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.
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