Monday, November 26, 2018 12:38 PM / Afrinvest Research
Market Last Week (Our Observation)
- The downtrend in the domestic bourse persisted last week as sustained sell offs in market bellwethers – DANGCEM, GUARANTY and ETI weighed on overall performance. Consequently, the NSE All Share Index closed in the red, down 1.2% W-o-W to settle at 31,678.70 points while the YTD loss expanded to -17.2%.
- Performance across sectors was mixed as 3 of 5 indices under our coverage advanced W-o-W. The Insurance, Consumer Goods and Oil & Gas indices gained 1.4%, 1.1% and 0.3% W-o-W respectively while the Industrial and Banking indices declined by 5.3% and 0.8% W-o-W respectively.
- Best performing stocks in the prior week were PRESTIGE (+41.0%), PZ(+18.3%) and FLOURMILL (+15.1%) while IKEJAHOT (-18.5%), WAPCO(-12.5%) and LAWUNION (-8.8%) led the laggards.
Markets This Week (Our Expectations)
- The Afrinvest weekly sentiment indicator strengthened to 2.2 points from 1.9 points recorded the previous week.
- This week, we expect an undulating trend in market performance as the impact of bargain hunting in fundamentally sound stocks is expected to be countered by subsequent sell offs. However, we maintain our bearish outlook on the market over the near-term.
- Performance of stocks on our equity watch-list from track period till date are as follows; CUSTODIAN (+2.3%), OKOMU (-1.9%), GUARANTY (-0.3%),GUINNESS (-5.2%) and UBA (-7.1%).
1. Afrinvest Stock Recommendation for The Week 191118
2. Afrinvest Stock Recommendation For The Week 121118
3. Stock Recommendation for The Week 051118
4. Afrinvest Stock Recommendation for the Week - 151018
5. Afrinvest Stock Recommendation for the Week - 081018
6. Afrinvest Stock Recommendation for the Week - 240918
7. Afrinvest Stock Recommendation for the Week - 170918