Stock Market Review: December 12, 2022

The Nigerian stock market last week continued its upward journey with 1.51% growth, week on week. Year to date, the market has returned 14.43% with the All Share Index and Market Capitalisation at 48,881.93 points and N26.625 trillion respectively.

In a stock market review with Mallam Garba Kurfi, the MD/CEO of APT Securities and Fund Limited, the following were discussed:


The stock market closed last week on a bullish note with 1.51% growth, week on week. How sustainable is this uptrend?

The trend started in November and hope to continue to the end of the year because many stocks are undervalued especially the blue chips which are majorly held by Institutional Investors such as PFAs, Private Equity who will like to redress their portfolio.

What is the outlook for the new week?

The outlook for the coming week is still positive considering that the big six are still below their 52 weeks high.

What is driving BUA Cement, Ecobank and Guinness?

The rising of BUA CEMENT is due to its silence as regard to its outstanding shares, whether they are going to issues bonus or cancel is yet to be known.

Ecobank is due to their good performance and trade arbitrage across the Ghana & Cotd’vour exchanges while Guinness is just mere market inter play.

Why is Nigerian Breweries and Geregu Power trending down?

Nigerian Breweries is trading low because of the markdown due to the bonus it declared, one for every four hold. Geregu is mere market inter play.

 Is Nigerian Breweries a good BUY at N38.5?

Nigerian Breweries is a good buy, this is below 52 week low price.

What are the possibilities in FBNH, Zentih, Wema Bank, GTCO, Flour Mills and Access Bank?

The mentioned stocks are in the banking sector. With the increase in MPR and Treasury Billis  rate, it will ensure good performance by the end of the year and also a positive good outlook.

 Flourmills year end is in March, therefore it may remain stable at the current price.

What are the stocks to watch?

The stocks to watch are: NESTLE, ECOBANK, WAPCO, MTN, AIRTEL, TRANSCORP amongst many others.

Source: Stock Market Review: December 12, 2022 – StocksWatch (

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