Monday, June 29, 2020 / 11:42 AM / By Afrinvest Research / Header
Image Credit: Afrinvest
Week (Our Observations)
- Last week, the equities market closed in the
green, rising 1bp w/w to settle at 24,829.02 points. Consequently,
market capitalisation rose N1.2bn
w/w to close at N13.0tn
while YTD return stood to -7.5%.
- Performance across sectors was bearish as 5 of
the 6 indices under our coverage trended southward w/w. The AFR-ICT
(+4.9%) index was the standalone gainer. On the flip side,
the Oil & Gas index (-4.8%) led the laggards. Similarly, the
Industrial Goods (-2.0%) and Insurance (-1.6%) indices declined w/w.
Lastly, the Banking (-0.5%) and Consumer Goods
(-1bps) indices also closed the week lower.
- The top performing stocks for the week were AIRTELAF (+10.0%),
ABCTRANS (+9.8%) and NESTLE (+9.6%)
while PZ (-21.4%), GLAXOSMITH
(-17.6%) and PRESTIGE (-17.5%) were the laggards.
Week (Our Expectations)
- The Afrinvest Weekly Sentiment Indicator remained
unchanged from last week's close of 1.5x.
- This week, we expect
to see sustained profit-taking in early trades, however, we believe this
negative trend would be reversed before the end of the week on account of
bargain hunting by investors.
- NB: Rate on N100M and above are
negotiable and all rates are valid ONLY for fund received on/before
29th June 2020.