Afrinvest Stock Recommendation for the Week 221121

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Monday, November 22, 2021   /12:23 PM / by Afrinvest Research / Header Image Credit: TitanFX


Market Last Week (Our Observations)

  • Sell pressure dominated the local bourse last week following decline on all trading sessions save Tuesday. Accordingly, the benchmark index declined 0.1% w/w to 43,199.27 points. Meanwhile, YTD return weakened to 7.3% (previously; 7.4%) while market capitalisation shed ₦28.0bn w/w to ₦22.5tn.
  • Performance across sector was bearish as 5 of 6 indicators within our coverage closed in the red. On the gainer's chart, the AFR-ICT index rose 2.0% w/w. Conversely, the Oil & Gas index slid 3.6% w/w. Trailing, the Banking and Consumer Goods indices shed 1.6% and 1.4% w/w respectively. The Insurance and Industrial Goods indices also fell 0.5% and 0.1% w/w respectively.
  • The top outperformers for the week were VITAFOAM (+17.1%), CUTIX (+14.6%), and ETRANZACT (+10.0%) while NGXGROUP (-11.9%), TOTAL (-10.0%), and NEIMETH (-9.1%) led the laggards.

Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiment indicator weakened to 1.3x from 1.6x.
  • This week, we expect a poor performance as weak sentiment lingers.


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