STOCK MARKET REVIEW: SEPTEMBER 2, 2024
The Nigerian stock market last week closed on a bullish note with 0.63% growth, week on week. Year to date, the market has returned 29.16% growth with the All Share Index and Market Capitalisation at 96,579.54 points and N55.478 trillion respectively.
In a stock market review with the Managing Director of APT Securities & Funds Limited, Mallam Garba Kurfi, the following were discussed:
Excerpts
The stock market last week closed on a positive note with 0.63% growth. What is the outlook for the new week?
The Outlook for the first week of the month of September is likely to continue positively in view of the interim dividend to be declare by most of the Banks as we expect them to release Q2 results. Zenith has already declared N1 interim dividend compared with 50k in the previous years.
How attractive is Oando at N76.9?
Oando has gained more than 500% year to date which is one of the best performing stock despite its liquidity. It looks good for long and medium term at the current price.
What is driving the growth in Eterna Plc and Julius Berger?
ETERNA was just following the upward price movement of Oil Companies such as Oando, Total amongst others. The upward movement may likely not continue as it has already lost 10% on Friday.
The price movement in Julius Berger was as a result of their Q2 result.
According to NBS, Nigeria’s GDP grew by 3.19%. How impactful has this been to the capital market?
The improvement of GDP is already reflecting in the improvement of the NGX by ASI. This will ensure that the ASI closes the year positively for five consecutive years which was not achieved in the last twenty years.
What are the possibilities in NASCON and Dangote Cement?
The merger by NASCON and Dangote Sugar is not likely going to be consumated within the year 2024. This is because the Audited accounts for the year ended December 2023 has less than a month to not be qualified for submission except they decide to call for Half year Audit of the year 2024 which is not so to our knowledge yet.
What are the stocks to watch?
The stocks to watch are UBA, Zenith, Fidelity and Access for the interim dividend. While others are Japaul Gold, Oando, Veritas Kapital, DAAR COMMUNICATIONS, WAPCO, OKOMU OIL, PRESCO and LIVESTOCK among others.
The Nigerian stock market last week closed on a bullish note with 0.63% growth, week on week. Year to date, the market has returned 29.16% growth with the All Share Index and Market Capitalisation at 96,579.54 points and N55.478 trillion respectively.
In a stock market review with the Managing Director of APT Securities & Funds Limited, Mallam Garba Kurfi, the following were discussed:
Excerpts
The stock market last week closed on a positive note with 0.63% growth. What is the outlook for the new week?
The Outlook for the first week of the month of September is likely to continue positively in view of the interim dividend to be declare by most of the Banks as we expect them to release Q2 results. Zenith has already declared N1 interim dividend compared with 50k in the previous years.
How attractive is Oando at N76.9?
Oando has gained more than 500% year to date which is one of the best performing stock despite its liquidity. It looks good for long and medium term at the current price.
What is driving the growth in Eterna Plc and Julius Berger?
ETERNA was just following the upward price movement of Oil Companies such as Oando, Total amongst others. The upward movement may likely not continue as it has already lost 10% on Friday.
The price movement in Julius Berger was as a result of their Q2 result.
According to NBS, Nigeria’s GDP grew by 3.19%. How impactful has this been to the capital market?
The improvement of GDP is already reflecting in the improvement of the NGX by ASI. This will ensure that the ASI closes the year positively for five consecutive years which was not achieved in the last twenty years.
What are the possibilities in NASCON and Dangote Cement?
The merger by NASCON and Dangote Sugar is not likely going to be consumated within the year 2024. This is because the Audited accounts for the year ended December 2023 has less than a month to not be qualified for submission except they decide to call for Half year Audit of the year 2024 which is not so to our knowledge yet.
What are the stocks to watch?
The stocks to watch are UBA, Zenith, Fidelity and Access for the interim dividend. While others are Japaul Gold, Oando, Veritas Kapital, DAAR COMMUNICATIONS, WAPCO, OKOMU OIL, PRESCO and LIVESTOCK among others.
