Stock Recommendation for the Week September 28th, 2020 (Source: Afrinvest Research , Date: 28-Sep-2020)
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Market Last Week (Our Observations)
The equities market reversed previous week's negative return as the All-Share index advanced 2.9% w/w to 26,319.34 points. Consequently, market capitalisation rose by ₦390.4bn to ₦13.8tn while YTD return improved to -1.9%.
Sector performance was impressive as all indices under our coverage gained w/w. The Consumer Goods and Banking indices advanced 6.0% and 3.6% w/w respectively. Likewise, the Industrial Goods, AFR-ICT and Oil & Gas indices gained 2.4%, 1.7% and 1.2% w/w respectively. Lastly, the Insurance index appreciated 1.1% w/w.
NIGERIAN BREWERIES (+25.1%), CORNERSTONE (+16.4%) and WAPCO (+15.8%) led the top gainers while REDSTAREX (-16.9%), OANDO (-11.7%) and CHAMPION (-10.0%) led the decliners.
Market This Week (Our Expectations)
The Afrinvest Weekly Sentiment Indicator rose to 2.5x from the 1.6x recorded in the previous week.
We anticipate a sustained positive performance as investors renew interest due to low yield in the fixed income space.
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