Afrinvest Stock Recommendation For The Week 100619

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Monday, June 10, 2019  /  10:57AM  /  Afrinvest Research  

 

Market Last Week (Our Observation)

  • The domestic equities market halted its two weeks bullish run following losses on all trading days (3-day), with the All Share Index (ASI) shedding 2.1% W-o-W to settle at 30,432.13 points. Consequently, market capitalisation declined N282.2bn to close at N13.4tn while YTD loss worsened to -3.2% from -1.1% recorded in the penultimate week.
  • Performance across sectors was bearish as all indices under our coverage declined W-o-W. The Oil & Gas index led the laggards as it dipped by 5.1% W-o-W. The Insurance and Industrial Goods indices trailed, declining 4.0% and 3.1% W-o-W respectively while the Banking index shed 1.3% W-o-W. Similarly, the Consumer Goods and Afrinvest ICT indices declined 1.2% and 1bps W-o-W respectively.
  • The top performing stocks this week were CHAMPION (+18.8%), ACADEMY (+8.0%) and LIVESTOCK (+6.8%) while NEM (-13.1%), DANGSUGAR (-12.9%) and VITAFOAM (-12.7%) led the underperforming stocks. 


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator weakened to 2.0 points from 4.0 points recorded in the previous week.
  • Following last week’s performance and weak investor sentiment, we expect bargain hunting on stocks which have recently suffered losses this week. However, we believe sentiment would remain bearish in the absence of any major market catalyst.
  • Performance of stocks on our equity watchlist from track period till date are as follows: GUARANTY (-11.8%), ZENITH (-11.7%), DANGCEM (-0.4%), OKOMUOIL (-2.9%) AND NESTLE (-8.2%).

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

NB: Rate on 100M and above are negotiable and all rates are valid ONLY for fund received on/before 10th June 2019.

 

Proshare Nigeria Pvt. Ltd.


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