Afrinvest Stock Recommendation for the Week 121020

Proshare

Monday, October 12, 2020 / 01:33 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Proshare Nigeria Pvt. Ltd.


Market Last Week (Our Observations)

  • Last week, the equities market sustained gains as the All-Share index advanced 5.3% w/w to 28,415.31 points. Consequently, market capitalisation rose by N777.9bn to N14.9tn while YTD return settled at 5.9%.
  • Sector performance was impressive as all indices under our coverage gained w/w. The AFR-ICT and Banking indices advanced 8.0% and 7.8% w/w respectively. Likewise, the Industrial Goods gained 2.8% w/w while the Consumer Goods, Oil & Gas and Insurance indices appreciated 2.0% w/w apiece .
  • ETERNA (+32.5%), INTBREW (+21.0%) and AFRIPRUD (+20.6%) led gainers while UACPROP (-12.0%), TRIPPLEG (-10.0%) and DEAPCAP (-10.0%) led the decliners. 


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator rose to 4.0x from the 3.9x recorded in the previous week.
  • This week, we expect the soft gains in the domestic equities market to be sustained, although investors are likely to extend the profit taking activities. Hence, we maintain a bearish outlook.

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 12th October 2020.


Proshare Nigeria Pvt. Ltd.


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