Market wrap 30/04/2024

The All-Share Index put forward a slightly good performance, up 0.27% driven by sustained buying in some tier 1 banks namely FBNH (+6.94%), Zenith (+2.56%) and UBA (+2.80%). MTNN (+3.96%), Nahco (+10.00%), Oando (+4.89%) and UAC (+10.00%) had great performances on the day as well. On the other hand, Dangsugar (-9.95%), Lafarge (-8.75%), Fidelity (-2.17%), NB (-1.54%) and Accesscorp (-0.59%) ended the day on a negative note. Market breadth was positive with 26 gainers versus 18 losers. Dangcem, Geregu, Airtel and Nestle continued to trade on full offer.

Turnover was impressive at N14.92 billion ($11.14 million) following a block trade in GTCO by offshore interest. The year-to-date return on the index appreciated to +31.36%. We expect market to trade around current levels in the next session.

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