Market wrap 27/02/2024

The equities market tracker fell by 1.39% in rapid response to a rather surprising a 400bps raise in interest rate by the MPC towards the session close to 22.75%. Market participants appeared to scamper to safety as telecoms giant , MTNN dipped by 9.9% followed by big lender, FBNH 10.00%. Other notable decliners include; UBA, Zenith, Access, Nascon. Investor aversion towards risky assets showed on the face of new opportunities that will arise in risk free instruments of the Federal Government due to rates hike. Notwithstanding, random gains were recorded in many fringe names; Transcorp, Sterlnbk, Africa Prudential, Honeywell e.t.c

Turnover remained subdued at 6.1bn with fragmented trades in Zenith Nascon, Dangsugar leading the way among local participants. We expect equities market to continue its readjustment to realities of the new interest rates

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