Equities market opened the week on an impressive note following news of possible COVID-19 vaccine effectiveness by Pfizer. The All Share Index (ASI) jumped by 3.96% to 32,243.05 while market capitalization gained N641.08bn to close at N16.85trn. Consequently, Year to Date performance improved to +20.12%.
The sectorial performance was significantly bullish as all sectors closed on a green note. Banking and industrial indices both jumped by 6.59% and 5.54% following gains in the shares of GUARANTY(+5.22%), ZENITHBANK (+7.40%), DANGCEM (+6.02%) and BUACEMENT (+4.42%).
Similarly, consumer goods, insurance and oil & gas indices advanced by 1.78%, 1.57% and 0.98% on the back of bargain hunting in the shares of NNFM(+10.00%), MBENEFIT (+10.00%) and OANDO (+10.00%). Elsewhere, Dangote Cement released Q3-2020 result posting 12.01% and 35.20% growth in Revenue and Profit After Tax. Kindly refer to our earnings update for detailed analysis.
The bond market traded on a bullish note as average yield compressed across different maturities. Bullish sentiment was majorly witnessed on long and mid dated maturities with yield compressing by 0.09% and 0.15% respectively.
Market Snapshot
- Equities Market Opened the Week on a Positive Note…ASI jumped by 396bps
- The bond market closed positive as yield compressed across various maturities
- Stocks Surge to All-Time Highs on Vaccine Optimism
- Oil Jumps by Most Since June on Covid Vaccine Progress
- Naira depreciated against the USD in both the I&E window and the parallel market
