Stock Market Review: January 23, 2023

Ruth Ibikunle

The Nigerian stock market last week closed on a positive note with 0.16% growth, week to date. Year to date, the market has returned 2.62% with the All Share Index and Market Capitalisation at 52,594.68 points and N28.647 trillion respectively.
In a stock market review with the MD/CEO of APT Securities and Fund Limited, Mallam Garba Kurfi, the following were discussed.


The stock market last week grew marginally by 0.16%. Should we expect a positive outlook in the new week?

Yes, we should expect positive outlook for the coming week, it’s the last week of the month of January and most companies will release their unaudited accounts, it’s expected that this will trigger a rise in the prices if stocks. You will notice that for those companies that are expected to release their audited account in February are already experiencing a rise in their prices, stocks such as UCAP, African Prudential, MTNN, Cadbury to mention but a few.

What is driving the price of MRS, NAHCO and Presco?

The likely driving factor for MRS is the completion of Dangote Refinery, being of the same family, there is expectation for it to ride on that. It appears this may give it uninterrupted supply of the products. NAHCO is among the Consortium that won MURTALA Mohammed Airport Concession, this is making investors to take position now.
Presco is based on their performance and payment of only #2.00 interim dividend compared with Okomu Oil which paid over N10.00, this gives the expectation that Presco may pay generous dividend at the Final year account like Okomu Oil, this may be the reason for price rising, anyway it’s time for speculation and bargains hunters are ready for it.

How attractive is Geregu at N138.8?

Geregu being the only Power generation company listed, investors want be there and there is nothing wrong in taking position now.

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

Most likely, there will be a continued rise in the price of UBA, ACCESS, FIDELITY, WAPCO, GTCO among others in view of the expectation of unaudited results for the year 2022.

Universal Insurance has published its Q4 results with growth in its topline figure by 53.06% and bottom line figure by 39.36%. Is this capable of pushing the price away from 20 kobo?

Universal Insurance results restored confidence of Investors on insurance companies and that may push the price from the bottom line especially for long-term, at the same time for others to hold their holding rather than selling it now.

What are the stocks to watch?

The stocks to watch are UCAP, WAPCO, FLOUR MILLS, NAHACO, Fidson, May & Baker, Access, UBA, MTN among others.

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