Market Last Week (Our Observations) 

The equities market reversed the prior week’s gains (+0.5%), following a 1.5% w/w decline in the benchmark index to 54,915.39 points. Consequently, YTD return fell to 7.2% while ₦478.9bn was shaved off-market capitalisation w/w to ₦29.9tn. 

Performance across our coverage sectors was underwhelming as 4 indices lost, 1 gained while the Oil & Gas index closed flat. The Banking and Insurance indices led the laggards, down 4.6% and 2.4% w/w respectively. Also, the AFR-ICT and Industrial Goods indices dipped 2.3% and 0.3% w/w respectively. Conversely, the Consumer Goods index was the sole gainer, appreciating 1.4% w/w. 

The top-performing stocks for the week were PRESTIGE (+9.8%), ENAMELWA (+9.6%), and UPL (+9.3%) while UCAP (-16.7%), LINKASSURE (-10.9%), and ETI (-10.0%) were the top underperforming stocks

Market This Week (Our Observations) 

The Afrinvest weekly sentiment improved to 1.8x from 1.7x recorded in the prior week. This week, we expect buy interest to drive a positive performance as investors cherry pick attractive tickers.

Valuation Update: Based on our ongoing assessment of the recent earnings numbers of our coverage universe, we have updated our 12-month target price for MTNN and AIRTELAF due to material changes in their underlying fundamentals

NB: Rates on ₦100M and above are negotiable and all rates are valid ONLY for funds received on/before Friday, March 31, 2023.