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.