Afrinvest Stock Recommendation for the Week 191020

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Monday, October 19, 2020 / 1:49 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • The equities market sustained a positive performance in the previous week as the All-Share index increased by 0.9% w/w to 26,659.45 points. Furthermore, market capitalisation rose N127.6bn to N15.0tn while YTD return improved to 6.8%.
  • Performance across sectors was bullish as 4 of 6 indices under our coverage gained w/w. The Insurance and AFR-ICT indices were outliers, down 0.7% and 0.3% respectively. The Banking and Oil & Gas indices led gainers, up 2.9% and 2.4% w/w while the Consumer and Industrial Goods indices appreciated 1.9% and 0.2% w/w respectively. 
  • ETERNA (+35.0%), INTBREW (+12.9%) and CADBURY (+12.6%) led the top gainers while ETRANZACT (-26.4%), PORT (-12.6%) and ROYALEX (-7.4%) led the decliners.


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator fell to 2.6x from the 4.0x that was recorded in the previous week.
  • This week, we expect corporate earnings releases to dictate performance in the market.

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  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 19th October 2020.


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