Afrinvest Stock Recommendation For The Week 290419

Proshare

Monday, April 29 2019 / 11:43 AM / by Afrinvest Research

 

Market Last Week (Our Observation)

  • Bearish sentiments dragged the performance of the All Share Index (ASI) last week despite positive earnings releases of some listed companies. The NSE ASI declined 1.2% Week-to-Date (WTD) to settle at 29,740.41 points and YTD return dropped further to -5.4% while market capitalisation declined by N123.7bn to close at N11.2tn.
  • Performance across sectors was largely bearish as 4 of 5 indices under our coverage declined WTD save the Oil & Gas index which emerged the lone gainer, up 0.4% WTD. On the flip side, the Consumer Goods index declined the most, down 2.6% WTD trailed by the Industrial Goods, Insurance and Banking indices, which declined 2.2%, 0.9% and 0.1% WTD respectively. 
  • The best performing stocks for the week were DANGFLOUR (+45.3%), JAPAULOIL (+40.0%) and CUTIX (+28.1%) while GUINNESS (-19.0%), MAYBAKER (-13.5%) and INTBREW (-13.0%) led the laggards.


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator stood at 3.3 points largely driven by economic sentiment.
  • Given the sluggish recovery of the economy, we anticipate that the lingering bearish sentiments will remain in the near term as foreign investors continue to stay on the sidelines.
  • The performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-1.7%), ZENITH (+2.2%), DANGCEM (-1.1%), OKOMU (-10.0%), and NESTLE (-1.9%). 

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NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 29th April, 2019


Proshare Nigeria Pvt. Ltd.


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