Monday, November 11, 2020 / 1:20 PM / by Afrinvest
Research / Header Image Credit: Afrinvest
Market Last Week (Our Observations)
week, the domestic equities market sustained its bullish momentum as the
All-Share index advanced 6.4% w/w to 30,530.69 points. Consequently,
market capitalisation rose by N958.4bn to N16.0tn while YTD return settled at 13.7%.
- Performance across sectors was bullish as all
indices under our coverage trended northward w/w. The Consumer Goods and
Banking indices led gainers, up 12.2% and 8.0% respectively. Trailing, the
Industrial Goods and Oil & Gas indices rose 7.6% and 6.2% while the Insurance
and AFR-ICT indices appreciated 5.6% and 1.6% w/w respectively.
- The top performing stocks for the week were PORTLAND (+32.2%), FCMB (+28.3%)
and TRIPPLEG (+27.8%) while PRESTIGE (-10.0%), MORISON (-10.0%)
and CUTIX (-8.9%) were the laggards.
Market This Week (Our Expectations)
Afrinvest Weekly Sentiment Indicator rose to 3.4x from the 2.6x recorded
in the previous week.
- This week, we expect to see slight profit-taking at the start of the
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