The stock market on Tuesday was marginally down by 0.06%. Year to date, the market has returned 5.73% with the Al Share Index and Market Capitalisation at 54,189.31 points and N29.520 trillion respectively.
In a stock market review with Mr Gilbert Ayoola, a seasoned capital market expert, the following were discussed:
The market on Monday closed positive with 0.78% growth but was down on Tuesday by 0.06% occasioned by profit taking largely from insurance and banking stocks. Is the market likely to close this election week positive?
The stock market on Monday started the week trading on positive note on the ride of investor’s renewed interest in strong fundamental stocks on the bourse of NGX. However, the Tuesday market witnessed a slow down due to mixed reaction by investors, the market amidst possible profit taking from the previous day, thereby closing trading in a negative direction.
This move is tinted at investors safeguarding their funds against marginal gain increase as market activities gradually close gap towards observing the conduct of the General elections and possibly direction of the market in subsequent days to come.
However, the market has continued to portend strong signal and buy position based on sound fundamental toward positive movement of the market as investors gradually await approval of final audited reports, dividend declarations and bonuses.
What is driving the price of MRS Oil?
The price movement around MRS is due to market expectation and increased demands for petroleum products. This is further supported by Q4 unaudited performance results by the company. It grew its revenue by 39.23% from N71.98bn to N100.21bn, at the same time, reporting increased growth in its PBT and PAT by 637.23% and 318.42% respectively. While it moves its earnings per share (EPS) by 270.54% from N1.12 to N4.15.
What are the possibilities in Transcorp, UBA, GTCO, FBNH, Access, and Zenith Bank?
Transcorp looks cheap and good at current price considering its 52-week low price at N1.13.
Stocks like UBA, GTCO, FBNH, Access, and Zenith Bank are found among the banking stocks with good dividend payout and prospect of price appreciation. With continuous demand for banking services and transaction across the country, these banks continue to hold the aces for good record earnings and increase profit in their financial reports, which have continued to delight their investors.
What are the stocks to watch?
Stock recommendations to watch for possible positions as market trading progress into the week are Fidson, MTN, Stanbic-IBTC, Fidelity, United Capital, Livestock, and many others.