The following stocks have been identified on our watch list for the week and are expected to witness significant price movements or major announcements. [upme_private]
Conoil – Coming into Monday last week, Conoil plc topped the gainers chart as news of its N4 dividend payments was greeted with some frenzy. The share price rose from N65 to about N75. By the end of last week the share price had dropped back to N65 following its 2014 Q1 and Q2 results. The results which showed a 33% drop in profits for the first half of 2014 did not please investors. In fact, some Investment houses valued the stock at about N30 far from its N72 selling price and indicating a sell off is in the offing. The stock is scheduled for mark down on the 26th of August so I expect further price correction this week.
GT Bank – Last week, I had hoped the company will release its half year results and also announce dividends. It did not so the share price remained between the N29 and N30 territory. I included amongst stocks to watch this week as I expect results to be announced this week.
Premier Breweries – This stock came from nowhere last week to top the chart of stocks with the best return gaining 37%. The company as far as I know hasn’t released any results since December 2012 yet the share price gained traction last week. The volumes were down and doesn’t suggest any major rally, however just like Jos Breweries did last year this may just be another wonder stock all guns blazing.
Royal Exchange Assurance – The Insurance company released its Q1 results last week posting a profit after tax of N122million compared to N112million the year before. It isn’t very much but as “kobo” stocks go this may just be another one of them rallies. The share price gained 5.6% last week. The company also proposed 5kobo dividend payable in September 2014.
Oando Plc – Oando shaved off Forte Oil (which gives an earnings presentation this week) on our watch list this week as we also expect an imminent announcement from the company. The share price has averaged N26.7 as the market awaits any significant announcement that can influence a rally or a further price correction.
Others of Note
Dangote Cement, Nascon, Dangote Sugar, GSK Plc, FBNH, Forte Oil, Transcorp, Mansard Plc, Courteville
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