Afrinvest Stock Recommendation for the Week 100820

Proshare

Monday, August 10, 2020 / 12:16 PM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • Last week, the domestic equities market closed positive as the NSE All-Share Index appreciated 1.4% w/w to settle at 25,041.89 points, following gains on all trading sessions. Consequently, market capitalisation rose N181.6bn w/w to close at N13.1tn while YTD loss moderated to -6.7%.

  • Performance across sectors was bullish as 5 of 6 indices under our coverage trended northward w/w. The Banking and Oil & Gas indices were the best performers, up 4.9% and 4.8% respectively. Likewise, the AFR-ICT, Consumer and Industrial Goods indices expanded 0.7%, 0.1% and 0.3% respectively. Conversely, the Insurance index was the lone laggard, down 0.3% w/w.

  • The top performing stocks for the week were NEIMETH (+21.3%), UAC-PROP (+18.5%) and FLOURMILL (+13.2%) while UACN (-11.4%), TOTAL (-9.9%) and CUSTODIAN (-9.1%) were the laggards.


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator improved to 2.0x from the 1.2x recorded in the previous week.

  • This week, we anticipate a mixed performance as investors react to more corporate earnings releases. However, we expect to see some profit-taking activities given the bullish performance last week.

 

      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 10th August 2020.


Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
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