NGX | Afrinvest Weekly Stock Recommendation - October 23, 2023

    The Afrinvest weekly sentiment weakened to 1.7x (previously at 2.0x). This week, we expect market performance to be dictated by Q3’23 earnings release.

    The domestic equities market ended the week on a negative note as the NGX-ASI shed 40bps w/w to close at 66,915.41 points. Consequently, YTD return declined to 30.6% while market capitalisation shed ₦156.3bn to ₦36.8tn.

    Across our coverage sectors, performance was bearish as 5 indices lost while the Banking index closed in the green. Leading the losers, the Insurance index declined 1.0% w/ w. Trailing, the Consumer Goods and AFR-ICT indices declined 0.5% and 0.1% w/w respectively. Similarly, the Industrial Goods and Oil & Gas indices were down 7bps and 2bps w/w respectively. On the flip side, the Banking index gained 3.5% w/w.

    Top gainers for the week were THOMASWY (+29.6%), DAAR (+9.5% ), and JBERGER (+9.1% ), w hile SOVRENIN (-17.5%), CADBURY (-16.0%), and STANBIC (-13.1%) 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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