Afrinvest Stock Recommendation for the Week 110121

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Monday, January 11, 2021 / 1:18 PM / By Afrinvest Research / Header Image Credit: Titan FX

 

Market Last Week (Our Observations)

  • Last week, the domestic equities market opened the first week of the year on a bearish note as the All-Share index was down 0.4% w/w to settle at 40,120.22 points. Consequently, market capitalisation declined by N78.7bn to close the week at N21.0tn while YTD return stood at -0.4%.
  • Performance across sectors was bullish as 4 of 6 indices under our coverage closed in the green w/w. The Oil & Gas and Insurance indicators were the best performers, up 13.2% and 9.5% respectively. Trailing, the Banking and Consumer Goods indices closed 3.2% and 2.6% higher respectively. Conversely, the Industrial Goods and AFR-ICT indices lost 0.6% and 0.5% respectively.
  • BOCGAS (+32.2%), NEM (+28.5%) and SEPLAT (+23.3%) led the top gainers while DEAPCAP (-12.0%), ROYALEX (-11.5%) and DANGCEM (-8.1%) led the decliners. 


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator settled at 1.5x.
  • This week, we expect to see bargain hunting in the equities market.


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