Market This Week (Our Observation)
· Bearish sentiment
returned to the market last week as the All Share Index (ASI) shed 1.6%
W-o-W to close at 34,848.45 points while YTD loss worsened to -8.6%.
· Across sectors,
performance was equally bearish as 3 of 5 indices trended south. The
Industrial Goods, Banking and Insurance indices fell 4.7%, 1.5% and 0.1%
respectively W-o-W. On the flipside, the Oil & Gas and Consumer Goods
indices rose 1.0% and 0.3% respectively W-o-W.
· PORT (+20.6%), AIICO
(+17.1%), and PZ
(+14.9%) were the best performing stocks last week while IKEJAHOTEL
(-18.6%), FIRSTALUM (-15.0%)
and GLAXOSMITH (-14.4%)
declined the most.
This Week (Our Expectation)
· The Afrinvest Weekly
Sentiment Indicator improved to 2.6x from 1.3x recorded the prior week on
the back of a stronger market breadth.
· This week, we expect
sell-offs to be sustained due to the absence of positive drivers coupled
with weak interest in market bellwethers.
· For the month of
September our equity watchlist consists of ZENITH, NIGERIAN BREWERIES, CUSTODIAN, DANGCEM and OKOMU.
NB: Rate on ₦100M
and above are negotiable and all rates are valid ONLY for fund received
on/before 7TH SEPTEMBER 2018