Monday, November29, 2021 / 02:19 PM / by Afrinvest Research / Header Image Credit: TitanFX

MarketLast Week (Our Observations)

• Last week, the local bourse gained as the benchmark index rose 0.3% w/w to 43,308.29 points despite closing southward in 3 of the 5 trading days. Accordingly, YTD return improved to 7.5% (previously: 7.3%) while market capitalisation grew N54.0bn w/w to N22.6tn.
• Performance of sectors within our coverage was mixed as 3 indices lost, 2 indices gained while the Industrial Goods index closed flat. Leading laggards, the Consumer Goods index fell 2.0% w/w. Similarly, the Oil & Gas and Banking indices shed 0.9% and 0.3% w/w respectively. Conversely, the Insurance and AFR-ICT indices inched up 3.6% and 1.8% w/w respectively.
• The top outperformers for last week were AIICO (+29.6%), UPL (+27.8%), and IKEJAHOT (+17.4%) while CUTIX (-14.0%), MRS (-9.9%), and UPDC (-9.8%) led the laggards.

MarketThis Week (Our Expectations) 

• The Afrinvest weekly sentiment indicator strengthened to 1.7x from 1.3x.
• This week, we expect the market to extend last week’s positive performance on improved sentiment, barring any negative shock.

• NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 3rd December 2021.

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