Monday, January 14,
2019 12:10PM / Afrinvest Research
Market Last Week (Our
Observation)
- The
local bourse maintained a downtrend W-o-W as the All Share index fell by
2.6% to close at 29,830.70 while market return year to date worsened to
-5.1%.
- Across
sectors, performance was largely negative as all indices save for the
Industrial Goods index (+1.0%) closed in the red W-o-W. The Insurance
index led laggards, down 7.0%. The Oil & Gas, Consumer Goods and
Banking indices trailed, shedding 6.3%, 3.6% and 0.9% W-o-W
respectively.
- The
best performers last week were JBERGER (+22.2%), DIAMOND
(+12.2%) and TRANSCORP (+11.2%) while NEM (-33.5%),
RESORTS (-26.0%) and UNITY (-17.0%)
were the worst performing stocks.
Markets
This Week (Our Expectations)
- The
Afrinvest Weekly Sentiment Indicator strengthened to 3.0 points from
2.6 points recorded in the previous week.
- We
maintain a bearish outlook for the market in the near term as we expect
the run on the market to persist till post-election stability is established.
Nonetheless, we are of the opinion that long-term investors can take
position in cheap assets with sound fundamentals in order to take
advantage of the anticipated post-election rally.
- The
performance of stocks on our equity watch-list from track period till date
are as follows; GUARANTY (-2.9%), ZENITH (-5.2%),
DANGCEM (-4.8%), OKOMU (+7.6%),
and NIGERIAN BREWERIES (-0.4%).
- NB: Rate on ₦100M and
above are negotiable and all rates are valid ONLY for fund received
on/before 14th January 2019
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