Afrinvest Stock Recommendation for the Week 240820

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Monday, August 24, 2020 / 01:56 PM / By Afrinvest Research / Header Image Credit: Afrinvest 

 

Market Last Week (Our Observations)

  • Last week, the domestic equities market extended its bullish performance as the NSE All-Share Index appreciated 9bps w/w to settle at 25,221.87 points. Consequently, market capitalisation rose N12.2bn w/w to close at N13.2tn while YTD loss moderated to -6.0%.
  • Performance across sectors was mixed as 3 of 6 indices under our coverage trended northward w/w. The Oil & Gas index lost the most, down 0.9% w/w respectively. Likewise, the Industrial Goods and AFR-ICT indices fell 0.4% and 0.3% w/w respectively. Conversely, the Insurance, Banking and Consumer Goods indices appreciated 4.9%, 0.8% and 1.9% w/w respectively.
  • LASACO (+26.9%), INTBREW (+26.3%) and CORNERSTONE (+18.4%) led the top gainers while ROYALEX (-16.1%), ABCTRANS (-14.9%) and CONOIL (-9.8%) were the worst performers.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator rose to 1.4x from the 1.3x recorded in the previous week.
  • This week, we expect a bearish performance as we anticipate profit-taking on bellwethers.

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  • NB: Rate on N100m and above are negotiable and all rates are valid ONLY for fund received on/before 24th August 2020.


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Proshare Nigeria Pvt. Ltd.

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