Afrinvest Stock Recommendation for the Week 150321

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Monday, March 15, 2021  / 10:15 AM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • The domestic equities market extended the previous week's bearish sentiment, as investors took profit from high valued stocks despite impressive performance from earnings releases. Accordingly, the NSE All-Share Index fell 1.7% w/w to settle at 38,648.48 points. Similarly, YTD loss worsened to -4.0% while market capitalisation declined N357.4bn w/w to close at N20.2tn.
  • Performance across sectors was mixed as 3 of the 6 indices under our coverage trended southward w/w. The Banking index led laggards, down 5.8%. Trailing, the AFR-ICT and Industrial Goods indices fell 3.5% and 0.1% respectively. Conversely, the Insurance index led gainers, up 2.8%. Similarly, the Consumer Goods and Oil & Gas indices rose 2.2% and 0.6% respectively. 
  • The top performing stocks for the week were CHAMPION (+45.2%), REGALINS (+22.2%) and MORISON (+19.7%) while ETERNA (-18.9%), MEYER (-18.0%) and AFRINSURE (-16.7%) were the laggards. 

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator remained unchanged at 0.9x.
  • The sell-offs experienced in the local bourse so far can be attributed to profit-taking in stocks that had rallied significantly before the beginning of the earnings season. With investors leaning towards the fixed income space, sentiment is expected to remain bearish in the near term. However, we believe this presents investors with attractive entry opportunities in the equities market.



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 15th March 2021.


Proshare Nigeria Pvt. Ltd.



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