Afrinvest Stock Recommendation for the Week 070621

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Monday, June 07, 2021   /01:48 PM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • Last week, the equities market rebounded with trading closing in the green on 4 of the 5 trading days. As a result, the All-Share index rose 1.2% w/w to 38,726.10 points. Market capitalisation increased by N244.5bn to N20.2tn while the YTD return improved to -3.8%.
  • Performance across sectors was bullish as 4 of the 6 indices that we track closed in the green. The Industrial Goods and AFR-ICT indices led the gains by 2.6% and 1.3% w/w respectively. Similarly, the Insurance and Banking indices advanced, up 1.2% and 4bps w/w respectively. Conversely, the Consumer Goods and Oil & Gas indices declined by 0.4% and 0.8% w/w respectively.
  • The top gainers for the week were UPL (+43.6%), MORISON (+20.2%) and VITAFOAM (+10.9%), while CWG (-26.1%), ROYALEX (-11.1%) and CAP (-10.1%) led the decliners.


Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiments indicator strengthened to 1.8x (from 0.6x) as investors began to take a position ahead of Q2 earnings results.
  • Overall, we expect trading sessions this week to be a mix of bargain hunting and profit-taking activities.


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 12th June 2021.


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