Afrinvest Stock Recommendation for the Week 230418

Proshare

Monday, April 23, 2018 /10:59 AM / Afrinvest Research 

Market Last Week (Our Observation)

• Performance of the domestic bourse was dragged by sustained profit taking. Consequently, the All Share Index (ASI) declined 0.3% W-o-W to settle at 40,814.89 points while YTD return moderated to 6.7%.

• Sector performance was mixed.The Banking and Oil & Gas indices were up 2.3% and 0.7% respectively while the Insurance, Consumer and Industrial Goods indices were down 1.2%, 0.9% and 4bps respectively

• The top performing stocks for the week were OANDO (+39.1%), SKYEBANK (+18.8%) and JBERGER (+14.9%) while AGLEVENT (-14.0%), MOBIL (-14.0%) and MBENEFIT (-12.1%) declined the most. 

Market This Week (Our expectations)
• The Afrinvest weekly sentiment indicator strengthened to 0.9 points from 0.7 points in the prior week on the back of improved market breadth in the week.

•We note that despite weaker market performance, investor sentiment has remained upbeat hence we expect a positive performance in the market this week.

• We expect that as Q1:2018 earnings begin to trickle in, we would see improved sentiment in the market as investors seek bargain hunting opportunities in fundamentally sound stocks with attractive entry prices.

• Our updated equity watch list include GUARANTY, GUINNESS, NIGERIAN BREWERIES, DANGCEM and MANSARD

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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