Afrinvest Stock Recommendation For The Week 210119

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Monday, January 21,  2019  12:40 PM / Afrinvest Research                                   

 

Market Last Week (Our Observation)

  • The domestic equities market maintained a bullish performance last week as the All Share Index gained 3.9% W-o-W to settle at 31,005.17 points while YTD loss moderated to -1.4%. 
  • Across sectors, performance was largely positive as all indices save for the Banking index closed in the green W-o-W. The Industrial Goods index led gainers, up 12.7%, trailed by the Insurance, Consumer Goods and Oil & Gas indices, which rose 5.5%, 2.7% and 0.6% respectively. The Banking index emerged as the lone loser, down 1.0% W-o-W. 
  • The best performers last week were NEM (+43.3%), SOVRENIN (+30.0%) and ROYALEX (+28.6%) while RESORTS (-29.7%), BETAGLAS (-17.9%) and LINKASSURE (-13.9%) led the laggards.

Markets This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 1.5 points from 0.5 points recorded the previous week.
  • Although the market posted gains W-o-W, we advise cautious investing as we maintain a near term bearish outlook for the market till the elections are concluded. We recommend that investors take position in cheap assets with sound fundamentals in order to take advantage of the anticipated market rally post-election.
  • The performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-7.4%), ZENITH (-6.9%), DANGCEM (1.2%), OKOMU (7.6%), and NIGERIAN BREWERIES (-5.3%). 


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