Afrinvest Stock Recommendation For The Week 171218

Proshare

Monday, December 17, 2018 / 10:59 AM / Afrinvest 

 

Market Last Week (Our Observation)

  • The bearish trend was sustained last week as the market shed 0.6% W-o-W to settle at 30,672.79 while YTD loss extended to 19.8%.
  • Performance across sectors was mixed, as 3 of 5 indices under our coverage advanced while 2 declined. Industrial Goods index was up 0.5% trailed by Banking and Insurance indices with 0.2% apiece. On the flipside, the Consumer Goods and Oil & Gas indices were down by 2.8% and 0.8% respectively.
  • Top performers for the week include FORTE (33.9%), JOHNHOLT (20.0%) and CAP (18.3%) while MOBIL (-10.4%) CONOIL (-10.0%) CUTIX (-9.6%) lagged the most.

Markets This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 1.7 points from 1.6 points the week before.
  • This week, we expect to see investors take position in fundamentally sound stocks for short term gains. Nonetheless, we maintain a bearish short-term outlook for the market as political uncertainties remain heightened. 
  • Performance of stocks on our equity watch-list from track period till date are as follows; UBA (-10.1%), GUINNESS (-6.5%), CUSTODIAN (-1.5%), GUARANTY (-4.1%) and OKOMU (-5.2%).


Proshare Nigeria Pvt. Ltd.


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