Afrinvest Stock Recommendation for the Week 181021

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Monday, October 18, 2021  / 11:18 AM / by Afrinvest Research / Header Image Credit: Titan FX


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Market Last Week (Our Observations)

  • Last week, the local bourse sustained gains on all trading days save Monday. Accordingly, the benchmark index rose 1.4% w/w to 41,438.15 points following strong buying interest in FBNH (+29.6%), GTCO (+3.5%), and WAPCO (+3.2%). Similarly, YTD return improved to 2.9% and market capitalisation rose N329.0bn w/w to N21.6tn.
  • Performance across the sectors within our coverage was largely bullish as all indices gained, save the AFR-ICT index which closed flat. Similar to the previous week's trend, the Banking index led the gainers with a 2.6% w/w gain. In the same vein, the Insurance and Industrial Goods indices rose 1.6% and 1.0% w/w respectively. Furthermore, the Oil & Gas and Consumer Goods indices advanced 0.6% and 0.5% w/w respectively.
  • The top outperformers for the previous week were CHAMPION (+49.5%), FBNH (+29.6%), and ROYALEX (+12.3%) while LEARNAFR (-18.7%), IKEJAHOT (-7.9%), and ABCTRANS (-5.9%) led the laggards. 


Market This Week (Our Expectations)

  • The Afrinvest weekly sentiment indicator strengthened to 4.1x from 2.8x.
  • This week, we expect a sustained bullish performance as positive sentiment continues to build up in anticipation of more Q3 earnings releases. 

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NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 22nd October 2021.



Proshare Nigeria Pvt. Ltd.

 

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