- Advertisement -
A summary of the economic and market happenings within the week and stock recommendation within Afrinvest’s coverage.
- Last week, the domestic equities market closed positive as the NSE All-Share Index appreciated 1.1% w/w to settle at 24,693.73 points, losing only on 1 of 3 trading sessions. Consequently, market capitalisation rose N138.8bn w/w to close at N12.9tn while YTD loss moderated to -8.0%.
- Performance across sectors under our coverage was mixed but negatively skewed as 3 of 6 indices closed negative w/w. The Industrial Goods and Banking indices were gainers, up 3.6% and 3.0% respectively. On the flip side, the Oil & Gas, AFR-ICT and Consumer Goods indices declined 6.5%, 0.9% and 0.4% respectively. Lastly, the Insurance index closed flat.
- The top-performing stocks for the week were UNITYBNK (+17.3%), MBENEFIT (+15.0%) and CORNERSTONE (+10.0%) while NPFMCRFB (-16.9%), JBERGER (-12.0%) and SEPLAT (-10.7%) were the laggards.
Market This Week (Our Expectations)
- The Afrinvest Weekly Sentiment Indicator weakened to 1.2x from the 2.0x recorded in the previous week.
- This week, we expect more corporate earnings releases to dictate the performance of the market.