Nigerian stocks depreciated slightly last week, shedding 0.1 per cent as profit-taking activities weighed on the market. Sell pressure on industrial goods stocks triggered the decline.
The main equity index has returned 56.5 per cent so far this year.
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With the commencement of the earnings season, price movements are likely to be shaped this week considerably by the half-year financial results of companies, especially big-cap equities.
PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.
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The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.
This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.
United Bank for Africa (UBA)
UBA tops this week’s selection on the basis of its sound fundamentals. The bank’s net profit ratio (NPR) is 11.6 per cent, while the price-to-earnings (PE) ratio is 5.7x. Its relative strength index (RSI) is 65.4.
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Fidson
Fidson makes the cut for its strong fundamentals. The NPR of the drug manufacturer is 7.7 per cent, while the PE ratio is 21.3x. Its RSI is 15.7.
Wema Bank
Wema Bank makes the list for its robust fundamentals and for trading below its intrinsic value. The NPR of the lender is 43.8 per cent, while the price-to-earnings (PE) ratio is 1.2x. Its relative strength index (RSI) is 56.1.
Cornerstone Insurance
Cornerstone Insurance appears on the pick for its strong fundamentals. The NPR of the insurer is 9.6, while the PE Ratio is 8.4. The RSI is 47.9.
Aradel Holdings
Aradel Holdings makes the selection for its strong fundamentals. The company’s NPR is 68.7 per cent, while the PE ratio is 8.8x. Its RSI is 41.2.
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