Afrinvest Stock Recommendation for the Week 211220

Monday, December 21, 2020 / 3:09 PM / By Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• Last week, the domestic equities market closed positive as the NSE All-Share Index gained 7.5% w/w to settle at 36,804.75 points. Similarly, YTD return improved to 37.1% while market capitalisation rose by N1.3tn w/w to N19.2tn.
• Performance across sectors was outstanding as all indices under our coverage gained w/w. The Insurance and AFR-ICT indices trended higher by 13.4% and 12.9% respectively. Trailing, the Industrial Goods and Banking indices also appreciated by 7.7% and 5.1% respectively. Similarly, the Consumer Goods and Oil & Gas indices closed 3.1% and 1.3% higher respectively.
• FTNCOCOA (+40.9%), MANSARD (+37.3%) and AIRTELAF (+21.0%) led the top gainers while NEM (-47.2%), OMATEK (-16.7%) and INTBREW (-12.7%) led the decliners. 

Market This Week (Our Expectations) 

• The Afrinvest Weekly Sentiment Indicator settled at 1.6x.
• This week, we anticipate a sustained bullish performance as investors position in undervalued stocks.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 21st December 2020.

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