Nigerian stocks slip 1.6% amid profit-taking; Insurance Index down 5.5% as Dangote Refinery IPO looms
Nigerian stocks declined 1.6% last week due to profit-taking across all sectors except oil & gas, with the Insurance Index falling 5.5% - making it the sole sector index with negative year-to-date returns. This week's focus shifts to the primary market where Dangote Refinery's landmark $1.6 billion initial public offering is commencing.
United Capital Plc advised investors to prioritize stocks with strong earnings, attractive valuations and consistent dividend payouts ahead of the week. Premium Times' weekly stock pick highlights Transcorp (NPR 24.7, PE 4.5x, RSI 31.5) for trading below intrinsic value, AXA Mansard (NPR 3.4, PE 29.8x, RSI 47.3) on attractive fundamentals, GTCO (NPR 37.4, PE 5.4x, RSI 47.8) for strong fundamentals and undervaluation, plus NPF Microfinance Bank (PE 7.2x, RSI 22.5) and Neimeth (NPR 12.2, PE 33.2x, RSI 40.8) for sound fundamentals.
The outlet stresses this is not a buy, sell or hold recommendation and investors should consult financial advisors before making decisions, as the guide aims to reduce random equity selection risks through analytical market watch.