Weekly Stock Recommendations
July 10, 2023/Futureview Financial Services
Kindly click here to download the Weekly Stock Recommendations from our Research team for this week 10th – 14th July, 2023.
What Happened in the Equities Market Last Week
The local bourse continued its bullish trend as the NGX All-Share Index and market capitalization appreciated by 3.40% w-o-w to close at 63,040.41 points and ₦34.326 trillion, respectively. Four (4) out of our five (5) major indices closed the week in the green zone except for NGX Consumer Goods at (-0.22%) which closed in red.
The bullish indices include NGX Banking Index which closed highest at (9.82%) followed by NGX Oil and Gas (7.18%), NGX Industrial Goods closing at (2.22%), the NGX Insurance closing least at (0.73%).
Our Expectation for this Week
• Considering that there are many stocks trading at attractive discount, we expect positive sentiment in the market this week.
• However, we note the attractive yields in the fixed-income space could serve as a distraction to investors. Profit-taking could also take a toll on market direction.
Also, see below our top stock picks for the week.
| Security | Current Price (NGN) | Target Price (NGN) | Expected Return |
| GUINNESS | 80.00 | 109.50 | +37% |
| DANGCEM | 300.10 | 340.10 | +13% |
| MTNN | 275.00 | 320.00 | +17% |
| BUA CEMENT | 91.00 | 110.00 | +21% |
Regards,
