Afrinvest Stock Recommendations For The Week 231219

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Monday, December 23,  2019  /11:42 AM  / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • Last week, the local bourse closed in the red extending the previous week's losses as the All-Share Index (ASI) shed 4bps w/w to settle at 26,526.35 points. As a result, YTD loss worsened to -15.6% while market capitalisation declined by N3.6bn to N12.8tn.
  • Sector performance was mixed as 3 of 6 indices under our coverage lost. The AFR-ICT index led decliners, down 1.3% while the the Oil & Gas and Industrial Goods indices trailed, declining 0.7% and 0.5% respectively. On the flip side, the Consumer Goods and Insurance indices rose 1.3% and 1.0% w/w respectively. Finally, the Banking index appreciated 0.8% w/w.
  • The best performing stocks for the week were AGLEVENT (+14.9%), CHAMS (+10.3%) and ROYALEX (+9.1%) while CORNERSTONE (-18.9%), UPDC (-15.4%) and UAC-PROP (-12.5%) led laggards.

Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 2.1 points from the 1.7 points recorded in the previous week.
  • This week, we expect market performance to remain bearish due to continuous sell-offs.

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 23rd December 2019.


Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.


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