Ruth Ibikunle
The stock market on Wednesday closed lower by 0.75% with the All Share Index and Market Capitalisation at 52,209.06 points and N28.428 trillion respectively.
In a stock market review with Mr Gilbert Ayoola, a capital market expert, the following were discussed:
Excerpts:
The market on Wednesday dropped by 0.75% as BUA Cement shed weight. Why is BUA Cement trending down?
The equity market on Wednesday closed on negative notes after about two days of active price movements and market gains, depreciating the NGX All Share Index (ASI) by 0.75%.
On BUA Cement shedding weight, this is due to profit taking and monument to support the current market activity and position. To compare to 52-week high at N99.45 to 52-week low, it attracted investor’s selling interest.
Transcorp bounced back with 9.69% growth, closing at N2.15. What is driving this growth?
The sudden surge in the price of Transcorp is on information of the company’s recent news on the discharge certificate issued to it by the Federal Government through National Council on Privatisation approved recommendations of Bureau of Public Enterprise (BPE) on Ughelli Power having achieved capacity of 680.8 megawatts, which surpasses the minimum performance target of 670 megawatts target set by BPE.
Secondly the unveiling of the Afam 3 Fast Power 240-megawatt turbine in Rivers State brings the company current cumulative power generation capacity plant to 1,000MW under Transcorp Group.
How sustainable is the growth in Ardova? Is it a good buy at N22?
When considered on the backdrop of the company supported move to get its shares delist on NGX at N17.38, and compared to the current price at N22, for me, I advise investor to trade with caution. Though, the stock is currently good for buying positions for both short to medium term immediate trading.
How attractive is Academy Press at N1.52?
If considering Academy Press at the current price level, it looks attractive in line with its 52-week high at N1.75 per share, when compared to 50-day moving average at N1.34. For me, it is a good BUY.
What are the stocks to watch?
Stocks to watch are Honeywell, ETI, Fidelity Bank, ACCESSCORP, Fidson, GTCO, Transcorp, FCMB, and others.