Ruth Ibikunle
The stock market last week closed on a positive note with 1.73% growth. Year to date, the market has returned 32.80% with the All Share Index and Market Capitalisation at 99,300.38 points and N56.172 trillion respectively.
In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed:
Excerpts:
The stock market last week closed on a bullish note with 1.73% growth. What is the outlook for the new week?
We are expecting positive outlook being the beginning of the month for the end of Q2 . We are also expecting the results of Flourmill and PZ. Furthermore, the unaudited account of Oando may push the price to a new height.
What is driving the growth in banking stocks, particularly Fidelity Bank?
The Banking stocks are rising due to the expectations that most of them will visit the Primary Market for recapitalisation and may likely go higher than the current market price. With increased demand by Institutional Investor, now is the best time to take position.
The current market price may go lower than the price that is likely coming to the market and that will push the price up.
How attractive are the following stocks: NASCON and Dangote Sugar?
The attractiveness of those stocks depend on when the merger will come to be and most of the investors have high hope that it will be before the end of the year.
Oando Plc reported profit after tax of N74.72 billion in Q4 2023 against the loss after tax of N81.23 billion in Q4 2022, which translates to 191.99% growth. Is this likely to push the share price of Oando up? Will Oando still delist from NGX?
The Oando issues of delisting is before the Court and will be decided by the Court. We may not say much about the unaudited result of the year 2023.
How attractive are the insurance stocks?
The Insurance companies looks promising and it’s like they are recovering from being penny stocks. When you look at MANSARD, NEM, CONSOLIDATED are out of penny stock while others such as Universal, Veristkap have gained more than 50% from the beginning of the year.
What are the stocks to watch?
The stocks to watch are; Oando, JAIZBANK , Japaul Gold, Tantilizer, FCMB, Fidelity, UBA, ACCESS, ZENITHBANK , Sterling, NESTLE, SEPLAT among others.