…analysts place strong buy on Access, FBN, MTN, Lafarge
Investors welcomed the ninth month of this year with a bullish sentiment as equities listed on the Nigerian Exchange Group (NGX) gained N535.38 billion on 1 September 2023. This was as a result of the market capitalisation of listed equities rising from N36.422 trillion on August 31 to N36.96 trillion on September 1.
On a week-on-week basis, equities gained N1.08 trillion in the week that ended 1 September 2023 as the market capitalisation of listed equities rose from N35.88 trillion on August 25 to N36.96 trillion on September 1.
Last week, investors traded 2.866 billion shares valued at N37.05 billion in 33,968 deals. This compared to 1.812 billion shares worth N29.299 billion executed in 31,163 deals in the previous week that ended on August 25.
According to NGX, the financial services sector, when measured by volume and value, led the activity chart, with investors trading 1.424 billion shares valued at N13.398 billion in 18,216 deals. Consequently, the sub sector accounted for 49.7 percent of the market volume and 36.16 percent of the market value. The conglomerates industry and consumer goods ranked second and third on the activity chart last week.
Investors traded 652,.296 million shares of first listed under the conglomerates subsector worth N4.434 billion in 4,931 deals, while the consumer goods sector recorded a turnover of 264.359 million shares valued at N12.03 billion executed in 10,821 deals. The most active stocks when measured by volume were Transcorp, sterling Holdings, and Fidelity Bank respectively.
The All-Share Index (ASI) returned 31.76 percent year to date. Notwithstanding, there are many sectoral indices that outperformed the ASI. NGX AFR Div Yield Index returned 113.84 percent year to date, becoming the best performing sectoral index on NGX.
NGX Oil/Gas Index, boosted by the uptick in the crude oil prices at the international market as well as the removal of petrol subsidy, returned 103,36 percent in the week that ended September 1. NGX Consumer Goods Index has appreciated by 83.13 percent year to date, followed by NGX MERI Growth Index with a market return of 76.62 percent among others.
Meanwhile, analysts at Afrinvest have placed a strong buy of Access Bank Holdings whose target price is put at N20.86 per share from the current price of N17.20 per share. They also placed the same recommendation on FBN Holdings with a target price of N24.62 per share, up from the current N18.40 price per share.
MTN Nigeria is projected to hit N352.96 per share up from the current N274.40 per share. Similarly, Lafarge Africa is projected to hit N45.01 per share from the current N29.75 per share.
