Afrinvest Stock Recommendation For The Week 110319

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Monday, March 11, 2019 11:59 AM / Afrinvest Research

 

Market Last Week (Our Observation)

  •  The local bourse enjoyed some buying interest in GUARANTY, UBN and INTBREW ahead of the positive earnings result as well as some bargain hunting in fundamentally sound stocks. Consequently, the All-Share Index (ASI) rose by 0.3% W-o-W to 31,924.51 points, while YTD return settled at +1.6%.
  • Performance across sectors was however bearish as 4 of 5 indices under our coverage declined W-o-W.  This was due to the lingering weak market sentiment which was further dampened by unimpressive dividend yields. The Banking index was the lone gainer, up 3.4% W-o-W, while the Oil & Gas, Industrial Goods, Insurance and Consumer Goods indices shed 2.6%, 1.7%, 1.3% and 1.1% W-o-W respectively. 
  • The outperforming stocks by the close of the week were WEMA (+11.7%), CUTIX (+9.8%) and SOVRENINS (+8.7%), while MBENEFIT (-14.8%), LIVESTOCK (-11.9%) and ACADEMY (-10.0%) declined the most .

Market This Week (Our Expectations)

  • Afrinvest Weekly Sentiment Indicator weakened to 3.0 points from 3.2 points recorded the previous week based on weak market breadth
  • Similar to last week, we expect to see buying activities in the early part of the week as investors anticipate positive earnings results of stocks. However, due to the bearish investor sentiment, we expect the uptick in market performance to be short-lived. 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; GUARANTY (+8.3%), ZENITH (+8.2%), OKOMU (+5.0%) and DANGCEM (+2.8%). 

 


  

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