Afrinvest Stock Recommendation for the Week 190721

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Monday, July 19, 2021 / 12:44 PM / by Afrinvest Research / Header Image Credit: Titan FX


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Market Last Week (Our Observations)

  • Last week, the performance of the domestic equities market was mixed as the benchmark index closed in the green on 2 of the 5 trading sessions. Consequently, the All-Share Index (ASI) declined by 12bps w/w to settle at 37,947.18 points while YTD loss worsened to -5.8%. Market capitalisation decreased by N24.5bn in value to close at N19.8tn. 

 

  • In terms of sector performance, 3 indices advanced while the remaining 3 indices under our coverage declined. Topping the gainers chart for the week is the Oil & Gas index, up 1.8% w/w. Similarly, the Banking and AFR-ICT indices gained 0.4% and 0.1% w/w respectively. Conversely, the Insurance index lost the most, down 1.1% w/w. Also, the Consumer and Industrial Goods indices fell by 0.9% and 0.3% w/w respectively.

 

  • The top performing stocks for the week were FTNCOCOA (+20.6%), NCR (+20.5%) and SOVRENIN (+10.0%) while IKEJAHOTEL (-18.8%), UNITYBNK (-8.5%) and WAPIC (-8.5%) led the top underperforming stocks for the week.

 

Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiments indicator weakened to 1.3x (from 1.9x).

 

  • For this week, we expect increased volatility in market performance as more companies release their H1:2021 earnings results. 


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 23rd July 2021.


Proshare Nigeria Pvt. Ltd.


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