Market Last Week (Our Observations)
Market This Week (Our Expectations) Last week, trading activities on the domestic bourse closed in the red, as profit-taking on major bellwether stocks dragged the NGX[1]ASI lower by 1.1% w/w to 43,912.64 points. Accordingly, YTD return moderated to 2.8% (previously: 3.9%) while market capitalisation shed ₦236.6bn to ₦23.9tn.
Across our coverage sectors, performance was underwhelming as 4 indices declined while 2 appreciated. The Insurance and AFR[1]ICT indices lost 2.4% and 1.1% w/w, respectively. Trailing, the Consumer Goods and Oil & Gas indices lost 0.4% and 0.2% w/ w, respectively. Conversely, the Industrial Goods and Banking indices gained 0.3% and 0.1% w/w, respectively.
The top outperforming stocks for last week were RTBRISCO (+17.9%), BUACEMENT (+12.9%), and FTNCOCOA (+11.1%) while NEM (-15.2%), HONYFLOUR (-11.3%), and UNILEVER (- 10.4%) were the top underperforming stocks
Market This Week (Our Observations)
The Afrinvestor weekly sentiment weakened to 2.0x from 3.3x.
This week, we anticipate extended bearish momentum as investors continue to rotate into high-yielding fixed-income assets.
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