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Afrinvest Stock Recommendation for the Week 050922

Sep 05, 2022   •   by Afrinvest Research   •   Source: Afrinvest   •   eye-icon 515 views

Market Last Week (Our Observations)

In line with our expectation, the bulls dominated proceedings on 3 of the 5 trading days last week, pulling the NGX All-Share Index higher by 0.7% w/w to close at 50,045.83 points. Accordingly, YTD return strengthened to 17.2% (previously: 16.3%) while market capitalisation rose ₦196.7bn w/w to ₦27.0tn. 

 

In the same vein, performance was bullish across sectors within our coverage as all indices gained. The Consumer and Industrial Goods indices advanced 2.0% and 1.4% w/w respectively. Trailing, the Banking and Oil & Gas indices rose 1.2% and 0.6% w/w sequentially. Likewise, the Insurance and AFR-ICT indices edged higher by 5bps and 1bp w/w respectively. 

 

The top outperforming stocks for the week were VITAFOAM (+16.3%), ETRANZACT (+16.2%), and FIDELITY (+11.1%) while UNILEVER (-9.6%), MCNICHOLS (-9.5%), and CWG (-9.1%) were the top underperforming stocks.

 

Market This Week (Our Expectations)

The Afrinvestor weekly sentiment strengthened to 4.2x compared to 2.1x in the prior week. 

 

This week, we anticipate bargain hunting activities would dominate as investors cherry-pick relatively attractive stocks.

 

 

 

NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for funds received on/before 9th of September, 2022.

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