Monday, November08, 2021   /1:07 PM / by AfrinvestResearch / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• After 7 weeks of sustained rally, bearish sentiment resurfaced on the domestic bourse last week as the NGX All-Share Index retreated by 0.1% w/w to close at 42,014.50 points while the market capitalisation lost N12.6bn w/w to settle at N21.9tn. Consequently, YTD return slid to 4.3% from 4.4% the prior week.
• Sector performance was largely bearish across our coverage sectors. The Banking index topped the losers' chart, down 1.7% w/w. Trailing, the Oil & Gas and Consumer Goods indices fell 1.6% and 0.7% w/w respectively. Conversely, the Insurance and Industrial Goods indices rose 1.0% and 0.9% w/w respectively.
• The top outperformers for the previous week were REGALINS (+18.9%), MULTIVER (+10.0%), and SCOA (+9.5%) while ETERNA (-15.5%), UNILEVER (-14.4%), and COURTVIL (-11.4%)  led the laggards. 

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator weakened to 1.3x from 2.5x.
• This week, we expect sell pressure to dominate the market barring any positive catalyst. 

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 12th November 2021.

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