Market wrap 23/02/2023

The upward movement in the Nigerian equities market was sustained in today’s session as the NGX ASI climbed by +0.84% to settle at 54,646.38 points. Notwithstanding concerns around the upcoming general election, stock listed on the domestic market continued to witness positive sentiment as investor seek to position in fundamentally viable names ahead of corporate action due from next week. Notable among the gainers were MRS (+9.88%), Buafoods (+8.87%), Geregu (+3.49%), Ngxgroup (+4.05%), NB (+2.44%), Wapco (+1.18%) and Unilever 9+2.27%) among others. Though most sock closed on a flattish note, Ucap (-0.32%), PZ (-0.49%) and Fcmb (-1.15%) finished in the negative region.

Turnover was N1.84bln ( $3.92mln) though boosted by trade in Zenithbank, UBA and GTCO. The YTD return on the NGX index improved to +6.09%. We expect the same trading pattern in the coming session.


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