Monday, February 28, 2022 / 10:56 AM / by Afrinvest Research / Header Image Credit: Titan FX

Market Last Week (Our Observations)

• Last week, the domestic bourse rebounded with a gain of 0.4% w/w to push the NGX-ASI up to 47,328.42 index points, while market capitalisation appreciated by N101.3bn to N25.5tn. Consequently, YTD return improved to 10.8% (previously 10.4%).  
• Performance was bullish across our coverage sectors as 4 out of 6 indices gained. The Oil & Gas and Insurance indices led the gainers' chart with w/w gains of 3.9% and 0.7% respectively. Trailing, the AFR-ICT and Banking indices gained 0.4% and 0.2% w/w respectively. Conversely, the Consumer and Industrial Goods indices lost 1.1% and 1bp w/w respectively.
• The top performing stocks for last week were RTBRISCO (+53.8%), 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 strengthened to 3.0x from 2.8x in the prior week.
• This week, we expect the market to sustain the positive performance, albeit, modestly.