Afrinvest Stock Recommendation for the Week 030820

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Monday, August 03, 2020 / 12:58 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • Last week, the domestic equities market closed positive as the NSE All-Share Index appreciated 1.1% w/w to settle at 24,693.73 points, losing only on 1 of 3 trading sessions. Consequently, market capitalisation rose N138.8bn w/w to close at N12.9tn while YTD loss moderated to -8.0%.
  • Performance across sectors under our coverage was mixed but negatively skewed as 3 of 6 indices closed negative w/w. The Industrial Goods and Banking indices were the gainers, up 3.6% and 3.0% respectively. On the flip side, the Oil & Gas, AFR-ICT and Consumer Goods indices declined 6.5%, 0.9% and 0.4% respectively. Lastly, the Insurance index closed flat. 
  • The top-performing stocks for the week were UNITYBNK (+17.3%), MBENEFIT (+15.0%) and CORNERSTONE (+10.0%) while NPFMCRFB (-16.9%), JBERGER (-12.0%) and SEPLAT (-10.7%) were the laggards.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator weakened to 1.2x from the 2.0x recorded in the previous week.
  • This week, we expect more corporate earnings releases to dictate the performance of the market.

   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 3rd August 2020.

 

Proshare Nigeria Pvt. Ltd.


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