Ruth Ibikunle
The stock market on Monday opened the week on a bullish note, advancing by 0.12%. Year to date, the market has returned 2.74% with the All Share Index and Market Capitalisation at 52,657.69 points and N28.681 trillion respectively.
In a stock market review with the MD/CEO of Global View Capital Limited, Aruna Kebira, the following were discussed:
Excerpts:
The market on Monday grew by 0.12%. Should we expect more bulls this week?
The close of the market here refers to that of January 23, 2023. The days are ticking away, unaudited and audited Q4 accounts of issuers are on their way.
The closer the days of reckoning in the market, the closer the prices of stocks to their 52 weeks high.
Consequently, the market will continue to experience daily uptick, even if it’s marginal and comes from lesser weighted stocks.
We should expect the market to close positively this week.
What is driving the price of Geregu Power and Guinness?
Please recall that the price of Geregu on January 17, 2023 declined to N139.00 from N149.00 it traded on January 16.
The price is just recovery and going back from where it declined from.
Guinness has June of every year as its year end. The price of the stock had suffered decline form its 52-week high price of N110.00 and since we are approaching its end of the year period, it is natural that the price begins to move towards its 52-week high, more so, it performance is not lack lustre.
How attractive is Cornerstone Insurance at 54 kobo?
Cornerstone Insurance started the week at N0.60 and declined to N0.54. On January 13, it traded N0.55 and traded N0.60 on January 20.
If you look closely, the price is in reversal and may be very attractive if eventual it gets to N0.50
What are the possibilities in Fidson, Zenith, Ecobank and GTCO?
Since the market is expecting dividend declarations, these four stocks are dividend paying stocks, very good dividend yields at that.
I expect a further rise in the prices of Zenith, ETI and GTCO. Fidson is trading at N9.50 while its 52-week high is N11.49, there is still about 16% potential in the rise of the price.
What are the stocks to watch?
Zenith, GTCO, Fidelity, Julius Berger, Okomu Oil and Nigerian Breweries