Afrinvest Stock Recommendation for the Week 220321

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Monday, March 22, 2021 / 12:27 AM / by Afrinvest Research / Header Image Credit: Titan FX


Market Last Week (Our Observations)

  • The domestic equities market recorded losses on 3 of the 5 trading sessions last week as investors took profit in bellwether stocks. Accordingly, the NSE All-Share Index fell 0.7% w/w to settle at 38,382.39 points. Similarly, YTD loss worsened to -4.7% while market capitalisation declined N139.2bn w/w to close at N20.1tn.

  • Performance across sectors was bearish as 4 of the 6 indices under our coverage dipped w/w. The Industrial Goods index led laggards, down 2.6% w/w. Trailing, the Consumer Goods and AFR-ICT indices fell 1.5% and 0.3% respectively. The Insurance index inched marginally lower by 1bp w/w. Conversely, the Banking and Oil & Gas indices gained, up 2.1% and 1.6% w/w respectively.

  • The top performing stocks for the week were ETERNA (+20.8%), NNFM (+9.7%) and UNITYBNK (+9.1%) while NEIMETH (-14.8%), AFRIPRUD (-10.1%) and NCR (-9.7%) were the laggards. 


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator rose to 1.2x from 0.9x recorded previously.

  • This week, we expect sentiments in the equities market to remain bearish as investors' focus tilt towards fixed-income instruments.


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 22nd. March 2021.


Proshare Nigeria Pvt. Ltd.



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Proshare Nigeria Pvt. Ltd.

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