Market Last Week (Our Observations) 

Last week, the NGX-ASI fell 0.9% w/w to close at 49,026.62 points, following sell-offs in 4 of 5 trading days. Accordingly, YTD return moderated to 14.8% (previously: 15.8%) while market capitalisation shed ₦241.6bn w/w to ₦26.4tn. 

Across sectors within our purview, performance was bearish as 4 out of the 6 indices lost, while the AFR-ICT index closed flat. The Banking index was the sole gainer, up 2.3% w/w. On the flip side, the Oil & Gas and Industrial Goods indices faltered by 4.7% and 3.9% w/w respectively. Likewise, the Insurance and Consumer Goods indices declined 2.1% and 0.2% w/w sequentially. 

The top outperforming stocks for the week were VITAFOAM (+12.3%), FIDELITY (+10.9%), and UNITYBNK (+10.0%) while NGXGROUP (-13.9%), CADBURY (-13.8%), and BUACEMENT (-10.4%) topped the list of laggards.

Market This Week (Our Expectations)

The Afrinvestor weekly sentiment remained unchanged w/w at 2.2x. 

This week, we anticipate bargain hunting activities to boost market performance.

NB: Rates on ₦100M and above are negotiable and all rates are valid ONLY for funds received on/before the 30th of September, 2022.