Afrinvest Stock Recommendation for the Week 021120

Monday, November 11, 2020 / 1:20 PM / by Afrinvest Research / Header Image Credit: Afrinvest

Market Last Week (Our Observations)

• Last 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)

• The 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 week.

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