The domestic stock market started the first trading session of the week in green as the market continued its bullish run from the previous close. The All-Share index climbed by 0.1% to close at 40,243.05 points due to marginally bargain-hunting activities in the market as investors continue to take positions in attractive stocks. Market capitalization also rose by N14.5.1bn to hit N21.0tn while YTD loss moderated to 0.1%. Activity level weakened, as total volume and value traded declined by 80.7% and 74.9% to 202.4m units (previously 1.0bn units) and N1.9bn (previously N7.4bn), respectively.

On a sectoral level, the performance was mainly bullish as three of the five sectors we cover closed in the green. The Insurance sector led the pack as it gained 1.5% price appreciation in MANSARD (+9.9%) and WAPIC (+4.2%). Similarly, the Consumer goods sector closed higher by 0.1% as HONYFLOUR (+1.6%), DANGSUGAR (+0.6%) drove the index northwards. The Banking sector rose marginally by 1bp on the back of buying interest in FCMB (+2.1%) and FBNH (+1.9%). On the other hand, the Oil and Gas sector declined by 0.4% as profit-taking activities in OANDO (-3.1%). The Industrial goods sector was the biggest loser shedding 2bps, falling on the account of selloffs in WAPCO (-0.4%).

Investor sentiment as measured by market breadth improved to 1.7x as 22 stocks advanced, and 13 stocks declined.

Looking ahead, we expect the market to be in a lull, with occasionally bargain hunting until 9M-2021 results are released.

Please CLICK HERE to download the report.