Afrinvest Stock Recommendation for the Week 290620

Proshare

Monday, June 29, 2020 / 11:42 AM / By Afrinvest Research / Header Image Credit: Afrinvest


Proshare Nigeria Pvt. Ltd.


Market Last Week (Our Observations)

  • Last week, the equities market closed in the green, rising 1bp w/w to settle at 24,829.02 points. Consequently, market capitalisation rose N1.2bn w/w to close at N13.0tn while YTD return stood to -7.5%.
  • Performance across sectors was bearish as 5 of the 6 indices under our coverage trended southward w/w. The AFR-ICT (+4.9%) index was the standalone gainer. On the flip side, the Oil & Gas index (-4.8%) led the laggards. Similarly, the Industrial Goods (-2.0%) and Insurance (-1.6%) indices declined w/w. Lastly, the Banking (-0.5%) and Consumer Goods (-1bps) indices also closed the week lower.
  • The top performing stocks for the week were AIRTELAF (+10.0%), ABCTRANS (+9.8%) and NESTLE (+9.6%) while PZ (-21.4%), GLAXOSMITH (-17.6%) and PRESTIGE (-17.5%) were the laggards.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator remained unchanged from last week's close of 1.5x.
  • This week, we expect to see sustained profit-taking in early trades, however, we believe this negative trend would be reversed before the end of the week on account of bargain hunting by investors.

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 29th June 2020.

Proshare Nigeria Pvt. Ltd.

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