Stock Market Review: January 9, 2023

The stock market last week was marginally down by 0.06% with the All Share Index and Market Capitalisation closing at 51,222.34 points and N27.899 trillion respectively.

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

Excerpts:

The market closed the week on a negative note with a marginal decline of 0.06%. What should we expect in the new week?

Yes the week close with the marginal lost of 0.06 but when carefully analyzed, you will observe that three days close positively except for friday trading which close negatively.

Over five stocks close with double digit gain against three stocks that lost. Also more stocks gained than those that lost and the first ten top Gainers are from 15% to 8% compared with losses recorded for the week. The loss of AIRTELAFRI on Friday being the most capitalised stocks was why we recorded negative return for the week.

We are expecting positive returns for the coming week inview of the release of unaudited results for the companies which will trigger the positive returns of the market.

What is driving the price of NAHCO, Nigerian Breweries and BUA Foods?

The demand of their shares pushed the price of NB & Buafoods while NAHCO may be due to successful winning bidding of Murtala Mohammed Airport Lagos.

How attractive is Fidelity, Fidson, Ecobank, Access and UBA?

In view of the interim dividend declared by Fidelity bank, investors were attracted into the stocks.
For Fidson, ETI, Access Bank and UBA it is due to their Q3 performance.

What are the stocks to watch?

The stocks to Watch ; Fidson, MTNN, AIRTELAFRI, WAPCO, TRANSCORP, Oando among others

Source: Stock Market Review: January 9, 2023 – StocksWatch (stocksng.com)

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