Afrinvest Stock Recommendation for the Week - 151018

Proshare

Monday, October 08, 2018 / 11:52 AM / Afrinvest Research

 

Market Last Week (Our Observation)

  • Last week, the local bourse posted a positive performance despite an overall bearish sentiment fueled by political uncertainties and higher yields in the US. Nonetheless, bargain hunting in bellwethers drove the All Share Index (ASI) 0.2% higher W-o-W to 32,456.98 points while YTD loss and market capitalization improved, settling -15.1% and N11.8tn respectively. 
  • Across sectors, performance was however bearish as only 2 of 5 indices gained W-o-W. The Banking and Industrial Goods indices were last week’s advancers, up 0.8% and 0.3% respectively W-o-W while the Insurance, Oil & Gas and Consumer Goods indices fell 1.7%, 0.9% and 0.7% respectively W-o-W.
  • The best performing stocks were WEMA (+17.9%), CAP (+16.0%) and MBENEFIT (+11.5%) while FIRSTALUM (-21.4%), CUTIX (-17.5%) and JOHNHOLT (-17.0%) declined the most.

Markets This Week (Our Expectations)

  • The Afrinvest weekly sentiment indicator stood at 2.5 points as market breadth remained soft.
  • In the coming week, we anticipate a positive performance, albeit marginally as 9M:2018 earnings releases trickle in. While we anticipate the earnings to buoy performance, we believe the bearish sentiment in the broader market may persist in the near term.
  • Performance of stocks on our equity watch-list from track period till date are as follows; UBA (-2.4%), GUINNESS (-1.3%), CUSTODIAN (-1.3%), GUARANTY (-0.4%) and OKOMU (-3.7%).


Proshare Nigeria Pvt. Ltd.


NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 19th October 2018


Proshare Nigeria Pvt. Ltd.


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