Market wrap 22/04/2024

Market activities closed on a positive note as the NGXASI inched higher by +17bps to settle at 99,706.40 points. Market breadth was flattish as gains in GTCO (+9.95%), Zenith (+6.76%), Transcorp (+2.86%), Wapco (+1.52%), UBA (+0.66%), Japaul (+9.58%) and Unilever (+5.15%) was pared by weaknesses recorded in Fidelity (-6.18%), FCMB (-6.25%), Accesscorp (-1.18%) and Oando (-2.16%). Dangsugar and Nascon remained on full offer post report on cancellation of the merger deal; FBNH traded flattish, unperturbed by the change in leadership over the weekend, while index big weights -Seplat, Dangcem, Geregu and Airtelaf all traded on offer. 

Market turnover was N5.3bn($4.8m) boosted by trades in GTCO, UBA and Accesscorp. We expect a bit more recovery in the next trading session.

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