Afrinvest Stock Recommendation for the Week - 170918

Proshare

Monday, September 17, 2018 / 10:57 AM / Afrinvest Research

 

Market This Week (Our Observation)

  • The bearish performance of the equities market was sustained last week as the All Share Index (ASI) fell 5.0% W-o-W to 32,327.59 points, YTD loss worsened to -15.5% while market capitalization declined to N11.8tn.
  • Across sectors, performance was also bearish as the Industrial Goods index declined 7.6% while the Insurance and Consumer Goods indices fell 5.9% and 5.4% W-o-W respectively. Similarly, the Banking and Oil & Gas indices shed 4.4% and 1.7% W-o-W respectively.
  • The outperforming stocks last week were LAWUNION (+18.5%), UNITYBANK (+17.7%) and SKYEBANK (+15.5%) while CCNN (-26.9%), UNIVINSURE (-24.2%) and FORTE (-16.7%) declined the most.

Market This Week (Our Expectation)

  • The Afrinvest weekly sentiment indicator further weakened to 1.3 points from 1.9 points in the prior week due to low volume traded.
  • Following the sustained bearish performance of the local bourse, some fundamentally sound stocks have reached new 1-year lows, creating attractive entry opportunities. We anticipate bargain hunting in these stocks this week as investors position for a rebound in the medium term
  • Performance of stocks on our equity watch-list from track period till date are as follows; ZENITH (-15.9%), NIGERIAN BREWERIES (-10.2%), CUSTODIAN (+4.8%), DANGCEM (-8.3%) and OKOMU (+5.1%)

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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