Stock Market Review: August 10, 2023

The Nigerian stock market on Wednesday closed on a bearish note, shedding 1.75%. Year to date, the market has returned 25.2% with the All Share Index and Market Capitalisation at 64,167.39 points and N34.919 trillion respectively.

In a stock market review with Mr Gilbert Ayoola, a capital market expert, the following were discussed:


 The market on Wednesday closed on a bearish note, shedding 1.75%. What is responsible for this sharp decline?

The stock market started the week on a mixed reaction as a result of the bandwagon effect of releases of Q2 2023 earnings results by some of the quoted companies on NGX.

Though, on Wednesday’s trading, the market closed bearish due to investor’s profit-taking and sentiment to safeguard their investment while also looking at possibly sector where there can pitch their funds based on sound available fundamental stocks for likely positions and earnings as the macroeconomic challenges remain persistent.

In spite of this, market participants continued to watch the stock market with keen interest and optimism as the market remains resilience based on its potential to drive the economy, and so as to move the market towards capital appreciation.

 Airtel Africa Plc has announced that its subsidiary in Uganda, Airtel Uganda Limited, is planning to float shares on the Uganda Securities Exchange. How will this benefit the shareholders of Airtel Africa?

The listing of the company’s shares on local exchange will increase visibility and profile of Airtel Uganda Limited in Uganda and the surrounding region, which will lead to higher investor interest and potential growth opportunities for the company. Also, it will further provide access to local capital and potential sources of funding towards financing its expansion drive and other strategic initiatives.

Also, the listing will increase the valuation of Airtel Uganda Limited, which in turn will benefit shareholders of Airtel Africa Plc when considering the shares value and price as a whole.

Is it advisable to take a position in Glaxosmith?

It is very dicey at this time investing in Glaxosmith since the company has previously issued a caveat to its shareholders on trading of the company’s shares. More so, it is working toward its planned exit and delisting from the NGX in line other possible consideration towards appointing a third-party distributor in Nigeria for the supply of its consumer healthcare products which is likely giving other pharmaceutical company like Fidson to emerge as market lead within the sector.

However, investors are of opinion that during final phase of winding-up of its assets with excess retained earnings, plus shareholders’ funds combined together will add up to the attractive cash consideration to be paid by the company to its existing shareholders when compared to current price.

 Cornerstone Insurance released an impressive Q2 2023 result with growth in its topline and bottom line figures. How far can the share price go, based on its Q2 performance?

It is assumed that when a company’s performance is good, it is immediately shown in its upward price appreciation which is evident in the price of Cornerstone, gaining 0.05 to close at 0.99kobo, which translates to about 5.32%.

The price movement will remain to be positive as far as investors continue to see the stock attractive due to its impressive growth result and low price.

 What are the stocks to watch?

Likely stocks to watch are Berger Paints, Cornerstone Insurance, Geregu, MTN, TRANSCORP and many others.

Source: Stock Market Review: August 10, 2023 – StocksWatch (

Related Posts


Business & Economy

Stock Market Review: September 18, 2023

The stock market last week closed was down by 1.10% due to profit taking, bringing the All Share Index and Market Capitalisation to 67,395.74 points and N36.886 trillion respectively. Year to date, the market has returned 31.50%. In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed: […]


Business & Economy

Nigerian Bourse drops by 1.10% in one week on profit taking, sheds N409bn

The Nigerian stock market declined by 1.01% week on week, as NESTLE, PRESCO and other 51 stocks shed weights. The All Share Index dropped by 1.10% to settle at 67,395.74 points from 68,143.34 points. Consequently, the Market capitalization also dropped by 1.10% to settle at N36.886 trillion from N37.295, thereby shedding N409 billion. An aggregate of 2.93[…]