Afrinvest Stock Recommendation for the Week -030918


Monday, September 03, 2018 11:40AM /Afrinvest Research

Market This Week (Our Observation)

·   Bearish sentiment returned to the market last week as the All Share Index (ASI) shed 1.6% W-o-W to close at 34,848.45 points while YTD loss worsened to -8.6%.

·  Across sectors, performance was equally bearish as 3 of 5 indices trended south. The Industrial Goods, Banking and Insurance indices fell 4.7%, 1.5% and 0.1% respectively W-o-W. On the flipside, the Oil & Gas and Consumer Goods indices rose 1.0% and 0.3% respectively W-o-W.

·  PORT (+20.6%), AIICO (+17.1%), and PZ (+14.9%) were the best performing stocks last week while IKEJAHOTEL (-18.6%), FIRSTALUM (-15.0%) and GLAXOSMITH (-14.4%) declined the most.

Market This Week (Our Expectation)

·  The Afrinvest Weekly Sentiment Indicator improved to 2.6x from 1.3x recorded the prior week on the back of a stronger market breadth.

·   This week, we expect sell-offs to be sustained due to the absence of positive drivers coupled with weak interest in market bellwethers.

·   For the month of September our equity watchlist consists of ZENITH, NIGERIAN BREWERIES, CUSTODIAN, DANGCEM and OKOMU.

Proshare Nigeria Pvt. Ltd.

NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 7TH SEPTEMBER  2018



Proshare Nigeria Pvt. Ltd.


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