Afrinvest Stock Recommendation For The Week 240619

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Monday, June 24, 2019  / 10:48AM / By Afrinvest Research 


Market Last Week (Our Observation)

  • The benchmark index was down 0.7% W-o-W to settle at 29,851.29 points following a bearish performance on 4 of the 5 trading days this week. As a result, investors lost a total of N78.1bn as market capitalisation declined to N13.2tn while YTD return worsened to -5.0%.
  • Sector performance was mixed as 3 of the 6 indices under our coverage trended northward W-o-W. The Insurance index led gainers, up 8.7% while the Banking and Oil & Gas indices also gained 2.6% and 0.7% respectively. Conversely, the Afrinvest-ICT index led the laggards, declining 4.1% while the Consumer and Industrial Goods indices shed 1.6% and 1.5% respectively.
  • The top performing stocks were LINKASSURE (+37.5%), NEM (+33.3%) and THOMASWY (+21.2%) while CHAMS (-13.9%), CAP (-11.6%) and OKOMUOIL (-10.0%) led the losers

Market This Week (Our Expectations)


  • The Afrinvest Weekly Sentiment Indicator strengthened to 3.4 points from 2.2 points recorded in the previous week.
  • In the coming week, we expect that investors will continue to take position in fundamentally sound stocks as we approach the H1:2019 earnings season.
  • The performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-9.3%), ZENITH (-13.2%), DANGCEM (-3.0%), OKOMUOIL (-12.6%) AND NESTLE (-14.5%).


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  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 24th June 2019. 

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