Last week, in line with our expectation, the local bourse failed to hold up gains from the previous week as a streak of profit-taking on large-cap stocks in Banking and Industrial goods as well as price adjustment for dividend on weighed on the market. Overall, the benchmark All Share Index (ASI) shed 0.8% w/w to settle at 38,916.74 points pushing YTD loss higher to 3.4%. Similarly, Market capitalization fell N156.7bn to print at N20.4tn. Nevertheless, the activity level rebounded as average volume and value traded improved by 18.1% w/w and 11.7% w/w to 361.2m units and N4.8bn.