Afrinvest Stock Recommendation For The Week 200519

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Monday, May 20, 2019  / 10:17AM / By Afrinvest Research


Market Last Week (Our Observation)

  • The downtrend in the domestic equities market came to a halt this week as the NSE All Share Index trended upward, advancing 1.0% W-o-W to settle at 28,871.93 points. Similarly, market capitalisation advanced N1.9bn W-o-W to close at N12.7tn while YTD loss settled at -8.1%.
  • Across sectors, the performance was negative as all indices under our coverage trended southwards W-o-W. The Banking index led decliners, down 4.3% W-o-W. The Consumer Goods index trailed, shedding 4.1% while sell-offs pulled the Insurance index lower, down 3.3% W-o-W. Also, the Industrial Goods and Oil & Gas indices declined 2.8% and 2.3% W-o-W respectively as investor exited positions in CCNN, DANGCEM, and FORTE.
  • The top performers for the week were THOMASWY (+24.0%), NEIMETH (+22.0%) and AGLEVENT (+16.7%) while REGALINS (-20.0%), FORTE (-18.9%) and CHAMPION (-18.2%) led laggards.



Market This Week (Our Expectations)

  • The Afrinvest weekly sentiment indicator strengthened to 3.1 points from 3.0 points recorded in the previous week.
  • In the coming week, we expect to see increased investors appetite for the MTNN stock particularly in the early days of the week and bargain hunting in fundamentally sound stocks for short term gains. We, therefore, maintain a bullish outlook for the market in the near-term.
  • Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY(-11.2%), ZENITH (-15.0%), DANGCEM (-7.2%), OKOMU (-2.9%) and NESTLE (-9.5%).

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