Monday, February 14, 2022  / 11:30 AM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• Last week, the local bourse closed negative due to extended profit-taking as the NGX All-Share Index fell 0.2% w/w to close at 47,202.30 points. Accordingly, YTD return declined to 10.5% while market capitalisation shed N41.8bn w/w to N25.4tn.  
• Performance was bullish across sectors within our coverage as 5 of 6 indicators gained. The Banking index led the gainers chart, up 2.3% w/w. Trailing, the Insurance and Consumer Goods indices advanced by 1.5% and 1.3% w/w respectively. Likewise, the Oil & Gas and Industrial Goods indices closed higher by 0.3% and 0.1% w/w respectively. Conversely, the AFR-ICT index recorded losses, down 0.5% w/w. 
• The top performing stocks for last week were RTBRISCO (+40.0%), ACADEMY (+31.9%), and CONOIL (+20.7%) while COURTVILLE (-11.7%), CAVERTON (-11.4%), and INTBREW (-10.2%) were the top underperforming stocks.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator improved to 3.0x from 2.7x in the prior week.
• This week, we expect bargain hunting activities to dominate as investors cherry-pick relatively attractive stocks.  

NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 18th February 2022.