Apex Asset Sees heavy Upsides in Banking Names

Apex Asset Sees heavy Upsides in Banking Names

Apex Asset Limited sees heavy returns on banking names, noting that Nigerian banks are trading at close to their support prices. Based on this expectations, analysts/stockbrokers at the firm are expecting Nigerian banks to rally.  

 “A close look at the banking sector stocks indicates that a number of them are trading close to their support prices. Support prices are the prices where a stock is expected to attract significant interest from investors, thereby stimulating buy orders for the stock”, the firm said.

According to Apex stockbrokers, Accesscorp, FBNH, Zenith, GTCO, and UBA have their support prices at N15.50, N18.50, N30.00, N34.50, and N19.00, respectively. ETI, Stanbic, Fidelity, FCMB, Jaiz Bank, Sterling Bank, and Wema Bank have support prices at N15.00, N36, N9, N5.80, N1.90, N3.7 and N5.70, respectively. 

“We expect these stocks to experience a buy back at these prices.  Investors could consider taking a position at the support prices of these stocks while maintaining a cautious approach to the market and taking a position in other fundamentally sound equities at their support prices”, Apex Asset said.

Estimated upside potential

ACCESSCORP79.31%

ETI (83.75%)

FCMB (68.88%)

FIDELITYBK (34.92%)

FBNH (69.83%)

GTCO (49.37%)

STANBIC (20.32%)

STERLINGNG (18.85%)

UBA (61.61%)

ZENITHBANK (42.81%)

#Apex Asset Sees heavy Upsides in Banking Names Fitch Upgrades InfraCredit’s Outlook to Positive