NGX | Afrinvest Weekly Recommendation - March 13, 2023

The Afrinvest weekly sentiment weakened to 1.7x from 3.6x recorded in the prior week Despite the downbeat investor sentiment, we expect the market to trend upwards as investors continue to react to corporate earnings results.

Valuation Update

Based on our ongoing assessment of the recent earnings numbers of our coverage universe, we have updated our 12-month target price for NB and GUINNESS due to material changes in their underlying fundamentals.


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Afrinvest (West Africa) Limited is a leading independent investment banking firm with a focus on West Africa and active in four principal areas: investment banking, securities trading, asset management, and investment research. Afrinvest owns two operating subsidiaries namely: • Afrinvest Securities Limited (ASL) which is a broker-dealer and a dealing member of the Nigerian Stock Exchange (“NSE”): and • Afrinvest Asset Management Limited (AAML) which is licensed as a portfolio manager and is the Fund Manager of two mutual funds listed on the NSE, the Nigerian International Debt Fund (NIDF) and the Afrinvest Equity Fund (AEF).
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