Afrinvest Stock Recommendation for the Week 170521

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Monday, May 17, 2021  / 01:48 PM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

  • Last week, the equities market rebounded with trading closing in the green on the 3 trading days. As a result, the All-Share index rose 0.8% w/w to 39,481.89 points. Market capitalisation increased by N147.6bn to N20.6tn while YTD return improved to -2.0%.
  • Performance across sectors was bullish as only the AFR-ICT index declined 0.1% w/w. Leading the gains are the Insurance and Banking indices, up 4.0% and 3.7% w/w respectively. Similarly, the Industrial and Consumer Goods indices advanced by 0.8% and 0.3% respectively. The Oil & Gas index inches higher marginally by 0.1% w/w.
  • ABCTRANS (+19.4%), AFRIPRUD (+17.1%) and ROYALEX (+16.9%) led the top gainers while ACADEMY (-10.0%), CHAMS (-9.1%) and STERLING (-6.9%) led the decliners.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment indicator strengthened to 2.1x from 1.5x recorded previously
  • This week, we expect trading sessions to be a mix of bargain hunting and profit-taking activities.


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

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