Food Inflation Rises to 40.87%, Here's 1 Stock to Buy
Aug 05, 2024 7:13 am
Hey!
Happy new week!
Last week, it was reported that Nigeria's food inflation had reached a 28-year high of 40.87% and this is expected to rise further due to higher exchange rate, and limited supply.
As a trader that plays the stock market using sector rotation, there is 1 stock I'd be buying this morning and hold for 6-12 months.
This food company in its Q1, 2024 financials reported 120%, 90% and 60% jump in sales of food products, gross and operating profit respectively.
Finance cost, which had been affecting a lot of consumer good stocks lately, dropped by a whopping 40%+ which is a positive sign that 2024 financials will be far better than 2023.
So the far this stock is up since the beginning of this month and I am anticipating a minimum of 27% share price appreciation or even more.