Afrinvest Stock Recommendation for the Week 220620

Monday, June 22, 2020 / 02:03 PM / By Afrinvest Research / Header Image Credit: Afrinvest 

Market Last Week (Our Observations)

• Last week, the equities market recorded a bearish performance as the All-Share index lost 1.4% w/w to close at 24,826.75 points. As a result, market capitalisation declined N185.7bn to settle at N12.95tn while YTD loss worsened to -7.5%.
• Performance across sectors was bearish as 4 of the 6 indices under our coverage closed the week in the red. The Industrial (+2.2%) and Consumer Goods (+1.8%) indices were the gainers. On the flip side, the Oil & Gas index (-4.9%) led the laggards. Similarly, the Banking (-3.1%) and Insurance (-3.1%) indices declined w/w while the AFR-ICT (-0.9%) closed the week lower.
• HONEYFLOUR (+17.4%), NESTLE (+10.0%) and CUTIX (+10.0%) recorded the best performance while NEIMETH (-40.1%), NPRMCRFBK (-25.1%) and PRESTIGE (-18.6%) were the top losers.

Market This Week (Our Expectations) 

• The Afrinvest Weekly Sentiment Indicator stood at 1.5x from 1.9x last week.
• Although we are not optimistic of a rebound in market performance this week due to poor investor sentiment, current stock prices are attractive for bargain hunting.

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