Nigerian stocks rise 0.9% for second week; Premium Times shares stock picks
Nigerian stocks rose 0.9% for a second straight week, pushing the year‑to‑date gain to 62% as oil & gas and bank equities led the advance. The market is still waiting for the half‑year corporate results of four of the Big 5 banks, with the end of the third quarter just around the corner.
Analysts at Meristem Securities say the positive sentiment should continue into the new week, supported by renewed bargain hunting and stronger market participation. They note liquidity is gradually returning after the Dangote Refinery IPO positioning, and the recent 3.5 percentage‑point slash in the monetary policy rate could drive more inflows into equities as yields on fixed income securities drop.
Premium Times has compiled a "stock pick" list based on sound fundamentals. Highlights include UACN (net profit ratio 3.8, P/E 22.4×, RSI 59.3), HBM Nigeria (NPR 28, P/E 18×, RSI 61.4), GTCO (NPR 37.4, P/E 5.7×, RSI 72.8), Unilever (NPR 14.1, P/E 19×, RSI 0.3) and NEM (NPR 15.7, P/E 5.6×, RSI 38.9). The outlet stresses this is not a buy, sell or hold recommendation and advises readers to involve a financial advisor before acting.
With the market poised for further gains, will you explore these fundamentally strong stocks or wait for clearer bank earnings signals?