Stock Market Review: May 24, 2023

Ruth Ibikunle

The stock market on Tuesday closed on a positive note with 0.48% growth as the All Share Index and Market Capitalisation grew to 52,621.19 points and N28.653 trillion. Year to date, the market has returned 2.67%.
In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed:

The market on Tuesday closed on a positive note with 0.48% growth. What is driving this current positive vibration?

The inauguration of the newly elected President is what’s giving confidence to the market coupled with good performance of Q1 result.

Transcorp has started another rally, gaining 9.85% on Tuesday. How attractive is the stock at N2.90?

Transcorp with EPS of 43k for 2022 shows that it can trade up to #4.00. The fundamental of Transcorp is good, for long term, the price is good at N2.90.

What is driving the growth in Unilever, University Press and FBNH?

The sudden rise in the price of PZ from N10 to N18 is what triggered the rise in Unilever since they are in the same industry. University press is fuelled by the rise in LEARN AFRICA as they are also in the same industry.
The increase in the price of FBNH is due to speculation of the outcome of year 2022 account which is yet to be release.

What are the possibilities in Access, Fidelity Bank and Lafarge?

The prices of Access and Fidelity are likely to rise in view of their performance and dividend paid. Also the rising price of GT BANK and ZENITH may trigger their movement up as well.
Lafarge is the lowest price in Cement Industry; that may push its price up.

Is Dangote Refinery likely to list on NGX?

Dangote Refinery is expected to be listed on NGX but it hasn’t been mentioned by Alhaji Aliko, but we are expecting Dangote Fertalizer to list first.

What are the stocks to watch?

The likely stocks are Flour Mills, Access, UBA, Unilever, WAPCO, Transcorp among others.

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