Afrinvest Stock Recommendation for the Week 190421

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Monday, April 19, 2021   /01:51 PM / by Afrinvest Research / Header Image Credit: TitanFX



Market Last Week (Our Observations)

  • Last week, the bears dominated the domestic equities market and consequently, the All-Share index fell 20bps w/w to settle at 38,808.01 points. As a result, YTD loss worsened to -3.6% while market capitalisation declined N25.1bn to N20.3tn.
  • Performance across sectors coverage was bearish as 5 of the 6 indices closed southward w/w. The Insurance index led the laggards, down 4.2% w/w while the Banking index trailed, down 1.5% w/w. Similarly, the Consumer Goods index fell 0.6% w/w. The Oil & Gas and AFI-ICT indices fell by 0.3% apiece. On the other hand, the Industrial Goods index rose 0.9% w/w.
  • The top performing stocks for the week were FTNCOCOA (+16.3%), MORISON (+9.3%), and ROYALEX (+8.3%) while CUSTODIAN (-17.9%), NNFM (-13.7%) and MBENEFIT (-12.8%) were the top underperforming stocks. 

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator strengthened to 0.6x from 0.5x recorded previously.
  • This week, we suspect that the uptick in fixed income rate may further drive sell-offs in the stock 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 19th April 2021.


Proshare Nigeria Pvt. Ltd.


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