Afrinvest Stock Recommendation for the Week 220719

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Monday, July 22, 2019  / 02:35PM / By Afrinvest Research

 

Market Last Week (Our Observation)

  • The local bourse continued its bearish run as the All Share Index (ASI) suffered losses on 4 of 5 trading sessions last week. Consequently, the benchmark index slid 2.3% W-o-W to settle at 27,919.50 points while YTD loss declined to -11.2%.
  • All sector indices under our coverage declined W-o-W. Leading the laggards last week was the Oil & Gas index, down 5.7%. The Banking and Insurance indices followed suit, shedding 4.3% and 3.8% respectively while the Industrial Goods and AFRI-ICT indices also fell 2.2% and 0.7%. Finally, the Consumer Goods index marginally declined 1bp due to losses in FLOURMILL and INTBREW.
  • The best performing stocks last week were LASACO (+13.8%), CORNERST (+10.0%) and ABBEYBDS (+10.0%) while CCNN (-17.2%), COURTVILLE (-16.7%) and UBN (-12.7%) declined the most.

Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator weakened to 1.9 points from 2.2 points recorded in the previous week.
  • This week, we believe the bearish performance will be sustained despite attractive prices in fundamentally sound stocks as poor H1:2019 earnings results do little to spur investors’ interest. 

 

 

Proshare Nigeria Pvt. Ltd.

  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 22nd July 2019.


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