Afrinvest Stock Recommendation for the Week 010321

Proshare

Monday, March 01, 2021  / 2:29 PM / by Afrinvest Research / Header Image Credit: Titan FX


Proshare Nigeria Pvt. Ltd.



Market Last Week (Our Observations)

  • Last week, the equities market continued on a downtrend with trading closing in the red on 3 of 5 days. As a result, the All-Share index fell 1.0% w/w to 39,799.89 points, bucking the 40,000 psychological benchmark for the first time this year. Market capitalization fell by N202.4bn to N20.8tn while YTD return declined to -1.2%.
  • Performance across sectors was lacklustre as 4 of 6 indices under our coverage declined w/w. Leading the gainers are the Oil & Gas and Banking indices, up 1.0% and 0.7% respectively. On the other hand, the Insurance and Consumer Goods indices lost the most, down 4.9% and 3.2% respectively. Similarly, the AFR-ICT and Industrial Goods indices recorded losses of 1.7% and 0.5% w/w respectively.
  • ACADEMY (+17.1%), OANDO (+12.4%) and UPDC (+9.3%) led the top gainers while LASACO (-26.8%), AFRIPRUD (-21.2%) and CHAMPION (-15.2%) led the decliners. 

 

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator improved to 1.5x from the 1.4x recorded last week.
  • This week, we expect trading sessions to be a mix of bargain hunting and sustained sell-offs. The direction of yields in the fixed income market would also influence trades especially given the sustained increase in marginal rates at the OMO auction this week.

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 1st March 2021.


Proshare Nigeria Pvt. Ltd.


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