Afrinvest Stock Recommendation for the Week 261020

Last week, the equities market sustained gains as the All-Share index advanced 0.1% w/w to 28,697.06 points. Consequently, market capitalisation rose by N19.7bn to N15.0tn while YTD return settled at 6.9%. 

Sector performance was bearish as 4 of 6 indices under our coverage lost w/w. The Consumer Goods and AFR-ICT indices advanced 2.9% and 2bps w/w respectively. Conversely, the Banking and Oil & Gas indices declined 1.5% and 0.7% w/w respectively. Lastly, the Insurance and Industrial Goods indices lost 0.6% and 0.1% w/w respectively.  

INTBREW (+18.2%), CUTIX (+17.3%) and NASCON (+10.0%) led gainers while NNFM (-9.9%), LINKASSURE (-9.1%) and ETERNA (-9.0%) led the decliners.  

The Afrinvest Weekly Sentiment Indicator remained unchanged at the 2.6x recorded in the previous week. 

We believe the trend in corporate earnings releases would influence market performance this week. 

NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 26th October 2020.