Ruth Ibikunle
Transactions on the floor of the Nigerian Exchange on Tuesday closed on a bullish note, bringing the All Share Index and Market to 65,669.29 points and N35.758 trillion respectively. Year to date, the market has returned 28.13%.
In a stock market review with Mallam Garba Kurfi, MD/CEO of APT Securities and Funds Limited, the following were discussed:
Excerpts:
The market on Tuesday continued its upward journey with 1.65% growth. How sustainable is this rally?
The All Share index of the Capital Market has reach the highest position ever recorded in March, 2008. The highest ever recorded in the 62 years old market, this is likely to continue and surpass that position. The reason is that the market is still moved by the majority of local Investors and real money, not margin loan or Foreign Investors.
Many stocks are still trading below fair value, this means that there is still room for improvement in their prices. Also by the time Foreign Portfolio Investors enters the market, it will most likely trigger higher prices than whatever the position is today.
What is driving the growth in Dangote Cement? Is it a good buy at N360.7?
The buyback policy which was already approved in the last AGM, started moping the stocks now. As long as the quantity to buy back is not completed, it’s good to watch and also wait for the Q2 result, it’s good to buy.
What are the possibilities in Access, FBNH, GTCO, UBA and Zenith Bank?
Access, GTCO, UBA. FBNH and Zenith Bank are still trading below the fair value therefore, they are good to buy.
How attractive is Japaul Gold at N1.34?
JAPAUL GOLD is still below the highest recorded in 2021 therefore, is still good to go at N1.34.
What are the stocks to watch?The stocks to watch are JAPAULGOLD, Chams, TRANSCORP, Access, UBA, GTBANK, Flourmill, Seplat, Airtel among others