The Afrinvest weekly sentiment advanced to 2.3x (previously at 2.0x). This week, we expect bargain hunting opportunities to boost market performance.
The bourse ended the week on a positive note as the NGX-ASI rose 4.6% w/w to close at 70,196.77 points. Consequently, YTD return improved to 37.0% and market capitalisation advanced ₦1.7bn to ₦38.6tn.
Across our coverage sectors, performance was bullish as 5 indices gained, while the Oil & Gas index closed flat. Leading the gainers, the AFR-ICT index advanced 11.7% w/w. Trailing, the Insurance and Banking indices advanced 8.0% and 2.7% w/w respectively. Similarly, Industrial and Consumer Goods rose 0.7% and 0.5% w/w respectively.