Market wrap 21/02/2024

In a quick reverse of trend, the All-share index closed higher by 0.30% propelled by immediate recovery from yesterday’s decline in cement giant Buacem (+4.93%) alongside big lenders: FBNH (+9.96%) and UBA (+0.21%). Notwithstanding the gains posted, market breadth remained negative as 10 gainers were recorded against 41 losing stocks. Banking counters continued today’s trading under pressure with investors appeared to favour asset reallocation/portfolio rebalancing over increasing exposure. Surprisingly, recent highflyer Geregu Power remained neutral in terms of pricing alongside many heavyweights, Dangcem, Airtel, MTN and others.

Market turnover was N6.55bn ($4.3m) buoyed by trades FBNH. We expect market sentiments to remain dampen in the wake of recent happenings in the FX and interest rate hike in the bond markets.

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