Market Rally on the News of COVID-19 Vaccines by Pfizer…ASI Jumped by 3.96%

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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
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Equities Market Opened the Week on a positive Note...ASI jumped by 396bps
SOURCE: NSE, PFI Capital

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