Afrinvest Stock Recommendation for the Week 261020


Monday, October 26, 2020  / 12:04 PM / by Afrinvest / Header Image Credit:  Afrinvest

Market Last Week (Our Observations) 

  • 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.  

Market This Week (Our Expectations)  

  • 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. 

Proshare Nigeria Pvt. Ltd.

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