Monday, November15, 2021 / 11:15 AM / by AfrinvestResearch / Header Image Credit: TitanFX

Market Last Week (Our Observations)

• Away from our expectation the prior week, the local bourse last week returned to the positive territory following buying interest in telco stocks. Accordingly, the NGX All-Share Index advanced 2.9% w/w to 43,253.01 points while the market capitalisation rose N646.3bn w/w to settle at N22.6tn. Also, YTD return improved to 7.4% from 4.3% in the prior week.
• Sector performance was mixed across our coverage sectors. On the gainer's chart, the AFR-ICT and Consumer Goods indices rose 10.1% and 0.6% w/w respectively. Conversely, the Insurance index slid 2.2% w/w. Trailing, the Banking and Oil & Gas indices shed 1.3% and 0.7% w/w respectively. Finally, the Industrial Goods index recorded a flat performance.
• The top outperformers for the week were UACN (+14.8%), NEIMETH (+12.5%), and REDSTARE (+12.2%) while CONOIL (-14.9%), PHARMDEK (-9.8%), and CWG (-9.7%) led the laggards.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator strengthened to 1.6x from 1.3x.
• This week, we expect the equities market to trade sideways due to the absence of positive triggers.

NB: Rate on ₦100M and above are negotiable and all rates are validONLY for funds received on/before 19th November 2021.

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