Stock Market Review: March 6, 2023

Ruth Ibikunle

The Nigerian stock market last week closed on a positive note, returning 1.06% week on week. Year to date, the market has returned 8.35% with the All Share Index and Market Capitalization at 55,529.21 points and N30.250 trillion respectively.

In a stock market review with the MD/CEO of APT Securities Limited, Mallam Garba Kurfi, the following were discussed:


The market closed last week on a positive note with 1.06% growth. What is the outlook for the new week?

The Outlook for the coming week is positives with the expectations of Banking result such as Zenith Bank, GTCO, among others.

Wema Bank is set to raise N25 billion via bond issuance. How will this impact their earnings?

Generally banks raise Bonds for the purpose of financing projects. The returns given by such project outweigh whatever rates they are paying out as coupon rates, the differences will be additional income to the Bank.

What is driving the growth in the price of Oando?

The driving forces of Oando is the election of President Elect Asiwaju Bola Tinubu  who is a senior brother Wale Tinubu. This is raising the hope of investors in Oando.  The statement released to NGX by Oando will make year 2023 Financial Accounts in March raise hope.

Geregu Power grew by 27.45% last week to N325. What is driving this growth? Is it a good buy N325?

Geregu moved upward by the forces of demand, for a speculator it’s good to buy.

Why is UCAP trending down? Is it a good buy at N14.6?

The released dividend by UCAP of N1.50 just like the previous year fall below expectations and that is why price the price fell.

What are the possibilities in Zenith Bank, Access, FBNH, UBA and GTCO?

The expectations of the market as regard to these stocks Zenith Bank, GTCO, UBA and Access Bank is to retain their previous dividend policy but any improvement will trigger the price to go up.

What are the stocks to watch?

The stocks to watch are Oando, Dangote Sugar, WAPCO, UBA, ZENITH, GTCO, UBA amongst others.

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