The Nigerian stock market on Monday closed on a positive note with 0.29% growth. Year to date, the market has returned 6.08% with the All Share Index and Market Capitalisation at 54,367.74 points and N29.613 trillion respectively.
In a stock market review with Gilbert Ayoola, a seasoned capital market expert, the following were discussed:
The market on Monday continued its upward journey with 0.29% growth. Should we expect more of this in the coming days?
The stock market has continued to move upwards based on investor optimistic drive and perception, therefore causing the prices in the northward direction.
Coupled with the release of Q4 earnings results and expectation, which has continued to spice investor’s interest and buy positions into strong fundamentally sound stocks with good earnings.
Going forward, however, as the market activities continue to progress into the week, we might continue to experience more positive price movement and appreciation on the exchange.
What is driving the price of Sovereign Trust Insurance and Linkage Assurance?
Though the NGX Insurance market indices lost by -0.39% on the overall market daily performance.
The price appreciation witnessed in Sovereign Trust Insurance is due to low price and investor’s driving interest in price of the stock considering its 52-week low N0.26kobo and 200 days moving average of N0.27 kobo respectively.
Similarly, Linkage Assurance recorded a slight increase in its insurance Gross Premium written rising to N13.0m from the previous year of N11.16m and recording both loss in PBT and PAT.
The Net Premium Income equally grew by N6.612m from N5.429m in the previous year with 22% increase.
How attractive is FCMB at N4.99?
The company’s continued impressive performance during the fourth quarter report has continued to drive the price of company on the bourse. Having recorded 32.89% in its revenue earnings in its 12-month period financial report. When its EPS went up by 55.18% from N1.06 to N1.65.
Is Fidelity Bank a good BUY at N5.92?
Fidelity Bank at current price is still good BUY, though dropped slightly earlier during inter mid-day trading session by 1.33% to close at N5.92 per/s.
What are the stocks to watch?
Stocks to watch for consideration as the week goes by, based on their fundamentals are MTN, FCMB, Honeywell, Fidson, UCAP, GTCO, Stanbic IBTC, ACCESSCORP, Livestock, NGXGROUP, Transcorp and many others.
Source: Stock Market Review: February 7, 2023 – StocksWatch (stocksng.com)