NGX | Afrinvest Weekly Stock Recommendation - April 2, 2024

    The Afrinvest weekly sentiment improved to 1.6x (previously 1.4x). This week, we expect the market to trade positively on the back of improved investors’ sentiment.

    Last week, sell pressure weighed on the benchmark index as it declined 0.1% w/w to print at 104,562.06 points. Resultantly, market capitalisation shed 8bps w/w to ₦59.1tn while YTD return dipped to 39.8% (previously: 40.0%).

    Across our coverage sectors, performance was mixed as three indices gained two lost while the Oil & Gas index closed flat. Leading the charge, the Insurance index posted an uptick of 3.2% w/ w. Trailing, the Banking and Industrial Goods indices rose 1.9% and 0.2% w/w, sequentially. Elsewhere, the Consumer Goods and AFR-ICT indices fell 1.0% and 0.4% w/w, respectively.

    Top gainers for the week were CWG (+26.1%), MORISON (+24.8%), and JULI (+20.4%), while INTBREW (-14.3%), DANGSUGAR (-11.9%), and GUINEAINS (-10.3%) topped the losers’ chart.


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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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