Market Last Week (Our Observation) The downtrend in the local bourse persisted last week, as sustained sell-offs on market bellwethers weighed on overall performance. Consequently, the NSE All-Share index closed in the red on 4 of the 5 trading sessions in the week, falling 4.6% W-o-W to settle at 29,616.38 points crossing the psychological mark. Similarly, YTD loss worsened to -5.8%, while market capitalisation declined by N547.0bn W-o-W to close at N11.1tn.
Across sectors, performance was bearish as all 5 indices under our coverage closed in the red W-o-W. The Consumer Goods index (-7.7%) declined the most trailed by the Banking index (-6.1%). The Industrial index followed suit, declining to -6.5%, while the Insurance as well as the Oil & Gas index dipped -3.9% and -2.4% respectively.
The top performers for the week were IKEJAHOTEL (+20.2%), CHAMS (+20.0%) and SOVRENIN (+15.0%) while ETERNA (-24.5%), UNIONDAC (-23.3%) and UBA (-19.5%) led the laggards.
Market This Week (Our Expectations) The Afrinvest weekly sentiment indicator weakened to 2.9 points from 3.1 points recorded the previous week.
Despite the overall negative performance last week, we observed increased buying activity on bellwether stocks, and we expect this trend to be sustained this week as investors seek to take position in attractively priced stocks. However, in the absence of major triggers that could drive positive sentiments, we maintain a bearish near-term outlook.
Performance of stocks on our equity watch-list from track period till date are as follows; GUARANTY (+1.6%), ZENITH (-11.7%), DANGCEM (-0.4%), OKOMU (+5.0%) and NESTLE (-8.2%).
Proshare Nigeria Pvt. Ltd. NB: Rate on ₦ 100M and above are negotiable and all rates are valid ONLY for fund received on/before 8th April, 2019
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13. Afrinvest Stock Recommendation For The Week 101218 Proshare Nigeria Pvt. Ltd.
