Market wrap 31/01/2024

The All share index retreated by -1.89% to close at 101,154.1points as profit taking persisted on the Nigerian equities market. Top laggards were Sterlingng (-10.00%), Transcorp (-10.00%), Wapco (-10.00%), Zenithbank(-10.00%), Conoil(-9.98%), UBA (+9.96%), FBNH (-9.96%) and Nasco (-9.94%). Moreso,  Accesscorp (-9.92%), NAHCO (-9.91%),GTCO (-9.76%), Fidelitybk (-9.75%), Dangsugar (-8.98%, MTNN (-4.39%) and NB (-4.39%) succumbed to sell pressure. On the contrary, gains in PZ (+9.97%), Geregu (+9.69%), Cileasing (+5.13%), Vitafoam (+2.94%), and Mansard(+0.17%) were the silver lining in the session.

Turnover improved N22.49bln ($24.97mln), supported  by block trade in Geregu,  as well as trades in MTNN, Zenithbank, and GTCO. The year to date return on the ASI decreased to 35.28%. We anticipate the same trading pattern in the coming session.


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