NGX | Afrinvest Weekly Recommendation - November 29, 2021

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 ₦54.0bn w/w to ₦22.6tn.


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.


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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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