Market wrap 27/02/2023

Trading activities in the domestic equities market closed in the positive region as the broad index edged higher by 0.69% at the end of the session. The performance was on account of upward movement in Oando (+10.00%), Conoil (+9.98%), MRS (+9.66%) in the oil & gas space; as well as decent gains recorded in selected consumer goods stocks: Flourmill (+9.05%), Buafoods (+4.69%), and Dangsugar (+1.45%). Other notable gainers were Geregu (+5.69%), GTCO (+1.95%), Wapco (+1.56%), Accesscorp (+1.09%) and Zenithbank (+0.78%).

On the contrary, Ucap (-2.91%), Fidelitybk (-0.99%0 and NB (-0.36%) closed in the negative region. Despite the bullish stance, trading activities remained low as market turnover printed at  N1.54bln ( $3.33mln) and was dominated by fragmented trades in Zenithbank, GTCO, Dangcem and Airtelafric. The YTD return on the NGX index improved to +7.96%. We expect the same trading pattern in the coming session.

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