(Greenwich Merchant Bank): After a four-day bearish run in the previous week, the equities market opened the week bullish following price accretions in WAPCO (+7.7%), FBNH (+2.8%) and ACCESS (+2.6%). This propelled the NSE-ASI to gain +0.17% and the YtD return to settle at -2.2%.
Contrarily, the activity level declined as the volume and value of transactions dipped 49.2% and 76.8% respectively with ZENITHBANK topping the trade charts with 66.5mn units (22.4%) and NGN1.7bn (52.9%).
Nevertheless, investors’ sentiment brightened, as the market breadth was pegged at 1.9x with twenty-five (25) gainers outpacing and thirteen (13) losers.
Read: List of Dividends announced in 2021, qualification and payment dates
Likewise, NSE sectorial performance improved as the Insurance (+1.3%), Oil & Gas (+1.0%) and Industrial Goods (+0.5%) sectors closed positive, while the Consumer Goods (-0.1%) and Banking (-0.0%) sectors shrank.
We expect Investors to persist in bargain hunting across counters that eased off due to the bearish run the previous week. However, we would witness a trickle of profit-taking in the subsequent session.
