Afrinvest Stock Recommendation For The Week 040319

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Monday, March 04, 2019 01:25 PM / Afrinvest Research

 

Market Last Week (Our Observation)

  • The bearish run in the domestic equities market was  sustained last week as investors sold off in bellwethers – ZENITH, NESTLE and GUARANTY. Thus, the All-Share Index (ASI) declined 2.1% W-o-W to 31,827.24 points and the YTD return weakened to +1.3%.
  • Performance across sectors was largely bearish, as only 2 of 5 indices under our coverage advanced W-o-W. The Banking, Consumer Goods and Oil & Gas indices shed 5.9%, 2.9% and 1.3% W-o-W respectively while the Insurance and Industrial Goods indices rose 3.0% and 0.9% respectively W-o-W.
  • The top performing stocks for the week were CORNERST (+19.0%), LIVESTOCK (+15.5%) and CILEASIN (+10.0%) while TRANSOCRP (-14.5%) NPFMCRFB (-12.7%) and OANDO (-11.5%) led laggards.

Markets This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator stood at 3.2 points largely driven by economic sentiment.
  • This week, we expect to see some buying activities particularly in the early part of the week as positive earnings results as well as bargain hunting drive buy interests . Nevertheless, we expect this to be short-lived as weak investor sentiment stoked by the on-going elections is expected to weigh on market performance. Thus, we maintain our bearish outlook over the near-term.
  • Performance of stocks on our equity watch-list from track period till date are as follows; ZENITH (+3.0%), OKOMU (+5.0%), GUARANTY (-3.0%), DANGCEM (+3.6%) and NIGERIAN BREWERIES (-6.4%).

 


 

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