Afrinvest Stock Recommendation for the Week 051020

Proshare

Monday, October 05, 2020 / 4:21 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Proshare Nigeria Pvt. Ltd.


Market Last Week (Our Observations)

  • The equities market closed in the positive region last week as the All-Share Index expanded 2.5% w/w to 26,985.77 points. Furthermore, market capitalisation rose N350.1bn w/w to N14.1tn while YTD return settled at 0.5%.
  • Sector performance was bullish as 5 of 6 indices under our coverage recorded gains w/w. The Banking and Industrial Goods indices led gainers, up 4.2% and 3.2% w/w while the AFR-ICT, Oil & Gas and Insurance indices appreciated 2.5%, 1.6% and 0.6% w/w respectively. Conversely, the Consumer Goods index depreciated 0.7%  w/w.
  • TOTAL (+21.0%), OANDO (+12.8%) and STERLING (+10.3%) were the top gainers while CORNERSTONE (-15.5%), UPL (-12.7%) and ETRANZACT (-10.0%) led the decliners.


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator surged to 3.9x from the 2.5x that was recorded in the previous week.
  • We anticipate a sustained bullish run this week as investors continue to position in fundamentally sound stocks ahead of earnings releases for the third quarter.


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 5th October 2020.


Proshare Nigeria Pvt. Ltd.


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