Stock Market Review: January 12, 2023

The Nigerian stock market on Wednesday closed on a positive note with 0.55% growth. Year to date, the market has returned 0.93% with the All Share Index and Market Capitalisation at 51,729.87 points and N28.176 trillion respectively.

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

Excerpts:

The market bounced back on Wednesday, closing higher with 0.55% growth. What could be the driving force?

The market closed positively due to the gains of BUACEMENT,  GTCO,  ZENITHBANK,  Access Bank,  UBA among others and such trend is expected to continue inview of the expectation of Q4 results which are expecting to be release any moment from now.

What is driving the price of Champion Breweries and FTN COCOA?

The rising of FTN Cocoa and Champion Breweries is more of mere speculation. Their Q3 results has not justified the movement but being penny stocks also made it attract such speculation.

What are the possibilities in Wema Bank, BUA Cement, Access, GTCO, FBNH and Zenith Bank?

The volume of BUACEMENT transactions attracted many Investors into it. While Wema bank, Access, GTCO and ZENITH BANK are expectations of good dividend, this is attracting more buyers into those stocks. FBNH is strategic positioning taking among the stakeholders that is attracting volume.

Is the recent news about GT Bank UK capable of affecting the share price of GTCO?

The recent news about penalty by GTCO London branch will affect its performance for 2022, if they have made provisions to that effect, it will have no effect to its financial for the year 2022 but in anyway  hope will not affect its dividend policy.

What are the stocks to watch?

Fidelity,  WAPCO,  FLOURMILL,  GTCO,  ZENITHBANK, MTNN, AIRTELAFRI, GLAXOSMITHK, TRANSCORP amongst others

Source: Stock Market Review: January 12, 2023 – StocksWatch (stocksng.com)

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