Buying pressures were sustained on the local bourse for the third consecutive week, as the NSEASI gained 1.41%WoW to close at 25,041.89pts. This trimmed the YtD loss to -6.71%. As COVID-19 restrictions are further eased, expectations for corporate performance appear to brighten up from the pessimism expected earlier in the year. Although pre existing risks remain, investors have reacted positively to results that were resilient in H1:2020 and show promise of dividend payment. The All-share index has so far gained 2.30% QtD. Despite the positive sentiment in the market so far, we see little room for upward price movement this week as investors are expected to take profit on counters that have seen significant share price appreciation over the past weeks. Thus, we expect this to drive the market to a negative close this week.
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