Before it's here, it's on InfoWARE Market Data Terminal; Years of Fundamentals, Analytics and more... INTBREW 10.00  THOMASWY 9.95  CHAMS 9.86  CHAMPION 9.83  JOHNHOLT 9.66  MCNICHOLS 9.52  ACADEMY 9.29  VERITASKAP 8.99  LASACO 6.93  CORNERST 6.50  VSPBONDETF -49.12  MERGROWTH -10.00  MERVALUE -10.00  MULTIVERSE -9.68  VETGOODS -8.00  RTBRISCOE -7.46  SUNUASSUR -6.25  NEM -5.95  FIDELITYBK -4.81  INTENEGINS -3.80 
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Afrinvest Weekly Update | Bearish Beginnings ASI down 0.1% w/w
(Source: Afrinvest Research , Date: 07-Jun-2024)
Dear Afrinvestor,

Domestic Equities Market: Bearish Beginnings... ASI down 0.1% w/w
Wrapping up the first week of June, the market closed mildly bearish as the NGX-ASI declined 0.1% w/w, closing at 99,222.33 points following losses in SEPLAT (-1.3%), UBA (-5.4%), and TRANSCORP (-11.2%) . Likewise, market capitalisation tapered 0.1% w/w to ₦56.1tn while YTD return moderated to 32.7% (previously 32.8%). Meanwhile, average volume and value traded fell 22.2% and 2.6% w/w to 340.6m units and ₦6.1bn, respectively. The top traded stocks by volume were FIDELITY (194.7m units), VERITASK (155.2m units) and OANDO (121.1m units), while GTCO (₦3.3bn), AIRTELAF (₦2.4bn) and GUINNESS (₦2.4bn) led in terms of value.

Across our coverage sectors, performance was mixed albeit negatively tilted as three indices lost, two gained, while the Industrial Goods index closed flat. On the losers' chart, the Banking and Oil & Gas indices recorded losses of 0.6% and 0.2% w/w due to price decline in UNITYBNK (-21.6%), FIDELITY (-9.8%), JAPAULGO (-8.1%), and SEPLAT (-1.3%). Similarly, the AFR-ICT index lost 4bps w/w following selloffs in ETRANZACT (-9.8%) and OMATEK (-3.1%). On the flip side, price appreciation in REGALINS (+5.6%), LASACO (+4.1%), INTBREW (+9.6%), and HONYFLOUR (+5.0%) pushed the Insurance and Consumer Goods indices higher by 0.8% and 0.3% w/w, respectively.

Investor sentiment, as determined by market breadth, weakened to 0.0x (previously 0.2x) as 35 stocks gained, 35 lost and 81 closed flat. Top gainers for the week were RTBRISCO (+25.0%), OANDO (+23.7%), and ETERNA (+22.4%), while UNITYBNK (-21.6%), SOVRENIN (-13.6%), and TRANSCORP (-11.2%) led the losers. Next week, we expect the downward trend to continue due to lack of positive catalysts.

 
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