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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