NGX | Afrinvest Weekly Stock Recommendation - November 6, 2023

    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.

    Top gainers for the week were MBENEFIT (+29.3%), JAPAULGOLD (+28.3%), and AIRTELAFRI (+27.9%), while RTBRISCOE (-14.0%), BETAGLAS (-10.5%), and MEYER (-9.9%) led the losers.


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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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