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Monday, June 25, 2018 3:28PM / Afrinvest
Market Last Week (Our Observations)
The domestic bourse halted six weeks of consecutive bearish run as the All Share Index (ASI) rose 5.0% W-o-W to settle at 38,669.23 points while YTD return strengthened to 1.1% from the previous loss.
Across Sectors, performance was largely bullish as 3 of 5 indices rose W-o-W. The Industrial Goods (9.4%), Consumer Goods (6.6%) and Banking (4.5%) indices advanced W-o-W while the Oil & Gas and Insurance indices shed 1.3% and 0.6% W-o-W respectively.
The top performing stocks for the week were JAPAULOIL (+40.9%), PRESTIGE (+39.6%) and NASCON (+17.9%) while NPFMCRFB (-14.5%), HMARKINS (-12.9%) and FIRSTALU (-9.1%) were the worst performers.
Market This Week (Our Expectations)
The Afrinvest weekly sentiment indicator improved significantly to 3.4 points from 1.4 points recorded the prior week as the market breadth increased to 1.7x (48 stocks advancing vs. 29 declining) against the previous week’s 0.5x.
Last week’s gains was largely in line with expectations as positive performance was largely driven by bargain hunting in bellwethers following successive weeks and 11 consecutive days of losses.
Hence, we believe the rebound in the market will be sustained in the coming week as investors continue to take advantage of existing attractive entry prices in fundamentally sound stocks. Our equity watch-list for the month of June include GUARANTY, DANGCEM, OKOMUOIL, UBA and DANGSUGAR.
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