Afrinvest Stock Recommendations For The Week 301219

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Monday, December 30, 2019 10:13 AM / By Afrinvest Research / Header Image Credit: Afrinvest

 

Market Last Week (Our Observations)

  • Last week, the local bourse sustained the previous week's losses as the All-Share Index (ASI) shed 40bps w/w to settle at 26,418.48 points. As a result, YTD loss worsened to -16.0% while market capitalisation declined by N51.3bn to N12.6tn.
  • Sector performance was mixed as 3 of 6 indices under our coverage lost. The Consumer Goods index led gainers, up 4.8% while the Insurance and Oil & Gas indices trailed, gaining 1.4% and 0.7% respectively. Conversely, the AFR-ICT lost the most, shedding 3.7% while the Banking and Industrial Goods indices fell 0.3% apiece.
  • The best performing stocks for the week were UPDC (+26.5%), NAHCO (+13.2%) and AGLEVENT (+10.0%) while MAYBAKER (-9.8%), CORNERSTONE (-9.5%) and TRANSCOHORT (-9.3%) led laggards.

Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator remained unchanged at 2.1 points recorded in the previous week.
  • This week, we maintain a bearish outlook on the equities market as sell-offs persists.

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  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 30 December 2019.

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