On a sectoral level, performance reflected overall negative investor sentiment at yesterday’s trading session, as four (4) out of the five (5) sectors we cover closed in the red, leaving one (1) sector in the green. The Consumer goods (+0.1%) sector was standalone in the green zone, owing to bargain hunting in FMN (+2.8%). On the other side, the Banking (-0.6%) sector led the laggards, followed by the Insurance (-0.4%), Industrial (-0.3%), and Oil & Gas (-0.2%) sectors, owing to sell pressure in ETI (-5.9%), FIDELITY (-1.8%), ZENITHBA (-0.2%), CHIPLC (-8.9%), LINKASSU (-3.6%), BUACEM (-3.2%) and OANDO (-1.4%).

Investor sentiment from yesterday’s trading session strengthened to 1.1x from 0.2x as 17 tickers showed advancement while 15 tickers declined, as assessed by the market breadth (gainers to losers’ ratio). Looking ahead to the rest of the week, we expect to see continued bargain hunting as investors look forward to the H1-2022 earnings season, but we maintain the broader equities market will remain on a bearish trajectory.