Monday, November 19, 2018 10:58 AM / Afrinvest
Market Last Week (Our Observation)
- The local bourse last week posted a
bearish performance as the All Share Index (ASI) fell 0.4% W-o-W to 32,058.28
points, YTD loss weakened to -16.2% while market capitalization settled at
N11.7tn. This was on the back of lingering bearish sentiments and persistent
political uncertainties which continue to pose downside risks.
- Sector performance was also bearish as
3 of 5 indices fell W-o-W. The Oil & Gas, Banking and Insurance indices
declined 1.1%, 0.8% and 0.5% respectively W-o-W. On the flip side, the
Industrial Goods index was the sole gainer up 1.0% while the Consumer Goods
index closed flat W-o-W.
- Best performing stocks in the prior
week were UNITY (+31.0%), FLOURMILL (+11.7%) and PRESTIGE (+9.8%) while DIAMOND
(-29.7%), CILEASING (-26.4%) and ETERNA (-17.4%) declined the most.
Markets This Week (Our Expectations)
- The Afrinvest weekly sentiment
indicator stood at fell to 2.1 points following a further weakening in market
- Irrespective of the overall negative
performance in the prior week, we note investors higher buying interest in
bellwethers and hence expect this trend to uplift performance this week.
Although, we expect the broad performance of the index to remain weak as
investors sentiment remain pressured by developments in the polity.
- Performance of stocks on our equity
watch-list from track period till date are as follows; UBA (-7.1%), GUINNESS
(-5.2%), CUSTODIAN (+2.3%), GUARANTY (+0.3%) and OKOMUOIL (-1.6%).