Stock Market Review: September 7, 2023

Ruth Ibikunle

The Nigerian stock market on Wednesday closed lower by 0.07%, bringing the All Share Index and Market Capitalisation to close at 68,286.28 points and N37.374 trillion respectively. Year to date, the market has returned 33.24%.

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 on Wednesday dropped marginally by 0.07% after several days of rally? What is the outlook for the month of September?

The Outlook for the month of September is positive because all the banks that declared interim dividend released their result in the month of September which will push the price upward for those stocks. The merger of Dangote Sugar, Rice and NASCON will push their price up and similar stocks.

What is driving the growth in Omatek?

The price of Omatek moved by speculators hoping something good will come out.

What is at stake for shareholders in Dangote Sugar and NASCON with the current scheme of arrangement regarding their merger?   

 The conversion of  those entities into Dangote foods is giving hope to investors in view of what BUA Foods achieved within a period of one and half year.

GTCO has declared an interim dividend of 50 kobo for Q2 2023. The top line and bottom line figures of the Bank grew significantly. How attractive is GTCO based on this performance?

GTCO have done very well and increased interim dividend by almost 70%. This raises hope for the Investors and we are not surprised that the stock is trading above N40. It’s a good buy as it trades in PE ratio of less than five.

How attractive is Fidelity Bank at N8.55?

Fidelity with 25k interim dividend is good.

Is Transcorp a good buy at N6.7

Transcorp for long term is good buy.

What are the stocks to watch?

The stocks to watch are Oando, NASCON, Dangote Sugar, Omatek, Sterling Bank among others.

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