Market Last Week (Our Observations) 

The domestic equities market closed the first week of the year negative as the benchmark index fell 0.1% w/w to 51,222.34 points. Consequently, market capitalisation dropped ₦15.6bn to ₦27.9tn while YTD return settled at -0.1%. 

Performance across sectors under our coverage was positive as 4 of the 6 indices advanced w/w. The Consumer Goods and Banking indices led the gainers, up 6.4% and 4.3% w/w, respectively. Trailing, the Insurance and Oil & Gas indices rose 2.7% and 0.1% sequentially. Conversely, the AFR-ICT and Industrial Goods indices fell 3.0% and 0.6% w/w, respectively. 

The top performing stocks for the week were JOHNHOLT (+20.5%), NAHCO (+15.6%), and NB (+14.6%) while CHAMPION (-15.6%), CHIPLC (-10.4%) and CHELLARA (- 9.8%) were the top underperforming stocks.

Market This Week (Our Observations) 

The Afrinvest weekly sentiment weakened to 3.0x from 5.3x in the prior week. 

This week, we anticipate modest gains in the market as investors begin to position ahead of FY:2022 corporate releases.

NB: Rates on ₦100M and above are negotiable and all rates are valid ONLY for funds received on/before Friday, February 3, 2023.