Monday, September 27, 2021 / 02:43 PM / by Afrinvest Research / Header Image Credit: Titan FX
Market Last Week (Our Observations)
- In line with our expectations, the local bourse extended its positive performance as investor sentiment improved. Accordingly, the All-Share Index rose 5bps w/w to 38,962.28 points while YTD loss improved to -3.2% and market capitalisation rose N9.6bn w/w to N20.3tn.
- Performance was mixed across our sector coverage as 3 indices closed positive, 2 negative while the AFR-ICT index closed flat. Extending last week’s gain, the Insurance index advanced 1.7% w/w. Similarly, the Oil & Gas and Industrial Goods indices gained 1.4% and 0.2% w/w respectively. Conversely, the Banking and Consumer Goods indices lost 40bps and 4bps w/w respectively.
- The top performers for the week were PHARMDEK (+32.1%), NAHCO (+15.1%), and CONOIL (+14.1%) while SCOA (-17.9%), PRESCO (-8.2%), and NEIMETH (-7.9%) led the laggards.
Market This Week (Our Expectations)
- The Afrinvest weekly sentiments indicator strengthened to 1.5x from 1.0x.
- This week, we expect the momentum on the local bourse to remain elevated on improved investor sentiment.
NB: Rate on N100M and above are negotiable and all rates are valid ONLY for funds received on/before 1st October 2021.