Afrinvest Stock Recommendation for the Week 050721

Proshare

Monday, July 05, 2021   / 02:30 PM / by Afrinvest Research / Header Image Credit: Titan FX

Proshare Nigeria Pvt. Ltd.



Market Last Week (Our Observations)

  • The domestic equities market was bullish last week as the All Share Index closed in the green on 3 of 5 trading sessions. Consequently, the benchmark index advanced 1.5% w/w to settle at 38,212.01 points while YTD loss moderated to -5.1%. Market capitalisation increased by N292.4bn in value to close at N19.9tn.
  • Performance was also bullish across sectors under our coverage as 4 of 6 indices closed positive. Leading gainers were the Consumer Goods and Industrial Goods indices, up 5.1% and 2.1% w/w respectively. In the same vein, the Insurance and Banking indices also rose 2.0% and 1.3% w/w respectively. On the flip side, the Oil & Gas and AFR-ICT indices fell 1.0% and 0.3% w/w respectively.
  • The best performers were IKEJAHOTEL (+60.0%), LINKASSURE (+30.8%) and WEMABANK (+23.3%) while the worst performers were BOCGAS (-19.0%), REGALINS (-14.3%) and ROYALEX (-12.7%).

 

Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiments indicator strengthened to 1.7x (from 1.4x).
  • For this week, we anticipate slight profit-taking at the start of the week. However, we envisage that market performance will be dictated by the performance of the H1:2021 earnings results. as we enter the earnings season.



Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 9th July 2021.


Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.

 

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