Afrinvest Stock Recommendation For The Week 170619

Monday, June 17, 2019  / 11:37AM / By Afrinvest Research 

Market Last Week (Our Observation)

• The local bourse continued its bearish run as the All Share Index (ASI) shed 130bps to settle at 30,046.70 points following losses on 3 out of the 4 trading days. Consequently, market capitalisation fell to N13.2tn as investors lost N169.7bn while YTD loss worsened to -4.4%.
• Sector performance was mixed as 3 out of 6 indices under our coverage recorded a positive performance. The Insurance index led gainers, up 0.9% while the Oil & gas index increased by 0.3%. Similarly, the Banking index rose by 1bps. On the flip side, the Industrial Goods index shed 2.6% while the Consumer Goods and Afrinvest-ICT indices were down 1.8% and 0.7% respectively.
• The top performing stocks last week were FORTE (+14.2%), GLAXOSMITH (+11.1%) and ROYALEX (+9.1%) while NAHCO (-11.8%), CUTIX (-11.2%) and CCNN (-10.0%) led the losers.

Market This Week (Our Expectations)

• The Afrinvest Weekly Sentiment Indicator strengthened to 2.2 points from 2.0 points recorded in the previous week.
• Following last week’s performance and improved investor sentiment, we expect that investors would begin to cherry pick fundamentally sound stocks as we approach H1:2019 earnings season.
• The performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-10.0%), ZENITH (-13.2%), DANGCEM (-3.0%), OKOMUOIL (-2.9%) AND NESTLE (- 9.5%).

NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for fund received on/before 10th June 2019.

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