Afrinvest Stock Recommendation For The Week 270519

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Monday, May 27, 2019   / 11:18AM / By Afrinvest Research 

 

Market Last Week (Our Observation)

  • Building on the momentum from MTNN’s listing, the local bourse sustained a positive performance this week as the All Share Index (ASI) rose 7.0% W-o-W to settle at 30.881.3 points. Consequently, YTD return improved to -1.7% and market capitalisation increased by N885.0bn to N13.6tn. 
  • Performance across sectors was mixed W-o-W as 3 of 6 indices under our coverage closed northwards. The AFR-ICT index gained the most, up 28.2% due to price appreciation in MTNN. Similarly, the Industrial Goods and Insurance indices trailed, inching higher by 3.5% and 1.2% respectively. On the flip side, the Consumer Goods index led decliners as it dipped 3.0% W-o-W, followed by the Banking and Oil & Gas indices which shed 1.8% and 0.7% W-o-W respectively. 
  • The top performers last week were THOMASWY (+29.0%), MTNN (+28.6%) and DANGCEM (+13.6%) while STERLING (-17.2%), ACADEMY (-16.7%) and NEIMETH (-16.4%) led laggards.

Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 3.2 points from 3.1 points recorded in the previous week.
  • Following a bullish performance this week, we expect sell-pressures next week as investors look to take profit on stocks that have recorded strong gains.
  • Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (-9.7%), ZENITH (-17.6%), DANGCEM (+5.4%), OKOMUOIL(-2.9%), and NIGERIAN BREWERIES (-11.4%).

 

     

  • NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 27th May 2019


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