Stock Market Review: November 22, 2023

Ruth Ibikunle

The stock market on Tuesday closed on a positive note with 0.08% growth. Year to date, the market has returned 38.66% with the All Share Index and Market Capitalisation at 71,066.64 points and N39.082 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 stock market since last week crossed the 71,000 mark. Are we likely to have a bullish week?

Due to the suspension of MPC meeting by CBN, I do not expect the market so much from the week, at best it will remain flat.

Mecure has gained 134.12% since the day of listing from N2.96 to N6.93. Is it a good buy at the current price?

The rising of Mecure is due to scarcity of the stocks. I will not encourage to buy at the present price, let wait for their Financial especially Q3 results, that will justify the price or otherwise.

What is driving the growth in Learn Africa?

Learn Africa is based on the forecast earnings for the Q3 ended 31st December, 2023. Its looks excellent if they can keep to their forecast.

Why is Champion Breweries trending down?

Champion Breweries Q3 was in a lost and that trend may likely continue up to the end of the year compared with profit declared in the previous year.

What is driving the growth in C&I Leasing?

C& I leasing declared bonus of 2 for 3 that for every three shares held, you will be given two bonus. That’s what is pushing the price up and that may continue for now.

Fidson Healthcare has announced partnership with a Chinese company, Jiangsu Aidea Pharmaceutical. How will this impact Fidson in the nearest future?

Fidson has already become a leader in the pharmaceutical industries and partnership with a Chinese company will increase its dominance and value in the Industry. That will also consolidate its leadership and better result in the near future.

Nigerian Breweries is to acquire 80% stake in Distell Wines & Spirits Nigeria Limited. Can this information push the price of Nigerian Breweries up?

The Nigerian Breweries is consolidating its leadership and will improve its prices.

Inflation rate grew to 27.33% in October 2023. How would this impact the capital market?

The all share index ASI is already above 38%, that’s about 10% above inflation.  This remains the best alternative to hedge against inflation.  Most likely the index will go further up as the inflation keep going up. Recall that many stocks gained above 500% for the year 2023.

What are the stocks to watch?

The likely stocks to buy are C&I leasing, Fidson, Dangote Sugar, NASCON, GTCO, ZENITH,  LIVESTOCK,  Chellarams,  UBA, Access , Japaul Gold, MTN among others.

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