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Afrinvest Stock Recommendation for the Week - 300418

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Monday, April 30, 2018 /12:40PM/Afrinvest 

Market Last Week (Our Observations)
 

Following buy interest in bellwethers last week, the local bourse performed positively as the All Share Index (ASI) rose 1.1% W-o-W to close at 41,245.36 points while YTD return strengthened to 7.9%. 

Across sectors, performance was equally positive as 3 of 5 indices closed in the green. The Consumer Goods index topped the gainers chart, up 6.3% W-o-W. The Oil & Gas and Banking indices followed suit, inching 3.2% and 0.7% higher respectively. On the flip side, the Industrial Goods and Insurance indices fell 4.9%and 1.4% respectively W-o -W. The top performing stocks last week were FORTE (+20.7%), NESTLE (+13.5%) and LEARNAFRCA (+12.5%) while UNITY (-21.3%), GLAXOSMITH (-20.8%) and MBENEFIT (- 17.2%) were the worst performing stocks 

Market This Week (Our Expectations)
 
The Afrinvest weekly sentiment indicator weakened to 0.7 points from 0.9 points in the prior week dragged by the decline in market breadth. Despite the decline in market breadth, our outlook for the market in the near term remains largely positive. We anticipate more impressive Q1:2018 earnings results and expect investors to react accordingly. 

In the coming week, we anticipate bargain hunting in mid cap stocks to buoy performance. Our equity watchlist for the month of May consists of GUARANTY, NIGERIAN BREWERIES, GUINNESS, DANGCEM and MANSARD


Proshare Nigeria Pvt. Ltd.
Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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