Afrinvest Stock Recommendation for the Week 161120

Monday, November 16, 2020 / 01:09 PM / by Afrinvest Research / Header Image Credit: Afrinvest

Market Last Week (Our Observations)

• Last week, the domestic bourse continued the positive run as market gained on all trading days save on Friday. Consequently, the benchmark index spiked 13.0% w/w to 35,037.46 points. As such, market capitalisation advanced by N2.1tn to N18.3tn while YTD return surged to 30.5%.
• Performance across sectors was outstanding as all 6 indices that we track gained w/w. The Industrial Goods and Banking indices led the gainers, up 17.0% and 14.4% w/w respectively. Similarly, the AFR-ICT and Consumer Goods indices advanced 13.0% and 11.4% w/w while the Oil & Gas and Insurance indices appreciated 7.7% and 5.3% w/w in that order.
• OANDO (+48.1%), JAPAULOIL (+43.5%) and NNFM (+40.0%) led the top gainers while IKEJAHOTEL (-9.9%), MORISON (-9.3%) and CAP (-3.7%) led the underperformers.

Market This Week (Our Expectations) 

• The Afrinvest Weekly Sentiment Indicator climbed to 2.9x from the 1.4x recorded in the previous week.
• While we anticipate profit-taking this week, we expect the equities market to extend the bullish streak with mild gains.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 16th November 2020.

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