Monday, April 01, 2019 11:20AM / Afrinvest
Market Last Week (Our Observation)
bargain-hunting activities on some fundamentally sound and cheap stocks (NESTLE,
SEPLAT and DANGCEM) at the close of
trading session, the local bourse failed to fully recoup losses.
Consequently, the NSE All-Share Index closed in the red on 3 of the 5
trading sessions in the week, falling 0.3% W-o-W to settle at 31,041.42
points while YTD return worsened to -1.2%.
across sectors was mixed as 3 of 5 indices under our coverage trended
southward W-o-W. The Banking index declined the most, down 2.8% due to
sell pressures as investor sentiment weakened. The Industrial Goods and
Insurance indices followed suit, shedding 2.4% and 2.0% respectively
W-o-W. On the flip side, the Oil & Gas index recorded the largest
gain, advancing 3.6% while buying interest in NESTLE (+5.3%)
and DANGSUGAR (+1.4%) drove the Consumer Goods index
upwards by 1.1% W-o-W.
- The top
performers for the week were ETERNA (+10.4%), REDSTAREX
(+10.0%) and IKEJAHOTEL (+9.9%) while FIDELITY
(-13.1%), DANGFLOUR (-12.1%) and SOVRENINS
(-9.1%) led underperformers.
Market This Week (Our Expectations)
Afrinvest market sentiment indicator strengthened to 3.1 points from 2.9
points recorded the previous week.
of stocks on our equity watch-list from track period till date are as
follows; GUARANTY (+4.6%), ZENITH (+5.1%),
OKOMU (+5.0%), NESTLE (+6.4%)
and DANGCEM (+0.7%).
week we expect to see profit taking activities in earlier trading sessions
in response to Friday’s market performance partly driven by release of
impressive earnings reports. Hence, we maintain a bearish outlook for the
overall weekly performance.
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