Monday, March 14, 2022   /03:48 PM / by Afrinvest Research / Header Image Credit: TitanFX

Market Last Week (Our Observations)

• Last week, bullish sentiment buoyed the performance of the domestic bourse as investors responded to several factors including positive earnings forecasts and dividend declarations. Consequently, the NGX-ASI expanded 0.4% w/w to settle at 47,437.48 points, YTD return rose to 11.1% while market capitalisation increased by N91.0bn to N25.6tn.  
• Performance across sectors was mixed as 3 of the 6 indices under our coverage trended southward w/w. The Oil & Gas index declined the most, down 2.2% w/w. Trailing, the Consumer and Industrial Goods indices fell 0.5% and 0.1% w/w respectively. Conversely, the Insurance index advanced the most, up 2.7% w/w. Similarly, the Banking and AFR-ICT indices rose 1.3% and 0.6% w/w respectively.
• The top performing stocks for last week were PRESCO (+19.6%), RTBRISCO (+15.9%), and CORNERST (+15.6%) while ELLAHLAK (-18.5%), MAYBAKER (-18.3%), and UPL (-14.4%)  were the top underperforming stocks.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator strengthened to 3.0x from 1.8x in the prior week.
• This week, we expect to see profit-taking activities at the start. Nonetheless, we maintain a bullish outlook for the market.

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