Monday, October 04, 2021 / 12:29 PM / by Afrinvest Research / Header Image Credit: Titan FX
Market Last Week (Our Observations)
- In tandem with our expectation, the local bourse extended its positive performance last week on buying interest in DANGCEM (+14.3%), ZENITH (+2.6%), and FBNH (+7.3%). Accordingly, the All-Share Index rose 3.2% w/w to 40,221.17 points. Meanwhile, YTD loss improved to -0.1% and market capitalisation rose N655.9bn w/w to N20.9tn.
- Performance was positive across the sector under our coverage last week as 4 indices gained, 1 negative while the AFR-ICT index remained flat. Leading the gainers, the Industrial and Consumer Goods indices rose 6.7% and 3.4% w/w respectively. Trailing, the Oil & Gas and Banking indices gained 0.9% and 0.6% w/w respectively. On the other hand, the Insurance index slid 7.6% w/w.
- The top performing stocks for the previous week were UPL (+20.6%), PHARMDEK (+20.5%), and DANGCEM (+14.3%) while MANSARD (-29.8%), JBERGER (-10.0%), and VANLEER (-9.9%) led the laggards.
Market This Week (Our Expectations)
- The Afrinvest weekly sentiments indicator strengthened to 1.4x from 1.2x.
- This week, we expect the positive momentum to gain further traction on improved investor sentiment.