Afrinvest Stock Recommendation for the Week 280920

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Monday, September 28, 2020 / 12:50 PM / By Afrinvest Research / Header Image Credit: Afrinvest 

 

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Market Last Week (Our Observations)

  • The equities market reversed previous week's negative return as the All-Share index advanced 2.9% w/w to 26,319.34 points. Consequently, market capitalisation rose by N390.4bn to N13.8tn while YTD return improved to -1.9%.

 

  • Sector performance was impressive as all indices under our coverage gained w/w. The Consumer Goods and Banking indices advanced 6.0% and 3.6% w/w respectively. Likewise, the Industrial Goods, AFR-ICT and Oil & Gas indices gained 2.4%, 1.7% and 1.2% w/w respectively. Lastly, the Insurance index appreciated 1.1% w/w.

 

  • NIGERIAN BREWERIES (+25.1%), CORNERSTONE (+16.4%) and WAPCO (+15.8%) led the top gainers while REDSTAREX (-16.9%), OANDO (-11.7%) and CHAMPION (-10.0%) led the decliners.


Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator rose to 2.5x from the 1.6x recorded in the previous week.

 

  • We anticipate a sustained positive performance as investors renew interest due to low yield in the fixed income space.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 28th September 2020.

 

Proshare Nigeria Pvt. Ltd.

 

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