Ruth Ibikunle
It was a bearish session on the floor of the Nigerian stock market on Monday as the All Share Index and Market Capitalisation declined by 0.34% to close at 43,818.12 points and N23.867 trillion.
In a chat with Mallam Garba Kurfi, the MD/CEO of APT Securities and Funds Limited on market performance and possibilities, the following are worthy of note:
Excerpts:
The stock market open the week on bearish note with, dropping by 0.34%. What are the possibilities for the week?
We are still hopeful that the market may turn bullish and close positively with ASI gain by the end of the week. This is due to many interim dividend that will be mark down by next week which may attract price appreciation for those stocks and likely pull other stocks may close positively.
Should we expect a positive outlook this week?
The naira appreciation in the parallel FX market will discourage Fx speculation which may turn their money into Capital Market, which will lead to price appreciation of many stocks.
What is driving the prices of FTN Cocoa, Consolidated Hallmark Insurance and AXA Mansard Insurance?
The driving forces of FTN Cocoa could be the rising prices of the commodity which will affect the price gain of Cocoa. While the AXA Mansard is due to good performance and interim dividend of 4k declared
MTN dropped to N187.4 from N192 on Monday. What is the best entry price for MTN?
The MTN dropped price to N187.40 give good opportunity for taking position now as the volume of trading increase to high level of transaction. The current price is an opportunity to take position.
What are the possibilities in UBA and UCAP?
UBA and UCAP are good for Short term, medium term and Long term positions at the current price.
What are the stocks to watch?
The stocks to watch include: Transcorp, UBN, May & Baker, PZ, GTCO, MTN and Access Holdings among others