Monday, April 25, 2022 / 2:45 PM / by Afrinvest Research / Header Image Credit: Titan FX
Market Last Week (Our Observations)
- Last week, the local bourse extended its positive run for the second straight week as the NGX All-Share Index rose 1.9% w/w to settle at 48,459.65 points. Accordingly, YTD returns improved to 13.4% (previously 11.3%) while market capitalisation rose by ₦511.8bn w/w to reach N26.1tn.
- Across our coverage sectors, performance was bullish save the Insurance index which fell 0.1% w/w. Leading the gainers, the Oil & Gas index appreciated by 6.4% w/w, followed by the Consumer Goods and AFR-ICT indices with 3.3% and 2.5% w/w gains respectively. Also, the Industrial Goods and Banking indices gained 1.7% and 0.6% w/w respectively.
- The top-performing stocks for the week were MEYER (+45.6%), ETERNA (+33.0%), and OANDO (+21.3%) while ACADEMY (-18.8%), JOHNHOLT (-17.4%), and NEIMETH (-13.9%) were the top underperforming stocks.
Market This Week (Our Expectations)
- The Afrinvest weekly sentiment printed at 3.1x, same as last week.
- This week, we expect the market to extend positive performance, driven by bargain purchases as investors continue to take advantage of pricing misalignments.
- NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 29th April 2022.