Market wrap 29/03/2023

Trading activities in the Nigerian equities market closed on a brighter note as ASI recorded a marginally of + 0.20% to settle at 53,603.80 points. The upward movement in the broad index was on account recovery in Zenithbank (+2.80%) on proposed N2.90 dividend per share, also Dangcem (+5.07%) rose ahead of its dividend mark down. Other gainers were, Oando (+9.84%), UBN (+4.44%), PZ (+4.39%), Accesscorp (+2.87%),  Nascon (+2.05%), Wapco (+1.98%), Gtco (+1.61%), Fbnh (+1.365) and Custodian (+0.82%). On the contrary, Mtnn (-1.17%), Maybaker (-8.70%), CAP (-5.79%), NGXgroup (-4.29%), Vitafoam (-3.23%) and Ucap (-0.43%) closed lower.

Turnover was N3.26bln ( $7.1mln) though boosted by trades in Zenithbank, GTCO, MTNN and Seplat. The YTD return on the NGX index improved to +4.59%. We expect the same trading pattern in the coming session.


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