Afrinvest Stock Recommendation for the Week 310820

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Monday, August 31, 2020 / 12:23 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • The stock market sustained positive performance last week as the All-Share Index appreciated 35bps w/w to settle at 25,309.37 points. Consequently, market capitalisation rose N45.6bn w/w to close at N13.2tn while YTD loss improved to -5.7%.
  • Performance across sectors was mixed albeit positively skewed as 3 of 6 indices under our coverage gained w/w. The Insurance index led gainers, up 2.8% w/w, trailed by the Consumer and Industrial Goods indices, appreciating 1.1% and 0.6% w/w respectively. On the flip side, the Banking index emerged the lone laggard, down 0.2% w/w. Lastly, the Oil & Gas and AFR-ICT indices closed flat.
  • UPL (+31.5%), FTNCOCOA (+20.0%) and CHAMPION (+19.2%) were the best performers while BETAGLAS (-10.0%), ARBICO (-9.5%) and CILEASIN (-9.1%) lost the most. 

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator was unchanged at 1.4x recorded in the previous week.
  • Following consecutive weeks of gains, we expect to see some profit-taking in early trades next week.

Proshare Nigeria Pvt. Ltd.    

 

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NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 31st August 2020.


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