Stock Market Review: March 3, 2023

Ruth Ibikunle

The stock market on Thursday closed on a positive note with 0.29% growth. The All Share Index and Market Capitalisation stands at 55,670.24 points and N30.327 trillion respectively.

In a stock market review with Gilbert Ayoola, a seasoned capital market expert, the following were discussed:


The market on Thursday readmitted the bulls with 0.29% growth. How sustainable is this new rally?

The equity market has continued to look strong with sound demand for fundamental viable stocks on the brouse of the exchange. Though the market slipped on a previous day loss due to slow down of market activities as investors take profit and repositioning by portfolio investor ahead of further price appreciation of some penny stocks.

Recall that the market traded positive to close the month of February, at the same time gradually navigated into the month of March on a bullish run based on market expectations with many companies releasing their final audited financial statement and declaration of dividends.

Going forward, I expect the market to continue to drive towards northward direction with equities recording more gains and enjoy market supports via investors participation in their favourite stocks in subsequent weeks to come.

Is the price growth in Geregu Power sustainable? Is it a good BUY at N325?

The price movement witnessed in Geregu will still continue to be sustained if it continues to ride on market sentiments and demand by discerning investors. But, no matter how good the price might progress presently in terms of price, it is very sure that at some point, it will gradually begin to slow down due to profit taking.

If considering it at the current price, the stock would rather look too high due to free float still available to be traded in the market. So, it is neither here nor there. But, I will recommend a few shed in price before any major entry at the moment.

Why is Academy Press trending down? Is it a good BUY?

The trending down in price of Academy Press is due to market activities to trade down for available profit when compared to its 52-week high of N1.32.

Is the N2 dividend declared by Lafarge Africa (Wapco) fair enough? Is Lafarge a good BUY at N27?

It is now very sure that Lafarge Africa is becoming more consistent at paying its shareholders dividend of N2. The company reported a profit after tax of N53.64bn for the period, a slight improvement on the N51bn it reported in 2021. While earnings per share stood at 333 kobo against the previous year 2021 of 317 kobo.

At the current price of N27, it is a good BUY looking at an exit target price of N30 before qualifying date of April 10.

United Capital declared a final dividend of N1.50. Why is the price trending down?

The stock is trading down as investors are pushing to take profit ahead of the qualifying closure date of declaration of N1.50 dividend due to price appreciation of 52-week high of N15.60 when compared with 50-day moving average of N14.76.

Dangote Sugar declared N1.50 as dividend. How far can the price get to? Is it a good buy at N19.35?

The company’s stock with a prospect of above N30 per share when compared with its peer in same industry is a good BUY at the current price because it looks cheap and very attractive.

What are the stocks to watch?

Stocks to watch going forward are Dangote Sugar, Zenith, GTCO, Geregu, NASCON, Lafarge Africa, ACCESSCORP, and many more.

One thought on “Stock Market Review: March 3, 2023

  1. I understand that Oando Plc has not declared dividends since 2013, now that they have reconcile with SEC, do you see them declaring dividend after there coming AGM?
    How can get feedback on this?

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