Market Wrap 23/09/2021

The NGXASI (+0.06%) edged higher in today’s session on account recovery in selected banking stocks; GTCO (+1.29%), Stanbic (+0.13%),UBA (+0.66%), although ETI (-2.83%), Zenithbank (- 0.22%) remained were subdued on the day. Other key movers were Flourmill (+1.21%), PZ (+4.55%), and Oando (+3.66%), telecommunications giant MTNN (+1.45%).

Market turnover was meagre at N 1.26 bln ($3.10 mln) dominated by trades in GTCO and Zenithbank. The YTD return on the NGX index moderated to -3.47%. We expect the market to maintain a similar trading pattern in the coming session.

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