Stock Market Review: June 21, 2023

The stock market on Tuesday closed on a positive note with 0.16% growth, bringing the All Share Index and Market Capitalisation to 59,110.02 points and N32.186 trillion respectively. Year to date the market has returned 15.33%.

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


The growth recorded on the floor of NGX on Tuesday was largely dominated by penny stocks. What should we expect in coming days as most stocks have touched their new 52 weeks high?

Most of the stocks are expected to retain and maintain their prices pending the outcome of Q2 result. We are expecting accummulation of stocks pending the next rally which come early next months. However we still expect upward movement of financial sectors especially Insurance stocks which are still very low in terms of fair value.

We are hoping to witness another rally especially in the banking sector as foreign investors move into the market.

What is driving the growth in Academy Press and Learn Africa? How attractive are these stocks?

The low prices of the two stocks are what is moving their prices. The introduction of Educational Loan for High Institution students gives hope, most likely it will generate more sale of the books published by the companies especially excercise book among others.

Their prices are still low, with small amount you can acquire thousands of shares.

Insurance stocks dominated the gainers on Tuesday. How sustainable is the growth in this sector?

The low prices of Insurance stocks made them top gainers, 2 to 5k gain gives them maximum point of 10% unlike AIRTEL AFRICA, Seplat or NESTLE that need to gain more than #100 in a day in order to gain 10%.

As long as Insurance stocks remain penny stocks, it will attract low income earners.

How attractive is FTN Cocoa at N1.62?

FTNCOCOA gained more than 500% in less than two months. It seems it will soon reach its peak unless they release new information, the price may likely not rise again.

What are the stocks to watch?

The stocks to watch are Flourmill, MTNN, Seplat, Access, UBA, Dangote Sugar among others.

Source: Stock Market Review: June 21, 2023 – StocksWatch (

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