Click here to download the Fundamental Stock Recommendation for the week.
Click here to download the Weekly Technical Stock Recommendation.
Click here to download the Corporate Actions for the week.
Click here to download the Weekly Market Charts.

 Dear Afrinvestor,

Market Last Week (Our Observations)

• Last week, the domestic bourse ended on a bearish note following slight profit taking after four weeks of successive gains. Consequently, the All-Share Index shed 0.5% to close at 26,855.52 points while YTD return worsened to -14.6%. Similarly, investors lost ₦218.2bn as market capiltalisation depreciated to ₦13.0tn. 
• Sector performance was bearish as all indices under our coverage lost save the Consumer Goods index which gained 1.7% w/w. The Industrial Goods index lost the most while the Banking and Insurance indices also shed 1.2% and 0.9% respectively. Similarly, the AFR-ICT and Oil & Gas indices lost 0.9% and 0.4% respectively.
• ROYALEX (+17.4%), UNILEVER (+17.4%) and NIGERINS (+10.0%) led gainers while CORNERSTONE (-20.3%), ARBICO (-9.8%) and IKEJAHOTEL (-9.7%) led losers. 

Market This Week (Our Expectations)

• The Afrinvest Weekly Sentiment Indicator weakened to 1.7 points from 2.4 points recorded in the previous week.
• This week, we expect investors to cherry-pick stocks with sound fundamentals.

Weekly Stock Watch for Technical Traders

Market Analysis... Domestic Equities Market Halts Bullish Run
Last week, the local bourse closed on a negative note, bringing a halt to the four-week bullish trend as
the NSE All-Share Index fell 0.5% W-o-W to close at 26,855.52 points. The negative Directional Movement Index (-DMI) outperforms the positive Directional Movement Index (+DMI) and maintained a strong ADX (Average Directional Movement Index), indicating a possibility that the NSE-ASI may continue to shed gains this week.

Our BUY Recommendation
Observations from last week revealed that WAPCO (ADX: 48.93; MFI: 0.00; %B: 24.15), NIGERIAN
BREWERIES (ADX: 32.55; MFI: 10.90; %B: 61.93), OANDO (ADX: 26.34; MFI: 14.59; %B: 26.41),
DANGCEM (ADX: 31.90; MFI: 30.84; %B: 22.79), CUTIX (ADX: 26.76; MFI: 55.66; %B: 78.28) all have prospects for gains this week. These tickers currently hover around the oversold region with their
+DMI outperforming -DMI with >25 ADX values, indicating a strong trend. However, buyer's discretion is
advised!

Our SELL Recommendation
Our observation also suggests that JBERGER (ADX: 36.11; MFI: 97.88; %B: 57.54), FLOURMILL (ADX: 44.61; MFI: 97.60; %B: 83.24), CUSTODIAN (ADX: 32.36; MFI: 93.69; %B: 57.54), and SEPLAT (ADX: 34.54; MFI: 86.21) are the tickers most likely to record losses. These stocks are on the downtrend with ""DMI outstripping +DMI and strong ADX values (>25). Our potential top loser, which is closest to the overbought region with a high ADX is SEPLAT.
 

Note: For more inquiry and to open a stockbroking account, see contact details below:
Adedoyin Allen     aallen@afrinvest.com           08097783100

Bolaji Fajenyo      bfajenyo@afrinvest.com       08121759032

• NB: Rate on ₦100M and above are negotiable and all rates are valid ONLY for fund received on/before 9th December 2019.

For more details, kindly contact:
Christopher Omoh Mobile: +234 808 591 9106, Email: comoh@afrinvest.com
Eredappa "" 08097134729, Tosin "" 08179881698; or send e-mail to aaml@afrinvest.com

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Best Regards,