Market wrap 29/04/2024

Bearish sentiments prevailed as the NGXASI went down 22bps today to settle at 97,962.24 points. The worst hit were GTCO (-7.89%), Zenith (-3.99%), NB (-2.99%), Fidelity (-2.13%) and Wema (-3.20%). Nonetheless, FBNH (+9.83%), Access (+2.11%), Sterling (+9.95%), UBA (+1.10%), Intbrew (+3.33%), UAC (+8.87%) and Ucap (+2.70%) were the stars of the day, helping offset some losses. Elsewhere, Dangsugar (-10.00%) lost some points today. Market breadth was negative although some large cap stocks – Dangcem, Geregu, Airtel, Nestle tradded flatish.

Trades in UBA, Transcorp, Access and Zenith were the main drivers of the Turnover of N5.1bn ($3.9mn). The Year-to-date value of the index now stands at +31.01%. We expect market to trade around current levels in the next session.

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