The rally continues in the equities market as the bulls maintained a stronger position. Notably, the All-Share Index (ASI) jumped by 6.23% to 35,342.46 while market capitalization gained N1.08tn to close at N18.47tn today. Consequently, Year to Date performance improved to 31.67%.
The sectorial performance was significantly bullish as all sectors under coverage closed on a positive note. Banking and industrial indices advanced by 7.94% and 8.65% respectively following bullish sentiment in the shares of ZENITH(+9.96%), GUARANTY (+6.11%), JBERGER (+10.00%), BUACEMENT(10.00%) and DANGCEM (+8.11%).
Similarly, consumer goods, insurance and oil & gas indices advanced by 5.81%, 4.78% and 1.90% on the back of bargain hunting in the shares of NNFM(+10.00%), DANGSUGAR (+9.77%), WAPIC(+8.89%) and OANDO(+9.78%).
The bond market traded on a positive note as yield compressed across short-dated and mid-dated maturities by 0.13% and 0.09% respectively. The yield on the longer end of the curve however trended higher.
Market Snapshot
- Equities Market recorded the largest daily gain in five Years…ASI surged by 6.23%
- Bond market traded on a positive note as average yield deep by 0.08%
- Global Stocks Drop and Treasuries Climb Amid Virus Angst
- U.S. Inflation Tamer Than Forecast Amid Mixed Consumer Demand
- Naira depreciate further in the parallel market
