October 08, 2018 / 11:52 AM / Afrinvest Research
Market Last Week (Our Observation)
- Last week, the local bourse posted a positive performance despite an
overall bearish sentiment fueled by political uncertainties and higher yields
in the US. Nonetheless, bargain hunting in bellwethers drove the All Share
Index (ASI) 0.2% higher W-o-W to 32,456.98 points while YTD loss and market
capitalization improved, settling -15.1% and N11.8tn respectively.
- Across sectors, performance was however bearish as only 2 of 5 indices
gained W-o-W. The Banking and Industrial Goods indices were last week’s advancers,
up 0.8% and 0.3% respectively W-o-W while the Insurance, Oil & Gas and
Consumer Goods indices fell 1.7%, 0.9% and 0.7% respectively W-o-W.
- The best performing stocks were WEMA
(+16.0%) and MBENEFIT
(+11.5%) while FIRSTALUM
(-17.5%) and JOHNHOLT
(-17.0%) declined the most.
Markets This Week (Our Expectations)
- The Afrinvest weekly sentiment indicator stood at 2.5 points as market
breadth remained soft.
- In the coming week, we anticipate a positive performance, albeit marginally
as 9M:2018 earnings releases trickle in. While we anticipate the earnings
to buoy performance, we believe the bearish sentiment in the broader market may
persist in the near term.
- Performance of stocks on our equity watch-list from track period till
date are as follows; UBA (-2.4%),
(-1.3%), GUARANTY (-0.4%)
and OKOMU (-3.7%).
Rate on ₦100M and above are negotiable and all rates are valid
ONLY for fund received on/before 19th October 2018
1. Afrinvest Stock Recommendation for the Week - 081018
Afrinvest Stock Recommendation for the Week - 240918
Afrinvest Stock Recommendation for the Week - 170918
Afrinvest Stock Recommendation for the Week - 100918
Afrinvest Stock Recommendation for the Week -030918
Afrinvest Stock Recommendation for the Week - 270818
Cordros Weekly Stock Recommendation – 130818
8. Afrinvest Stock Recommendation for the Week – 130818
9. Cordros Weekly Stock Recommendation – 060818