Market Last Week (Our Observations)

The domestic market closed last week on a positive note as the NGX All-Share Index rose 0.6% w/w to settle at 49,682.15 points. Consequently, YTD return strengthened to 16.3% (previously: 15.6%) while market capitalisation increased by ₦168.0bn to ₦26.8tn. 

Meanwhile, performance was bearish across sectors within our coverage as only 2 of 6 indices gained. The Industrial Goods and Oil & Gas indices led laggards, down 4.2% and 4.1% w/w respectively. Trailing, the Consumer Goods and Banking indices dipped 1.7% and 0.7% w/w sequentially. On the flip side, the AFR-ICT and Insurance indices gained 5.2% and 3.9% w/w in that order. 

The top outperforming stocks for the week were NEM (+20.9%), MBENEFIT (+20.0%), and JAPAULGO (+17.2%) while NNFM (-12.8%), FTNCOCOA (-12.1%), and ELLAHLAKES (-10.0%) were the top underperforming stocks.

Market This Week (Our Expectations)

The Afrinvest stock weekly sentiment improved to 2.1x from 1.5x in the prior week. 

This week, we expect bargain hunting activities to drive marginal gains.

NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for funds received on/before 2nd of September, 2022.