Afrinvest Stock Recommendation For The Week 040219

Proshare

Monday, February 04, 2019    11:22AM / Afrinvest

 

Market Last Week (Our Observation)

  • The local bourse closed negative W-o-W as investors sold off bellwether stocks to capitalize on gains enjoyed in previous weeks. Consequently, the All Share Index (ASI) declined by 2.5% to 31,636.36 points while YTD loss worsened to 2.5%.
  • Across sectors, performances were bearish as 4 of 5 indices under our coverage trended southwards W-o-W. The Industrial Goods index declined the most, down 3.7%. The Consumer Goods, Banking and Insurance indices trailed, shedding 3.4%, 2.5% and 2.2% respectively. The Oil & Gas index was the lone gainer, up 0.1%. 
  • The top performing stocks for the week were ABCTRANS (+24.1%), MBENEFIT (+10.0%) and BETAGLAS (+9.1%) while NIGERINS (-15.4%) DANGFLOUR (-10.8%) and IKEJAHOT (-10.7%) led laggards.

Markets This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 2.7 points from 1.5 points recorded the previous week. 
  • As we move into a new month, we maintain our bearish outlook on the market, although the earnings season could see market rally in the period.
  • The performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-2.3%), ZENITH (-0.4%), DANGCEM (+2.2%), OKOMU (+7.6%), and NIGERIAN BREWERIES (-5.5%). 

Proshare Nigeria Pvt. Ltd.

NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 4th February, 2019


Proshare Nigeria Pvt. Ltd.


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