Afrinvest Stock Recommendation for the Week 240122

Proshare

Monday, January 24, 2022 / 02:32 PM / by Afrinvest Research / Header Image Credit: TitanFX


Market Last Week (Our Observations)

  • Last week, the NGX-ASI rose 3.4% w/w to 45,957.35 points as the bulls dominated all trading sessions save Monday. Consequently, YTD return strengthened to 7.6% from 3.7%, while market capitalisation gained N809.6bn w/w to N24.8tn. 
  • Sector performance was bullish across our coverage as all indices closed positive, except the Insurance index which dipped 0.3% w/w. The Oil & Gas index was the week’s biggest advancer, up 5.2% w/w. Trailing, the AFR-ICT and Industrial Goods indices gained 5.0% and 4.4% w/w respectively. Similarly, the Banking and Consumer Goods indices rose 1.7% and 1.0% w/w respectively.
  • The top outperformers for the week were COURTVIL (+24.3%), NNFM (+20.6%), and ETERNA (+13.2%) while REGALINS (-8.7%), NEM (-6.6%), and TRANSCORP (-5.3%) led the laggards.


Market This Week (Our Expectations) 

  • The Afrinvest weekly sentiment indicator strengthened to 3.0x from 2.3x.
  • In this week's trading session, we expect a mild bullish performance on positive market expectations ahead of FY:2021 corporate releases and a significant uptick in system liquidity in the Fixed Income space.

 

Proshare Nigeria Pvt. Ltd.


NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 28th January 2022.


Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.

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