Afrinvest Stock Recommendation for the Week - 240918

Proshare

Monday, September 24, 2018 / 12:27 PM / Afrinvest Research

 

Market Last Week (Our Observation)

  • Following a 3-week decline, the local bourse rebounded last week as the All Share Index (ASI) inched 0.7% higher to close at 32,540.17 points while YTD loss improved to -14.7%.
  • Across sectors, performance was equally positive as 4 of 5 indices we track closed in the green. The Banking index (+2.7%), Oil & Gas (+2.6%), Industrial Goods (+2.4%) and Consumer Goods (+1.0%) appreciated W-o-W while the Insurance index, the lone loser, shed 4.9% W-o-W.
  • Last week’s outperformers were UNIONDAC (+26.7%), FIRSTALUM (+23.3%) and FORTE (+22.9%) while STDINSURE (-20.0%), MANSARD (-19.1%) and REDSTAREX (-17.4%) were the worst performers.

Markets This Week (Our Expectations)

  • Afrinvest weekly sentiment indicator advanced to 3.1 points from 1.3 recorded the prior week following an improvement in market breadth.
  • This week, we expect bargain hunting to be sustained till midweek before performance turns southwards.
  • Track to date, the performance of stocks on our equity watchlist are as follows:  CUSTODIAN (+6.7%), OKOMU (+1.3%), ZENITH (-12.8%), NIGERIAN BREWERIES (-9.7%) and DANGCEM (-10.5%).

Proshare Nigeria Pvt. Ltd.

  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 28th SEPTEMBER  2018


Proshare Nigeria Pvt. Ltd.


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