Monday, March 21, 2022 / 12:18 PM / by Afrinvest Research / Header Image Credit: TitanFX

Market Last Week (Our Observations)

• Last week, the local bourse closed in the red as profit-taking dragged the benchmark index down 0.3% w/w to settle at 47,282.67 points. Consequently, YTD return declined to 10.7% (previously 11.1%) while market capitalisation decreased by N83.4bn w/w to N25.5tn. 
• Performance across sectors within our coverage was bearish as 5 indices declined, save the Industrial Goods index which gained 0.1% w/w. The Oil & Gas index dipped the most, down 2.2% w/w. Trailing, the Insurance and Consumer Goods indices declined 2.9% and 0.4% w/w respectively. Similarly, the Banking and AFR-ICT indices dropped 0.2% and 0.1% w/w respectively. 
• The top-performing stocks for last week were PZ (+17.0%), UACN (+14.6%), and NPFMCRFB (+10.0%) while CORNERST (-21.6%), SCOA (-15.9%), and MRSOIL (-10.0%) were the top underperforming stocks.

Market This Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator weakened to 2.3x from 3.0x in the prior week.
• This week, we expect extended profit-taking in the market due to the weak sentiment. 

NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 25th March 2022.