Afrinvest Stock Recommendation for the Week 011121

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Monday, November 01, 2021   / 12:50 PM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • Last week, the domestic bourse sustained a bullish trend as the NGX All-Share index inched higher by 0.7% w/w to 42,038.6 points. Similarly, YTD return improved to 4.4%, aided by the â‚¦144.0bn w/w increase in market capitalisation to N21.9tn.
  • Sector performance was bullish across the six coverage sectors. The Insurance and Oil & Gas indices topped the gainers' chart, up 5.3% and 4.0% w/w respectively. Trailing, the Banking, Consumer Goods, AFR-ICT, and Industrial Goods indices advanced by 2.4%, 1.5%, 1.1%, and 0.5% w/w respectively. 
  • The top outperformers for the previous week were UPL (+44.7%), AIICO (+31.9%), and GUINNESS (+23.1%) while GLAXOSMITH (-12.9%), FTNCOCOA (-10.2%), and TRANSCOHOT (-9.9%) led the laggards. 


Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiment indicator strengthened to 2.5x from 1.8x.
  • This week, we expect the bullish performance to continue as investors price in the impressive earnings results and improved market sentiment.

Proshare Nigeria Pvt. Ltd.


NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 5th November 2021.


Proshare Nigeria Pvt. Ltd.


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