Afrinvest Stock Recommendation for the Week - 050218


Monday, February 05, 2018 /4;15 PM / Afrinvest Research 

Market Last Week (Our Observations)
The performance of the equities market was largely positive last week as the All Share Index (ASI) rose 2.0% W-o-W to 44,639.99 points while YTD return advanced to 16.7%. 

Across sectors, performance was broadly positive as 3 of 5 indices closed in the green. The Industrial Goods index appreciated the most, up 5.3% W-o-W. The Banking and Insurance indices trailed, gaining 2.1% and 1.4% W-o-W respectively. On the contrary, the Consumer Goods and Oil & Gas indices fell 3.3% and 0.7% W-o -W respectively.

The top performers were AIICO (+35.6%), UNITY (+31.7%) and WEMA (+31.6%) while LASACO (-28.0%), ABCTRANS (-20.0%) and LAWUNION (-16.7%) were the worst performers.

Market This Week (Our Expectations)
The Afrinvest Weekly sentiment indicator weakened to 1.1 points from 1.4 points recorded the previous week following a decline in market breadth. 

Following a largely positive performance last week, we expect investors to book profits in early trades this week.

However, we iterate our positive near-term outlook for the market as the earnings release season draws closer.

 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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