Afrinvest Stock Recommendation for the Week 270720

Monday, July 27, 2020 / 3:11 PM / By Afrinvest Research / Header Image Credit: Afrinvest

Market Last Week (Our Observations)

• Last week, the local bourse closed in the positive region as the NSE All-Share Index appreciated 0.6% w/w to settle at 24,427.30 points despite losing on 4 of 5 trading sessions. Consequently, market capitalisation rose N73.1bn w/w to close at N12.7tn while YTD loss eased to -9.0%.
• Performance across sectors under our coverage was bearish as 4 of 6 indices closed negative w/w. The Industrial Goods and AFR-ICT indices were the gainers, up 0.9% and 0.6% respectively. On the flip side, the Oil & Gas index led laggards, depreciating 4.7%. Likewise, the Insurance, Banking and Consumer Goods indices declined 0.8%, 0.6% and 0.4% in that order. 
• The top-performing stocks for the week were FIDSON (+18.1%), UNITYBNK (+15.6%) and ROYALEX (+14.8%) while PRESTIGE (-14.8%), INTBREW (-10.5%) and SEPLAT (-10.0%) were the laggards.

Market This Week (Our Expectations) 

• The Afrinvest Weekly Sentiment Indicator improved to 2.0x from the 1.8x recorded in the previous week.
• This week, we expect more corporate earnings releases to dictate the performance of the market.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 27th July 2020.

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