Afrinvest Stock Recommendation for the Week 310521

Proshare

Monday, May 31, 2021  / 12:52 PM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • Despite halting a 9-sessions losing streak to gain 56bps last trading session, the All-Share index declined by 0.2% w/w to 38,256.99 points thereby extending the previous week's losses. Market capitalisation fell by N35.0bn to N19.9tn while YTD loss worsened to -5.0%.  
  • Performance across sectors under our coverage was mixed as 3 indices gained while the remaining 3 indices recorded losses. Leading the gainers are the Insurance, Oil & Gas, and AFR-ICT indices which appreciated by 1.0%, 0.9%, and 0.3% w/w respectively. On the other hand, the Banking index led the laggards, down 1.8% w/w. Similarly, the Industrial and Consumer Goods indices declined by 0.4% and 0.1% w/w respectively. 
  • REGALINS (+44.1%), ROYALEX (+30.6%) and CILEASIN (+19.2%) led the gainers chart while ABCTRANS (-17.1%), ACADEMY (-15.4%) and ENAMELWA (-9.7%) led the decliners. 


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment indicator strengthened to 1.8x from 1.5x in the previous week.
  • This week, we expect to see bargain hunting activities as investors take advantage of the relatively cheaper prices of fundamentally sound stocks.


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

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Proshare Nigeria Pvt. Ltd.

 

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