Afrinvest Stock Recommendation For The Week 180319

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Monday, March 18, 2019 12:18 PM / Afrinvest Research

 

Market Last Week (Our Observation)

    • Bearish sentiment dragged the performance of the domestic equities market despite positive earnings releases by some companies. Hence, the All Share Index declined 2.4% W-o-W to settle at 31,142.72 points while the YTD return worsened to -0.9%. 
    • Performance across sectors was largely negative as all indices save for the Oil & Gas index closed in the red W-o-W. The Banking index led decliners, down 6.1%, trailed by Industrial Goods, Insurance, and Consumer Goods indices, which declined 1.1%, 0.8% and 0.4% respectively. The Oil & Gas index emerged as the lone gainer, up 0.1% W-o-W. 
    • The best performers last week were CAP (+10.0%), ROYALEX (+9.4%) and CADBURY (+9.1%) while AFRIPRUD (-20.8%), FCMB (-12.7%) and ZENITH (-11.8%) underperformed.

    Market This Week (Our Expectations)

        • The Afrinvest Weekly Sentiment Indicator weakened to 2.6 points from 3.0 points recorded in the prior week as market breadth remains weak. 
        • Consequent on the losses recorded on four trading sessions last week, we expect to see some bargain hunting in early trades this week, supported by positive earnings release on some counters. Nonetheless, given the paucity of foreign portfolio participation in the local bourse, we anticipate that the lingering bearish sentiments would drive a negative close.
        • The performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (+2.8%), ZENITH (-4.6%), DANGCEM (+0.2%) and OKOMUOIL (+5.0%).

            

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        • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 22nd March, 2019


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