Stock Market Review: July 19, 2023

The stock market on Tuesday closed on a positive note with 1.3% growth. Year to date, the market has returned 24.42% with the All Share Index and Market Capitalisation at 63,766.72 points and N34.722 trillion respectively.

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


The market on Tuesday closed on a bullish note with 1.3% growth. What is driving this current bull?

The market closed Tuesday positive in continuation of positive recovery from Monday after profit taken witness last week. The trend is likely to continue in view of the expectations of Q2 result which are yet to be declared by most of the Companies.

According to National Bureau of Statistics, Nigeria’s inflation rate stands at 22.79%. How would this impact the capital market?

The inflation declared for the month of June closed at 22.79% may likely to continue rising because of the cost push of most of the item as a result of rising cost of Petroleum  and Exchange rate.

The rising of inflation push the prices of stock to rise higher as the best alternative Investment instruments  to hedge against  inflation compared with the money, TBs, market returns and Bonds market which guve negative returns.

During inflation small caps and Penny stocks seem to do better as witness in the passed two months were some gives as high as 1000% returns.

What is driving the growth in NEM Insurance and AXA Mansard?

The NEM and AXA are among the small cap stocks so is not surprised that keep moving upward.  Their Q1 result performance give Investors confidence to look for such stocks.

How attractive is UCAP, based on its Q2 2023 result?

The Q2 result of UCAP  is look good and expect to be better in the Q3. At the current price is good to buy.

NASCON has announced merger with Dangote Sugar and Dangote Rice Limited. What happens to existing shareholders before the merger? What will the scheme of arrangement look like?

The merger of Dangote Sugar, NASCO and Rice are likely going to give a new entity of Dangote Foods. The merge entities will benefit with shares of new entities of Dangote Foods according to their respective valuation to the Group company. As soon as the scheme is ready will be made available.

What are the stocks to watch?

The stocks to watch are GTCO, ZENITHBANK, MTN, TRANSCORP, Access Bank, ETERNA among others

Source: Stock Market Review: July 19, 2023 – StocksWatch (

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