The market opened for four trading days as the Federal Government of Nigeria declared Monday, 1st May 2023 as Public Holidays to mark the Workers’ Day celebration.
The Nigerian equity market closed trading activities last week on a Positive note, as investors’ bullish sentiment was dominant in two of the four trading days. The market positive performance in the previous week was witnessed in all the indices.
The NGX All-Share Index and The Market Capitalization appreciated by 0.12% to close the week at 52,465.31 and N28.568 trillion respectively. Fifty-one (51) equities appreciated in price during the week, twenty-six (26) equities depreciated in price while seventy-nine (79) equities remained unchanged.
The uptrend was witnessed in some medium and large capitalized stocks, amongst which are; CWG (+25.71%), ACADEMY (+20.00%), WEMABANK (+16.58%), ARDOVA (+14.63%), MULTIVERSE (+11.51%), ETERNA (+11.11%), CUTIX (+11.11%), ACCESSCORP (+10.84%), CHAMS (+10.71%), CONOIL (+10.00%) LEARNAFRCA (+10.00%), NEM (+9.64%), COURTVILLE (+9.52%), GTCO (+9.07%) NAHCO (+7.11%), SEPLAT (+5.35%), AIICO (+3.70%), and MTNN (+0.09%).
Stock Recommendation for 08 May, 2023.
Best Stock to Buy in Nigeria Stock Exchange
- International Breweries (NGX: INTBREW)
- UAC of Nigeria Plc (NGX: UACN)
- Transnational Corporation of Nigeria Plc (NGX: TRANSCORP)
- Unilever Nigeria (NGX: UNILEVER)
- Guaranty Trust Holding (NGX: GTCO)
- MTN Nigeria Communications Plc (NGX: MTNN)
- Flour Mills of Nigeria (NGX: FLOURMILL)
- Stanbic IBTC Holdings (NGX: STANBIC)
- Dangote Sugar Refinery (NGX: DANGSUGAR)
- FBN Holdings Plc (NGX: FBNH)
How to Buy Stocks in Nigeria
- Choose a Stockbroker
- Open a Stockbrokerage Account
- Research and Select Stocks
- Place a Buy Order
- Monitor Your Investments
1. Choose a Stockbroker
A stockbroker acts as an intermediary between you and the stock market. Select a reputable stockbroker that is registered with the Nigerian Stock Exchange (NSE) and licensed by the Securities and Exchange Commission (SEC).
2. Open a Stockbrokerage Account
Contact your chosen stockbroker to open a stockbrokerage account. Provide the necessary documents and complete the account opening process.
3. Research and Select Stocks
Conduct thorough research on companies listed on the Nigerian stock market. Consider factors such as their financial performance, industry trends, and growth prospects. Select stocks that align with your investment goals.
4. Place a Buy Order
Once you have chosen the stocks you want to buy, instruct your stockbroker to place a buy order on your behalf. Specify the number of shares and the price at which you are willing to purchase them.
5. Monitor Your Investments
After buying shares, it’s important to monitor your investments regularly. Stay updated on company news, market trends, and economic factors that may affect the performance of your shares. Consider setting up alerts or using investment apps to track your portfolio.
Disclaimer: This report by GTI Securities Ltd is for information purposes only. While opinions and estimates therein have been carefully prepared, the company and its employees do not guaranty the complete accuracy of the information contained herewith as information was also gathered from various sources believed to be reliable and accurate at the time of this report. We do not take responsibility therefore for any loss arising from the use of the information contained herein.