Afrinvest Stock Recommendation for the Week 140920

Proshare

Monday, September 14, 2020 / 11:37 AM / By Afrinvest Research / Header Image Credit: Afrinvest 

 

Proshare Nigeria Pvt. Ltd.


Market Last Week (Our Observations)

  • Bearish sentiment resurfaced in the equities market last week as the All-Share Index declined 5bps w/w to settle at 25,591.95 points. Consequently, market capitalisation shed N7.1bn w/w to close at N13.4tn while YTD loss worsened to -4.7%.
  • Sector performance was unimpressive as 4 of 6 indices under our coverage recorded losses w/w. The Industrial Goods and AFR-ICT indices advanced 0.4% and 0.9% w/w respectively. On the flip side, the Banking and Oil & Gas indices led decliners, losing 2.7% and 1.3% w/w respectively. Trailing, the Insurance and Consumer Goods indices shed 0.7% and 0.3% w/w respectively.
  • ETERNA (+28.8%), CILEASING (+11.1%) and NEM (+8.7%) led the top gainers while ROYALEX (-15.2%), LIVESTOCK (-10.6%) and ARBICO (-9.6%) led the decliners.


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator fell to 1.6x from the 2.1x recorded in the previous week.
  • We expect the bearish momentum to persist in the absence of any major catalyst.

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 14th September 2020.


Proshare Nigeria Pvt. Ltd.


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