Afrinvest Stock Recommendation For The Week 310519

Monday, June 03, 2019 10:05AM / Afrinvest Research

Market Last Week (Our Observation)

• Last week, the local bourse recorded a positive performance despite losses on 3 of 4 trading days, with the All Share Index (ASI) increasing 0.6% W-o-W to 31,069.37 points. Accordingly, market capitalisation rose N82.0bn to N13.7tn while YTD loss improved to -1.1% from -1.7% last week.
• Overall sector performance was bullish as 5 out of 6 indices under our coverage appreciated W-o-W. The Banking index recorded the largest gain, up 3.9% W-o-W. The Insurance index trailed as it inched higher by 3.3% W-o-W while the Oil and Gas index gained 2.1% W-o-W. Similarly, the Consumer Goods and Industrial Goods indices appreciated 1.3% and 1.0% W-o-W respectively. On the flipside, the AFR-ICT index was down by 2.5% W-o-W.
• The top performing stocks last week were CHAMS (+15.2%), STERLING (+11.1%) and ETI (+10.9%) while BERGER (-9.5%), RTBRISCO (-9.4%) and ETERNA (-8.7%) led top losers.

Market This Week (Our Expectations)

• The Afrinvest Weekly Sentiment Indicator strengthened to 4.0 points from 3.2 points recorded in the previous week. 
• Following last week’s performance and improved investor sentiment, we anticipate a bearish performance this week in the absence of any major market catalyst.
• Performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-8.3%), ZENITH (-12.8%), DANGCEM (+5.2%), OKOMUOIL (-2.9%) AND NESTLE (-8.2%).

NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for fund received on/before 3rd June 2019

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