Daily Trust (Abuja)

Nigeria: Stockbroker Envisages Upward Trend in the Market

Lagos — The Chief Executive Officer of APT Securities and Funds Limited, Mallam Kasimu Garba Kurfi said the bullish trends being witnessed in the market will be sustained because of strong earnings declared by most of the companies.

Speaking with Daily Trust, he said most of the companies are trading below the average PE Ratio of 10 times which is considered below their fair value.

"Thus, some are trading above 20 times but most of those stocks are more patronized by foreign investors who do not look at the price in naira term but rather in US Dollar such as Nestle and other stocks in food and beverages stock which looks cheaper," he said.

He further said that the market will sustain the upward movement if the results of companies are in good position.

"By the time companies release their results and appear positive and meet the expectations of investors, I believe it will have positive impact on the market," he said.

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