Ruth Ibikunle
The Nigerian stock market on Tuesday closed on a negative note, shedding 0.20% with the All Share Index and Market Capitalisation at 52,296.48 points and N28.476 trillion respectively.
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 was down by 0.20%. What are the possibilities for the week?
The market was down on Tuesday due to profit taking. That trend may likely continue for the rest of the week in view of fact that the month end triggered some of the rise in the market last week.
What is driving the prices of NAHCO, Nigerian Breweries and Wema Bank?
NAHACO, NB and Wema Bank rose due to Q1 result which gave hope for better performance for the rest of the year except for Nigeria Breweries which was seriously affected by lack of cash as a result of change of currency.
Why is Geregu trending down?
Geregu is trading down for some correction but may bounce back if Q1 proves better.
Transcorp continued its downtrend on Tuesday, shedding 9.96%. How low can it get to?
Transcorp rose as a result of Femi Otedola’s position but now that he has sold back to Tony Elumelu, that may not trigger another rise but the performance of Transcorp is good to sustain that price of #3.00 and above but after coming down it may rise back, it may go as low as #1.50 but may still rebounce back.
What are the possibilities in Vitafoam, GTCO, Zenith, Access and UBA?
Vitafoam may rise back especially if Q2 turns out better. Access dividend led to a new price for the stock and may no longer trade in a single digit again. UBA also may likely joining the league of double digit price in view of its dividend policy coupled with its performance as seen in Q1 2023.
Zenith and GTCO are likely to retain their current prices.
What are the stocks to watch?
The stocks to watch are UBA, ACCESS, Cadbury, NAHCO, amongst others.