Afrinvest Stock Recommendation for the Week 091120

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Monday, November 9, 2020 / 12:10 PM / by Afrinvest Research / Header Image Credit: Afrinvest 

 

Market Last Week (Our Observations)

  • Last week, the local bourse sustained previous week's positive momentum pushing the benchmark index higher by 1.6% w/w to 31,016.17 points. Similarly, investors gained N249.0bn as market capitalisation rose to N16.2tn while YTD return improved to 15.6%.

  • Performance across sectors under our coverage was mixed as 3 indices gained, 2 declined and the AFR-ICT index closed flat w/w. The Industrial Goods and Banking indices led the gainers, up 2.9% and 2.5% w/w respectively. Similarly, the Consumer Goods index gained 0.6% w/w. On the other hand, the Oil & Gas and Insurance indices lost 0.8% and 1.3% w/w respectively.

  • The top performing stocks for the week were LIVESTOCK (+30.9%), TRANSCORP (+19.7%) and DANGSUGAR (+19.6%) while INTBREW (-11.8%), MANSARD (-9.1%) and LINKASSURE (-8.9%) led the decliners.



Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator declined to 1.4x from the 3.4x recorded in the previous week.

  • This week, we expect the trend in corporate earnings releases to direct market performance.


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