Afrinvest Stock Recommendation for the Week 080719

Monday, July 08, 2019  / 11:45AM / By Afrinvest Research 

Market Last Week (Our Observation)

• The local bourse performance turned bearish as the All Share Index (ASI) shed 2.3% W-o-W to settle at 29,270.95 points following losses on all trading days; accordingly, YTD loss worsened to -6.9%. Similarly, market capitalisation fell to N12.9tn as investors lost N303.7bn. 
• Sector performance was poor as all indices under our coverage recorded losses W-o-W. The Banking index led the laggards, down 5.4% while the Consumer Goods index trailed, declining 2.3%. In the same vein, the Industrial Goods and Oil & Gas indices shed 2.6% and 0.7% respectively, while sustained losses drove the Insurance index 1.0% lower. 
• The top performing stocks last week were ACADEMY (+48.1%), CCNN (+15.5%) and WAPCO (+14.2%) while MBENEFIT (-13%), GUARANTY (-11.9%) and PRESCO (-10.0%) led the losers.

Market This Week (Our Expectations)

• The Afrinvest Weekly Sentiment Indicator weakened to 2.5 points from 2.6 points recorded in the previous week.
• We believe that the bearish run would continue as investors maintain a risk-off approach towards investing in the domestic equities market. This week, we expect Airtel listing on the bourse to drive activity level.
• The performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-15.8%), ZENITH (-16.3%), DANGCEM (-6.7%), OKOMUOIL (-18.6%) and NESTLE (-14.9%). 
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