Monday, February01, 2021  / 03:25 PM / by AfrinvestResearch / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• The domestic equities market reversed previous week's bearish sentiment, posting a positive performance following gains on all trading sessions. Accordingly, the NSE All Share Index rose 3.4% w/w to settle at 42,412.66 points. Similarly, YTD return improved to 5.3% while market capitalisation advanced N737.9bn w/w to close at N22.2tn. 
• Performance across sectors was largely bullish as 5 of 6 indices under our coverage trended northward w/w. The AFR-ICT and Banking indices advanced 7.8% and 3.3% respectively. Trailing, the Insurance and Industrial Goods indices rose 1.7% and 1.4% respectively. Similarly, the Consumer Goods index increased 1.3% w/w. Conversely, the Oil & Gas index was the lone laggard, down 7.2% w/w. 
• CHAMPION (+59.5%), FIDSON (+30.1%) and MAYBAKER (+27.4%) were the top performers while SOVRENINS (-21.2%), ACADEMY (-17.5%) and NIGERINS (-14.8%) were the laggards.

Market This Week (Our Expectations) 

• The Afrinvest Weekly Sentiment Indicator weakened to 1.3x from the 1.7x recorded last week.
• In the coming week, we expect to see slight profit-taking at the start of the week. However, we envisage market performance will be dictated by the performance of the earnings results.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 1st February 2021.

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