Brokers Favor BUA Cement, UBA, and MTN Stocks in September

BUA Cement, UBA, and MTN Nigeria have been identified as top stock picks by brokers for late September, as analysts find buying opportunities in the Nigerian equities market, which is trading at record levels. A review by Nairametrics of recommendations from six brokerage firms revealed that these three stocks received positive ratings from at least four brokers.

The NGX All-Share Index gained 2.78% in the week ending September 18, closing at 249,804.56 points, with a year-to-date return of 60.53%. The index further increased by 0.14% on September 21, reaching 250,156.80 points, and lifting market capitalization to N162.39 trillion.

The positive sentiment is bolstered by FTSE Russell's reclassification of Nigeria to Frontier Market status. UBA received varied ratings, with target prices ranging from N50.13 to N66.07, averaging N59.31, indicating a 33.1% upside from its reference price of N44.55.