Monday, February 07, 2022 / 12:30 PM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• The local bourse extended its bullish run as the NGX All-Share Index rose 2.3% w/w to settle at 47,279.92 points. Accordingly, YTD return improved to 10.7% from 8.2% in the previous week while market capitalisation gained N579.2bn w/w to N25.5tn.  
• Performance was bullish across sectors within our coverage as 4 of 6 indicators gained while the Insurance and Consumer Goods indices declined 1.9% and 0.8% w/w respectively. The Oil & Gas and Industrial Goods indices rose 7.7% and 3.4% w/w respectively to lead the gainers, while the AFR-ICT and Banking indices advanced 2.4% and 0.8% w/w.
• The top performing stocks for last week were RTBRISCO (+40.0%), ACADEMY (+31.9%), and CONOIL (+20.7%) while COURTVILLE (-11.7%), CAVERTON (-11.4%), and INTBREW (-10.2%) were the top underperforming stocks.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator weakened to 2.7x from 3.0x in the prior week.
• As more FY:2021 corporate earnings releases roll out, we expect investors to position in stocks with impressive performance and dividend payout. 

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 11th February 2022.

Stock Recommendation for the Week 221121