Market wrap 22/02/2023

Trading on the domestic equities market closed on positive note as the NGX ASI recorded a gain of +0.23% to settle at 54,315.53points. The performance was largely on account of gains in Geregu (+10.00%) as well as mild positive movement in GTCO (+0.80%),Zenithbank (+0.80%),Accesscorp (+0.55%), Flourmill (+0.32%) and Dangsugar (+0.29%). However, weakness in Fidelitybk (-1.57%), Wemabank (-1.00%), Afriprud (-0.81%), and FBNH (+0.43%) pared the day’s gains.

Turnover was N3.92bln ( $8.5mln) dominated by trade in Seplat and Airtelafric. The YTD return on the NGX index improved to +5.25%. We expect the same trading pattern in the coming session.

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