Market wrap 24/04/2024

The bears dominated the equities market as the All-share index of the NGX closed lower by 1.18% to 98,135.42 points. MTNN (-10.00%), Transcohot (-10.00%), FBNH (-9.82%), Transcorp (-6.71%), Oando (-9.90%) and UBA (-1.30%) were the biggest losers. Nevertheless, tier 1 banks; Zenith (+1.67%), GTCO (+0.70%) alongside FCMB (+9.23%) salvaged some valuable points. Large cap stocks such as: Dangcem, Geregu, Airtel, and Nestle continued to remain flattish with pressure on the offer side of the market. 

Turnover was decent at N9.6 billion ($7.7 million) with trades in GTCO, Zenith, and UBA leading the value traded. The index’s year-to-date return now stands at +31.24%.  We exepect similar trading pattern in the upcoming session. 

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