Monday, February 21, 2022   / 03:16 PM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• Last week, the domestic bourse recorded a marginal loss as the benchmark index fell 0.1% w/w to settle at 47,140.5 points. As such, YTD return moderated to 10.4% (previously 10.5%) while market capitalization fell N29.5bn w/w to print at N25.4tn. Average volume and value traded increased 22.7% and 50.8% w/w respectively to 326.6m units and N5.7bn. 
• Across sectors within our purview, performance was bearish as 4 out of 6 indices declined. Topping the laggards' chart, the Oil & Gas and Banking indices lost 3.4% and 0.7% w/w respectively. Likewise, the Industrial Goods and AFR-ICT indices shed 0.3% and 0.1% w/w sequentially. In contrast, the Consumer Goods and Insurance indices outperformed the broad market, up 2.3% and 1.0% w/w respectively.
• The top performing stocks for last week were RTBRISCO (+53.9%), LEARNAFR (+46.7%), and SCOA (+32.0%) while CWG (-9.8%), BERGER (-9.6%), and NGXGROUP (-8.5%) were the top underperforming stocks.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator weakened to 2.8x from 3.0x in the prior week.
• This week, we anticipate that bargain purchase would drive a decent positive performance in the market.