africa, and Geregu remained stable but witnessed more selling interest than buying throughout the trading day.

 

Despite these pressures, the market overall showed a positive sentiment, as evidenced by the gains seen in a variety of small to mid-sized companies, including FTN Cocoa, Chams, Fidelity Bank, Sterling Bank, and Flour Mills of Nigeria, among others. The market’s turnover was noteworthy at N6.8 billion ($4.5 million), with FBNH, Transcorp, and UBA being the most active in terms of value traded. Following these movements, the year-to-date return on the All-Share Index fell to 39.43%. Looking ahead, we anticipate that the market will continue to operate around its current levels in the next trading session.

 

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