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WEEKLY STOCK RECOMMENDATION
(Source: Securities Africa Nigeria Research, Date: 18-Sep-2023)

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Dear Esteemed Investor,

 

Market activities for the week ended Friday, September 15, 2023 closed bearish. The Bears were in control from the onset as the news of the NGX downgrade by FTSE depressed the market. The market recovered midweek as companies declared dividend and investors show buy interest in low priced stocks, however, the bears closed the week on top.. As a result, the NGX ASI decreased by 1.10% w/w to close at 67,395.74. The negative sentiment for the week was driven by the downturn in Banking Index (-3.24%), Oil & Gas Index (-2.02%), Consumer Goods Index (-1.84%) and Industrial Index (-0.28%). On the other hand, the Insurance Index (+0.46%) was the solely index that closed bullish.

 

Kindly click Stock-Recommendation-SECURITIES-AFRICA-September-18-2023.pdf (securitiesafricang.com) for the stock recommendation report.

 

Rating Definitions

BUY "" Expected return of 8% and higher

HOLD "" Expected return of between 0% and 7%

SELL "" Expected return of 1% and below

 

For more information and guidance, please contact the under listed:

 

Olanike-  08037164599 - otunde-ayinuola@securitiesafrica.com

Olalekan- 08065010929 - oolagunju@securitiesafrica.com

Toyin-    08030515882 - tolaogun@securitiesafrica.com

 

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Securities Africa Financial Limited

Securities Africa Financial Limited | 5th Floor Skye Bank Building | 30 Marina | Lagos | Nigeria

Main: +234 (909) 440 4638

Email: researchng@securitiesafrica.com | Web: www.securitiesafricang.com

 

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