Ruth Ibikunle
The stock market on Tuesday closed on a positive note with 0.59% growth. Year to date the market has returned 30.28% with the All Share Index and Market Capitalisation at 66,770.97 points N36.544 trillion respectively.
In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed:
Excerpts:
The market started the month of October on a positive note with 0.59% growth. What is the outlook for the month of October?
Generally, the month of September closed positively and this month will not be different especially with the anticipation of Q3 results. The MPC meeting is also expected to hold and positive decisions are expected to come out of the meeting. The palliatives of N35,000 to workers by the Federal government together with N25,000 for 15m people will accelerate the economy.
What is driving the growth in BUA Cement?
The decision to reduce the price of cement to #3,500.00 will attract more Investors to BUACEMENT.
Oando has started another rally. Is it advisable to take position in Oando?
Oando has started another rally for the second time, It’s good to take position now.
Should we expect impressive Q3 results from these companies even with obvious harsh operating environment?
Yes we expect good result for Q3 but not much is to be expected from the Manufacturing sector because of lack of purchasing power, many Industries are full with housing their stocks unsold.
How attractive are banking stocks?
Banking stocks are attractive but make your purchase with caution because most of them will visit market either through Right Issue or Public offer or both.
What are the stocks to watch?
Oando, Chams, Chellarams, Dangote Sugar and NASCON.