Top Stocks to Watch in 2023 Q1 - Nigeria stock exchange

There are different companies to choose from in the constantly changing market as this can make it difficult to find where to invest your money. That's why we've put together a list of the top 5 stocks to watch in the first quarter of 2023. So without further ado, here are the top 5 stocks to watch in 2023 Q1.

Dangote Cement is the largest cement producer in Africa and the second-largest listed company on the Nigerian Stock Exchange (NSE). The company has a market capitalization of over ₦3 trillion and has shown impressive growth in recent years. In 2022, Dangote Cement announced plans to expand its production capacity in Nigeria, which could lead to increased revenues and profits in 2023. With the Nigerian government investing in infrastructure development, the demand for cement is expected to rise, which could benefit Dangote Cement in the coming quarters.

2. Guaranty Trust Bank Plc

Guaranty Trust Bank is one of the leading banks in Nigeria, with a market capitalization of over ₦1 trillion. The bank has a strong track record of profitability and has consistently delivered impressive returns to its shareholders. In 2022, GTB announced plans to expand its operations to other African countries, which could lead to increased revenues and profits in 2023. The bank is also well-positioned to benefit from the expected economic recovery in Nigeria, which could lead to increased lending and deposits.

3. MTN Nigeria Communications Plc

MTN Nigeria is the largest telecoms company in Nigeria, with a market capitalization of over ₦4 trillion. The company has consistently delivered strong revenue and profit growth in recent years and is well-positioned to benefit from the continued growth of the telecoms sector in Nigeria. MTN Nigeria has also announced plans to expand its operations to other African countries, which could lead to increased revenues and profits in the coming quarters.

4. Access Bank Plc

Access Bank is one of the leading banks in Nigeria, with a market capitalization of over ₦500 billion. The bank has a strong track record of profitability and has consistently delivered impressive returns to its shareholders. Access Bank has also announced plans to expand its operations to other African countries, which could lead to increased revenues and profits in 2023. The bank is also well-positioned to benefit from the expected economic recovery in Nigeria, which could lead to increased lending and deposits.

5. Nestle Nigeria Plc

Nestle Nigeria is a leading food and beverage company in Nigeria, with a market capitalization of over ₦1 trillion. The company has a strong track record of profitability and has consistently delivered impressive returns to its shareholders. Nestle Nigeria is well-positioned to benefit from the expected economic recovery in Nigeria, which could lead to increased consumer spending on food and beverages.

Conclusion

In conclusion, the Nigerian stock market is expected to show promising growth in the first quarter of 2023. The companies listed above are well-positioned to benefit from the expected economic recovery in Nigeria and their expansion plans in other African countries. Investors should conduct their own research and analysis before making any investment decisions.

In case you want more information on Nigerian banks, where are the banks with the largest market cap.