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Stock Recommendation for the Week August 10th, 2020
(Source: Afrinvest Research , Date: 10-Aug-2020)

 Dear Afrinvestor,

Market Last Week (Our Observations)

  • Last week, the domestic equities market closed positive as the NSE All-Share Index appreciated 1.4% w/w to settle at 25,041.89 points, following gains on all trading sessions. Consequently, market capitalisation rose ₦181.6bn w/w to close at ₦13.1tn while YTD loss moderated to -6.7%.
  • Performance across sectors was bullish as 5 of 6 indices under our coverage trended northward w/w. The Banking and Oil & Gas indices were the best performers, up 4.9% and 4.8% respectively. Likewise, the AFR-ICT, Consumer and Industrial Goods indices expanded 0.7%, 0.1% and 0.3% respectively. Conversely, the Insurance index was the lone laggard, down 0.3% w/w. 
  • The top performing stocks for the week were NEIMETH (+21.3%), UAC-PROP (+18.5%) and FLOURMILL (+13.2%) while UACN (-11.4%), TOTAL (-9.9%) and CUSTODIAN (-9.1%) were the laggards.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator improved to 2.0x from the 1.2x recorded in the previous week.
  • This week, we anticipate a mixed performance as investors react to more corporate earnings releases. However, we expect to see some profit-taking activities given the bullish performance last week

      

 

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 10th August 2020.
For more details, kindly contact:
Christopher Omoh Mobile: +234 808 591 9106, Email: comoh@afrinvest.com
Eredappa "" 08097134729 or send e-mail to aaml@afrinvest.com
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