Monday,
January 28, 2019 01.:52 PM / Afrinvest Research
Market Last
Week (Our Observation)
- The
local bourse enjoyed buying interest last week as investors took advantage
of cheap assets on the exchange. As a result, the All Share Index (ASI)
rose 1.4% to 31,426.63 points while YTD loss contracted to 1bp.
- Across
sector indices, performance was mixed W-o-W, though negatively skewed. The
Industrial Goods index led laggards, down 2.0%, trailed by the Oil &
Gas and Consumer Goods indices which fell 1.3% and 0.4% respectively. The
Banking and Insurance indices were up 7.1% and 2.0% respectively.
- The top
performing stocks for the week were FIDELITY (+24.4%), CAVERTON
(+22.6%) and FCMB (+22.2%) while RESORTS
(-23.1%), SOVRENIN (-19.2%) and UBN (-8.9%)
led laggards.
Markets
This Week (Our Expectations)
- The
Afrinvest Weekly Sentiment Indicator strengthened to 1.5 points from 0.5
points recorded the previous week.
- We
believe appetite for value stocks will remain upbeat in the near term.
Nonetheless, we expect to see profit taking activities during the week.
We recommend that investors take position in cheap assets with sound
fundamentals in order to take advantage.
- The
performance of stocks on our equity watch-list from track period till date
are as follows; GUARANTY (0.0%), ZENITH (-0.2%),
DANGCEM (+4.3%), OKOMU (+7.6%),
and NIGERIAN BREWERIES (+2.0%).


- NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for fund
received on/before 28th January 2019
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