Market Last Week (Our Observations)
- The equities market sustained previous week's sell-offs with trades closing southwards on all trading sessions save Monday. Consequently, the benchmark index lost 1.2% w/w to 39,331.61 points. Also, YTD return worsened to -2.3% while market capitalisation fell ₦245.0bn to ₦20.6tn.
- Performance across sectors was lacklustre as all indices under our coverage lost save the Industrial Goods index which gained 1.4%. The Consumer Goods index led the losers, down 6.3%. Trailing, the Insurance and Oil & Gas indices fell 5.0% and 2.2% respectively. Similarly, the Banking and AFR-ICT indices were down 1.9% and 1.2% respectively.
- MORISON (+20.0%), UNITYBNK (+9.0%) and BETAGLAS (+8.0%) led the top gainers while CHAMPION (-33.3%), OANDO (-23.2%) and NASCON (-19.0%) led the decliners.
Market This Week (Our Expectations)
- The Afrinvest Weekly Sentiment Indicator waned to 0.9x from the 1.5x recorded last week.
- This week, we expect a mixed performance with positive bias for bargain hunting.
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