Afrinvest Stock Recommendation For The Week 150719

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Monday, July 15, 2019  / 10:30AM / By Afrinvest Research

 

Market Last Week (Our Observation)

  • The local bourse continued its bearish run as the All Share Index (ASI) shed 2.4% W-o-W to settle at 28,566.79 points following losses on 4 out of the 5 trading days. Accordingly, YTD loss worsened to -9.1%. However, market capitalisation rose to N13.9tn from N12.9tn last week mainly due to the listing of 3.7 billion shares of Airtel Africa valued at N1.4tn. 
  • Sector performance was generally poor as only 1 of 5 indices under our coverage closed on a green note. The Consumer Goods index led laggards, declining 5.0%, due to price depreciation in PZ and NESTLE. The Industrial Goods index followed (declining 4.3%) while the Oil & Gas and Insurance indices shed 3.1% and 2.4% respectively. On the other hand, the Banking index emerged the lone gainer, up 0.8%.
  • The top performing stocks were SOVRENINS (+9.5%), UBN (+9.5%) and CADBURY (+8.6%) while FORTE (-23.3%), GLAXOSMITH (-18.6%) and NAHCO (-16.9%) led the losers.


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator weakened to 2.2 points from 2.5 points recorded in the previous week.
  • We believe that the bearish run would persist as investors maintain a risk-off approach towards investing in the domestic equities market. Nonetheless, we do not rule out the possibility of bargain hunting due to sharp losses recorded recently. 

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