Afrinvest Stock Recommendation For The Week 101218

Proshare

Monday, December 10, 2018 11:48 AM / Afrinvest Research

 

Market Last Week (Our Observation)

  • The downswing in the domestic stock market continued last week as the All-Share Index closed in the red, down by 0.02% W-o -W to settle at 30,866.82 points while YTD loss settled at -19.3%. 
  • Performance across sectors was mixed as only 3 of the 5 indices under our coverage improved W-o-W. The Banking, Consumer Goods and Oil & Gas indices gained 0.9%, 0.6% and 2.0% W-o-W respectively; whereas the Industrial Goods and Insurance indices were down by 2.1% and 3.1% W-o-W respectively. 
  • Best performing stocks in the week were DIAMONDBNK (+56.9%), IKEJAHOTEL (+11.3%) and AIICO (+11.1%) while CONTINSURE (-12.5%), PRESTIGE (-10.9%) and AIRSERVICE (-10.0%) led the laggards.


Markets This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 1.6 points from 0.6 points the week before. 
  • This week, we anticipate that investors will take profit in early trades although we expect an upturn by the middle of the week. Nevertheless, we maintain a cautious outlook in the near term as overall investor sentiment remains weak on the back of political uncertainty.
  • Performance of stocks on our equity watch-list from track period till date are as follows; CUSTODIAN (-1.5%), GUARANTY (-4.4%), OKOMU (-6.5%), GUINNESS (- 6.5%) and UBA (-10.7%).

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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