Afrinvest Stock Recommendation For The Week 010719

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Monday, July 01, 2019  / 12:15PM / By Afrinvest Research 

 

Market Last Week (Our Observation)

  • The local bourse rebounded last week as investors took position in market bellwethers. As a result, the All Share Index (ASI) rose 0.4% W-o-W to settle at 29,966.87 points while YTD loss improved to -4.7%. Investors gained N50.9bn in value as market capitalisation increased to N13.2tn.
  • Performance across sectors was bullish as 4 of the 6 sectors under our coverage closed on a positive note W-o-W. The Consumer Goods index led gainers, up 3.2%, while the Oil & Gas index trailed, rising 0.7% and the Industrial Goods index followed, inching up 0.6% W-o-W. Similarly, the Banking index advanced 0.2%. On the flip side, the Insurance index led laggards, down 1.5% while the AFR-ICT index shed 0.7%. 
  • The top performers last week were CHAMPION (+19.0%), MBENEFIT (+15.0%) and ABCTRANS (+11.1%) while NPFMCRFB (-19.2%), NEM (-18.9%) and FORTE (-14.1%) led the laggards. 

Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator weakened to 2.6 points from 3.4 points recorded in the previous week.
  • In the coming week, we expect investors to take positions in attractive stocks ahead of earnings releases.
  • The performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-4.5%), ZENITH (-14.1%), DANGCEM (-3.0%), OKOMUOIL (-16.0%), and NESTLE (-12.0%),  

 

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Proshare Nigeria Pvt. Ltd.

  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 1st July 2019.

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