Market wrap 26/05/2022

The All-Share index posted a gain of 1.06% in today’s session. The performance was more of recovery across many counters including telecom heavyweight MTNN that rose by 4.35%. Unsurprisingly, locals continued to dominate with selective bargain hunting in names such as Wapco (6.23%), GTCO (3.13%), Zenith (1.06%) and a few others. On the flip side, UACN (-9.69%) succumbed to sell pressure to lead the losers alongside Flourmill (-2.86%), Oando (-2.24%) and AIICO (-1.41%).

Market turnover was decent at N5.1bn ($12.3m) dominated by local related crosses in MTN and whilst offshore participated in Seplat. Ytd return on the index closed at 24.43%. We expect the market to trade around current levels in the next session.

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