Afrinvest Stock Recommendation for the Week 061221

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Monday, December 06, 2021 / 01:10 PM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • In the previous week, bearish performance dominated the local bourse as the benchmark index closed negative on all trading sessions. The NGX All-Share index shed 2.6% w/w to 42,167.91 points while YTD return moderated to 4.7%.
  • Performance of sectors within our coverage was bearish as all indices closed negative, save the Insurance index which rose 3.0% w/w. The AFR-ICT, Oil & Gas, and Banking indices lost 6.0%, 4.5%, and 2.3% w/w respectively. Similarly, the Consumer and Industrial Goods indices were down 0.6% and 0.1% w/w respectively.
  • The top outperformers were NEM (+18.4%), MEYER (+10.0%), and LINKASSURE (+9.8%) while UPDC (-18.8%), FTNCOCOA (-12.5%), and MTNN (-12.1%)  led the laggards.


Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiment indicator weakened to 1.1x from 1.7x.
  • This week, we expect the hunt for bargains to drive positive performance as investors take advantage of relative price attractiveness in the market.


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NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 10th December 2021.

 

Proshare Nigeria Pvt. Ltd.


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