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.