Afrinvest Stock Recommendation for the Week 060519

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Monday, May 06, 2019  / 10:28AM / Afrinvest Research

 

Market Last Week (Our Observation)

  • This week, performance in the domestic equities market was negative following profit-taking in market bellwethers, which weighed on overall performance. The ASI closed in the red on 2 of the 4 trading sessions in the week, to settle the index level at 29,212.0 points, representing a loss of 1.8% W-o-W. Similarly, YTD loss moderated to -7.1% while market capitalisation declined by N197.9bn to N11.0tn.
  • Across sectors, performance was bearish as 3 of 5 indices under our coverage declined W-o-W. The Industrial Goods index declined the most by 3.0% while the Banking and Consumer Goods indices followed suit, shedding 1.3% and 0.3% W-o-W respectively. On the flip side, the Insurance index recorded the largest increase, advancing 1.3% W-o-W while the Oil and Gas index marginally inched higher by 2bps W-o-W. 
  • The best performing stocks were JAPAULOIL (+39.3%), JBERGER (+19.8%) and FORTE (+19.7%), while GOLDINSU (-18.2%), FIRSTALUM (-12.5%) and ROYALEX (-11.5%) underperformed.


Market This Week (Our Expectations)

  • The Afrinvest weekly sentiment indicator strengthened to 3.6 points from 3.3 points recorded in the previous week.
  • This week, we expect to see profit taking activities in some bellwether stocks which could potentially drive negative returns in the NSE ASI. However, we maintain a cautiously optimistic outlook as investors’ sentiment show signs of improvement.
  • Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-2.9%), ZENITH (-8.9%), DANGCEM (-5.1%), OKOMU (-5.5%) and NESTLE (-3.8%).

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 6th May, 2019


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