Market wrap 21/06/2023

Trading activities in the Nigerian equities market finished on a brighter note as the ASI appreciated by +0.36% to settle at 59,323.95pts. The performance was due to gains recorded in Conoil (+9.49%), MRS (+7.64%), Buacement (+4.65%), Stanbic (+1.98%), Wapco (+1.04%), Presco (+0.45%), and Dangcem (+0.07%). Though most stocks closed on a flattish note, Cadbury (-9.04%), Geregu (-5.45%), Flourmill (-2.15%), GTCO (-0.93%), Zenithbank (-0.78%) and UBA (-0.43%) succumbed to sell pressure.

Turnover was N6.12bln ( $8.78mln) largely on account of trades in GTCO, Dangcem Zenithbank, and Accesscorp. We expect sentiments to remain positive in the coming sessions as investors continue monitor policy guidance of the government and H1 earnings expectations of quoted companies.

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