Afrinvest Stock Recommendations For The Week 060120

Monday, January 06,  2020 /12:44 PM  / By Afrinvest Research / Header Image Credit: Afrinvest 

Market Last Week (Our Observations)

• The market kicked-off the year on a bullish note, gaining on all trading days although investor sentiment was flattish. Consequently, the ASI climbed 2.1% w/w to settle at 26,968.79 points. As such,  YTD return printed on the green at +0.5% while market capitalisation advanced N266.6bn to N13.0tn.
• Sector performance was bullish as all indices under our coverage advanced w/w. The Oil & Gas index led gainers, up 5.4% while the Insurance and Banking indices trailed, gaining 4.6% and 2.9% respectively. Similarly, the AFR-ICT, Consumer and Industrial Goods indices trailed, gaining 2.0%, 0.8% and 0.3% respectively.
• The best-performing stocks were CORNERSTONE (+39.5%), ETERNA (+20.0%) and ROYALEX (+17.9%) while FIDSON (-12.9%), UBN (-11.8%) and DEAPCAP (-10.0%) led the laggards.

Market This Week (Our Expectations)

• The Afrinvest weekly sentiment indicator weakened to 1.6 points (from 2.1 points).
• This week, we expect mixed performance in the equities market, as investors are likely to take profit given the gains that occured in the previous week.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 6th of January 2020.

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