Nigerian stocks took a slight dip last week, dropping by 0.1 percent. This fall happened due to profit-taking across all sectors, except for industrial goods.
The Insurance Index and the Oil & Gas Index were hit the hardest, falling by 2.8 percent and 2.6 percent respectively. The main equity index has gained 58.9 percent since the start of the year.
This week, all eyes will be on the release of many third-quarter earnings reports. Companies are rushing to submit their reports before the 31 October deadline.
PREMIUM TIMES has put together a list of stocks with solid fundamentals. This list aims to help you avoid the risk of randomly picking stocks for investment.
The picks come from careful market analysis. They provide a guide for entering the market and making smart choices. The expectation is that these selected stocks will see reasonable price growth over time.
This is not a recommendation to buy, sell, or hold stocks. It is a guide for stock investment. You should consider talking to your financial advisor before making any investment choices.
Unilever Nigeria
Unilever Nigeria is at the top of this week’s list due to its strong fundamentals. The price-to-earnings (PE) ratio for this consumer goods company is 18.8x. Its 14-day relative strength index (RSI) stands at 62.8.
Stanbic IBTC Holdings
Stanbic IBTC Holdings also made it to the list because of its attractive fundamentals and because it is trading below its true value. The PE ratio of this banking group is 5.8x, and the RSI is 47.7.
Cornerstone Insurance
Cornerstone Insurance is included for its strong fundamentals as well. The PE ratio for this insurer is 8x, and the RSI is 40.3.
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