Afrinvest Stock Recommendation for the Week 220620

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Monday, June 22, 2020 / 02:03 PM / By Afrinvest Research / Header Image Credit: Afrinvest 

 

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Market Last Week (Our Observations)

  • Last week, the equities market recorded a bearish performance as the All-Share index lost 1.4% w/w to close at 24,826.75 points. As a result, market capitalisation declined N185.7bn to settle at N12.95tn while YTD loss worsened to -7.5%.
  • Performance across sectors was bearish as 4 of the 6 indices under our coverage closed the week in the red. The Industrial (+2.2%) and Consumer Goods (+1.8%) indices were the gainers. On the flip side, the Oil & Gas index (-4.9%) led the laggards. Similarly, the Banking (-3.1%) and Insurance (-3.1%) indices declined w/w while the AFR-ICT (-0.9%) closed the week lower.
  • HONEYFLOUR (+17.4%), NESTLE (+10.0%) and CUTIX (+10.0%) recorded the best performance while NEIMETH (-40.1%), NPRMCRFBK (-25.1%) and PRESTIGE (-18.6%) were the top losers.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator stood at 1.5x from 1.9x last week.
  • Although we are not optimistic of a rebound in market performance this week due to poor investor sentiment, current stock prices are attractive for bargain hunting.

 Note: For more inquiry and to open a stockbroking account, see contact details below:


 

NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for fund received on/before 22nd June 2020

 

Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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