Nigerian stocks are still waiting for a big boost from the mostly positive half-year results. Last week, equities only went up by 0.1 percent, mainly because of more buying in bank stocks.
Among the five sector indices tracked by the exchange, only the banking index improved. This happened as many investors took profits. The market is now looking forward to earnings reports from four of the Big 5 banks, which should come out soon.
PREMIUM TIMES has put together a list of stocks with solid fundamentals. We used careful methods to help you avoid the risk of choosing stocks randomly for investment.
This list is a result of close market observation. It aims to guide you on how to enter the market and make smart choices. We believe the selected stocks will see better prices as time goes on.
This is not a buy, sell, or hold recommendation. It is just a guide for stock investment. You should talk to your financial advisor before making any investment decisions.
Coronation Insurance
Coronation Insurance is at the top of this week’s list because of its strong fundamentals. The insurer has a net profit ratio (NPR) of 19.8 percent, and its price-to-earnings (PE) ratio stands at 7.9x. Additionally, its 14-day relative strength index (RSI) is 44.1.
Wema Bank
Wema Bank is included for its solid fundamentals and because it is trading below its true value. The lender has an NPR of 30.5 percent and a PE ratio of 1.1x. Its 14-day RSI is 45.8.
UACN
UACN is also on this list for its strong fundamentals. The company’s NPR is at 5.5 percent, and its PE ratio is 22.8x. Its 14-day RSI is 28.8.
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