Afrinvest Stock Recommendation For The Week 150419

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Monday, April 15, 2019   10:25AM / Afrinvest Research

 

Market Last Week (Our Observation)

    • General sentiment in the equities market remained soft last week as sell-offs in GUINNESS, FLOURMILL and ETI weighed on performance. Consequently, the All Share index (ASI) fell 0.2% W-o-W to 29,565.95 points, with the YTD return paring further to -5.9% while market capitalisation declined by N301.4bn to settle at N11.1tn.
    • Performance across sectors was largely bearish as 4 of 5 indices under our coverage trended southward W-o-W. The Oil & Gas index emerged the lone gainer, up 0.3% while the Insurance, Industrial Goods and Consumer Goods indices recorded losses, shedding 3.1%, 0.5% and 0.4% respectively. We observed a similarly situation in the Banking index which declined marginally by 0.3% as ETI (-7.8%), UBN (-7.1%) and FCMB (-2.7%) posted losses.
    • The top performers for the week were LEARNAFR (+18.7%), MAYBAKER (+17.4%) and CHAMS (+16.7%) while IKEJAHOTEL (-26.1%), ABCTRANS (-16.7%) and ROYALEX (-13.8%) led the laggards.

    Market This Week (Our Expectations)

      • The Afrinvest weekly sentiment indicator strengthened to 3.3 points from 2.9 points recorded the previous week. 
      • This week, we expect to see profit taking activities in some bellwether stocks which could potentially drive negative returns in the NSE ASI. However, we maintain a cautiously optimistic outlook as investors’ sentiment show signs of improvement.
      • Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (+1.7%), ZENITH (-11.3%), DANGCEM (-0.4%), OKOMU (+5.0%) and NESTLE (-7.8%).


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