NGX | Afrinvest Weekly Stock Recommendation - September 25, 2023

    The Afrinvest weekly sentiment improved to 2.2x (previously at 2.0x). This week, we expect bargain hunting opportunities to boost market performance.

    The domestic bourse closed the week on a bearish note as the NGX-ASI recorded a loss of 0.1% w/w to close at 67,324.59 points. Consequently, market capitalisation shed ₦38.9bn to ₦36.8tn, while YTD return declined to 31.4% (previously 31.5%).

    Across our coverage sectors, performance was bullish as 5 indices gained, while the Industrial Goods index emerged as the lone loser (down 4.8% w/w). Setting the pace, the Insurance and Consumer goods indices led the chart with 3.3% and 3.0% w/w gains respectively. Trailing, the AFR- ICT index rose 1.8% w/w, while the Banking and Oil & Gas indices inched higher by 0.6% apiece.

    Top gainers for the week were SUNUASSURE (+32.9%), ELLAHLAK (+28.8%), and ETRANZACT (+28.6%), while TANTALIZER (-21.1%), GUINEAIN (-20.7%), and MCNICHOLS (-13.3%) 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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