Experts recommend Zenith, GTBank, UBA stocks

Some financial analysts have advised investors to consider the stocks of three first-tier banks: Zenith Bank International Plc, Guaranty Trust Bank Plc, and United Bank for Africa Plc, for investment in the weeks ahead.
General Secretary, Association of Stockbroking Houses of Nigeria, Mr. Sam Onukwe, said investors should take advantage of relatively cheap prices of the stocks on the floor of the Nigerian Stock Exchange, to beef up their portfolio, as the market fundamentals are very strong, adding that stocks of Zenith Bank, GTBank, and UBA Plc are best-buy, any time.
He noted that the tier-one bank’s stocks, last week, demonstrated an impressive performance with good market shares.
Onukwe said, “Confidence has been restored at the capital market, as investors have seen a lot of transformation after the global meltdown. Both market regulators and operators had been working together to ensure adherence to global best practices in all areas of the market operations.”
A fund manager and financial analyst, Mr. Davidson Okonkwo, said every new investor must contact a stockbroking firm, where stockbrokers would conduct ‘Know Your Client’, in order to ascertain basic information about the investor, adding that the stockbroker must carry out investigation to ascertain that the potential investor is a fit and proper person.
Meanwhile, a total turnover of 1.457 billion shares worth N23.666 billion in 19,674 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.586 billion shares, valued at N25.992 billion that exchanged hands last week, in 21,115 deals.
The Financial Services Industry led the activity chart with 1.223 billion shares, valued at N16.825 billion, and traded in 11,092 deals. It thus contributed 83.98 per cent and 71.093 per cent to the total equity turnover volume and value, respectively.
The Consumer Goods Industry followed with 76.430 million shares worth N5.188 billion in 3,425 deals. The third place was occupied by Oil and Gas Industry, with a turnover of 57.193 million shares worth N527.880 million in 2,237 deals.
Trading in the Top Three Equities namely, Zenith Bank International Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc, accounted for 491.649 million shares worth N14.159 billion in 3,265 deals, contributing 33.75 per cent and 59.83 per cent to the total equity turnover volume and value, respectively.
The NSE All-Share Index and Market Capitalisation depreciated by 1.34 per cent to close the week at 40,472.45 and N14.660 trillion,
respectively.