Afrinvest Stock Recommendation for the Week 170122

Monday, January 17, 2022  / 04:53 PM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• Last week, the domestic bourse extended its positive start in the new year. NGX ASI was up 1.4% w/w to 44,454.67 points, YTD return improved to 4.1%, while market capitalisation increased to N24.0tn. 
• However, sector performance was mixed across our coverage as 3 indices gained and 3 indices lost. The Industrial Goods index led gainers, up 3.6% w/w. Trailing, the Oil & Gas and Banking indices rose 1.7% and 0.8% w/w respectively. Conversely, the Consumer Goods index led laggards, down 4.4% w/w. Likewise, AFR-ICT and Insurance indices closed lower by 1.8% and 1.5% w/w respectively.
• The top outperformers for the week were BUAFOODS (+24.1%), TRANSCORP (+16.3%), and FIDSON (+13.6%) while MBENEFIT (-12.9%), BERGER (-9.9%), and NNFM (-9.7%) led the laggards.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator waned to 2.3x from 3.4x.
• In this week's trading session, we expect market performance to be a mix of profit-taking and bargain-hunting activities.

NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 21st January 2022.

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