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
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