Economy & Market

Bulls Hold Sway Ahead of Easter Break

The equity market nudged higher as the benchmark index rose by 0.27% to close at 104,562.06 points. Renewed interest in MTNN (+0.91%), alongside sustained interest in tier 1 banking tickers GTCO (+0.96%), and ZENITHBANK (+1.14%), outweighed losses in DANGSUGAR (-2.07%), STANBIC (-3.45%), and INTBREW (-3.68%), keeping the market in the green. Accordingly, having lost in two of four trading sessions this week, the ASI closed 0.08% w/w lower.

Over the course of the week, losses in MTNN (-1.28% w/w), TRANSPOWER (-1.57% w/w), and FBNH (-8.02% w/w), outweighed buy interests in GTCO (+7.69% w/w), ZENITHBANK (+11.39% w/w) , and UBA (+3.70% w/w) driving the market’s negative performance. Consequently, the year-to-date (YTD) return on the index slipped to 39.84%, while the market capitalization lost ₦48.23tn w/w to close at ₦59.12tn.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 36.61%. A total of 623.08m shares valued at ₦16.95bn were exchanged in 10,257 deals. ZENITHBANK (+1.14%) led the volume chart with 88.36m units traded while GTCO (+0.96%) led the value chart in deals worth ₦4.11bn.

Market breadth closed positive at a 2.31-to-1 ratio with advancing issues outnumbering the declining ones. MORISON (+10.00%) topped thirty-six (36) others on the leader’s table while FTNCOCOA (-9.60%) led fifteen (15) others on the laggard’s log.

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