Market wrap 26/06/2023

Trading activities in the domestic equities market closed on a positive note on account of renewed interest in selected banking name. The ASI appreciated by +0.22% on the back of gains recorded ETI (+8.57%), GTCO (+3.97%), UBA (+2.18%), Accesscorp (+2.10%), Zenithbank (+1.56%). Moreso, Transcohot (+10.00%),Buacement (+2.50%),PZ (+9.26%)and Wapco (+0.69%) supported the day’s performance. However, weakness in Airtelafri (-0.54%),MTNN (-2.07%), Berger (-4.31%), FBNH (-2.31%), NB (-1.60%) and Nascon (-0.27%) pared the index’s performance

Turnover was N13.06bln ( $15.96mln) largely on account of block trades in Buacement, Airtel GTCO, and Accesscorp. We expect sentiment to remain positive in the coming sessions as investors monitor policy guidance of the government and expects H1 earnings of quoted companies.

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