Stock Market Review: December 1, 2022

Ruth Ibikunle

After two straight sessions of losses this week, the Nigerian stock market on Wednesday bounced back to close higher, buoyed by gains in MTN Nigeria and other 20 stocks in green table, led by Wema Bank Plc.

Ruth Ibikunle reviewed Wednesday’s market activities with Mallam Garba Kurfi, the MD/CEO of APT Securities and Funds Limited. Below are some of his thoughts as to what brought about the recovery.


The market on Wednesday closed on a positive note with 0.71% growth. What is driving this growth?

The market close positively not only for Wednesday which coincide with end of the month of November but the entire month performance ASI close positively and gain better the October and September or even the two added together.

The market is driven by the performance of companies’ interim dividend and bonus declared during the month. The last prices experienced in the two previous months gave opportunity to bargain hunter to revisit the market and take opportunities of the last prices of stocks.

What is driving the price of Wema Bank, UCAP and MTN?

The performance of Wema Bank, UCAP and MTNN is majorly due to good performance in the Q3 results which shows increase over the previous with double digits  and the last prices recorded compared with Year high or 52 weeks high prices recorded during the year N5, N15 and N270 respectively.

Why is Nigerian Breweries trending down? Is it a good BUY at N42?

NB is a good buy at N42 especially due to the bonus it declared, asides the improvements in interim dividend over the previous year.

What are the possibilities in Access, Zenith, Fidelity, UBA and GTCO?

Zenith, Access, Fidelity, UBA and GTCO have demonstrated resilience to downward price movements and the only way is up and we are not suprised by the recovery of some of their last positions but we are still hoping they will do more before the end of the year.

What are the stocks to watch?

The stocks to watch are Nigerian Breweries, Fidson, NAHCO, GUINNESS, ETI, Dangote Sugar, WAPCO, amongst others.

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