Afrinvest Stock Recommendation for the Week 301120

Proshare

Monday, November 30, 2020   /12:36 PM / by Afrinvest Research/ Header Image Credit:  Afrinvest

 

Market Last Week (Our Observations)

  • Last week, the domestic equities market recorded a positive performance as the NSE All-Share Index appreciated 219bps w/w to settle at 34,885.51 points. Similarly, YTD return improved to 30.0% while market capitalisation rose N390.3bn w/w to N18.2tn.

  • Performance across sectors was bullish as 4 of the 6 indices under our coverage trended northward w/w. The Industrial Goods index led gainers, up 4.4%. Trailing, the AFR-ICT and Oil & Gas indices rose 4.1% and 0.6% respectively. Likewise, the Insurance index inched higher by 0.3%. Conversely, the Banking and Consumer Goods indices lost, down 1.3% and 0.5% respectively.

  • NEM (+81.6%), UPDC (+32.5%) and NEIMETH (+12.0%) led the top gainers while JAPAULOIL (-11.1%), HONYFLOUR (-10.8%) and CUSTODIAN (-10.0%) led the underperformers.


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator settled at 1.4x.

  • While we anticipate profit-taking this week, we expect the equities market to extend the bullish streak with mild gains.

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 30th November 2020.


Proshare Nigeria Pvt. Ltd.


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 Proshare Nigeria Pvt. Ltd.

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