Nigeria’s stock investors are seen scooping up banking stocks seen trading at low prices preparatory to the release of their third quarter (Q3) financial scorecards which just started with GTCO firing the first impressive salvo.
In early trading on Wednesday, stocks like Access Corporation, Fidelity Bank, and United Bank for Africa were highly traded by investors.
Investors had as at 12.15 pm traded Access Corporation’s 35,915,183 units valued at N607.7 million, Fidelity Bank’s 25,705,474 units valued at N210.076million and UBA’s 14,010,268 units worth N276.81million.
The Board of Directors of Access Corporation currently holds its Board meeting to approve the Company’s Q3 results. Fidelity Bank will hold its board meeting tomorrow October 26 to consider and approve its Q3 financials; while UBA Board meeting holds on Friday, October 27, also to consider and approve the company’s 2023 Financial Statements and Reports for the period ended September 30, 2023.
The market which had taken off this week on a negative note is currently in green as buy-side activities resumed on the Nigerian Exchange Limited (NGX).
United Capital analysts said, “This week, we expect mixed investors’ sentiments in the equities market to continue. We anticipate more improvements in positive sentiments as investors look to position ahead of the 9M-2023 earnings season. The weak earnings expectation will remain a downside to the overall rebound of positive sentiments”.
“Fueling the positive sentiment is the expectation of impressive earnings results from the outstanding banks, as GTCO’s 9M’23 numbers show a 133 percent and 182 percent growth in top-line and bottom-line,” Lagos-based Vetiva Research said.
They had expected Tuesday’s positive sentiment to filter into today’s trading session.
today’s trading session.