Afrinvest Stock Recommendation For The Week 130519

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Monday, May 13, 2019  11:35AM / By Afrinvest Research

 

Market Last Week (Our Observation)

  • The rout on the Nigerian local bourse continued as bearish sentiments were observed across all trading sessions of the week. As a result, most stocks listed on the Nigerian Stock Exchange remained undervalued, trading near 1-year lows. Extended sell pressures in market bellwethers drove the All Share Index (ASI) 1.2% lower W-o-W to 28,847.81 points. Accordingly, YTD return settled at -8.2% while market capitalisation decreased by N136.9bn to N10.8tn. 
  • Across sectors, performance was equally negative as all indices closed in the red W-o-W. The Oil & Gas index was the biggest loser, down 5.3% W-o-W. The Banking index trailed, falling 2.8% W-o-W while sell-offs dragged the Insurance and Industrial Goods indices 1.7% and 0.8% lower respectively. Finally, the Consumer Goods index declined 0.2% W-o-W due to sell pressures in NIGERIAN BREWERIES (-1.1%) and DANGSUGAR (-0.4%). 
  • The best performers for the week were BETAGLASS (+23.1%), COURTVILLE (+13.6%) and NEM (+13.1%) while GOLDINSU (-36.1%), JAPAULOIL (-33.3%) and NEIMETH (-25.4%) led laggards. 

Market This Week (Our Expectations)

  • The Afrinvest weekly sentiment indicator weakened to 3.0 points from 3.6 points recorded in the previous week. 
  • In the coming week, we anticipate a bearish performance as foreign investors remain on the side-lines in the absence of major economic triggers.
  • Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-7.1%), ZENITH (-13.2%), DANGCEM (-5.6%), OKOMU (-8.1%) and NESTLE (-3.8%).

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