The Nigerian Stock Exchange (NSE) closed at 6.38% last week, beginning the month of June in a bearish manner. Year to date, the index has slipped into negative territory at 3.73%
Here is a run down of stocks that are on our watch list this week. The stocks to watch list comprises the top gainers and losers of the previous week, companies having corporate actions, as well as news surrounding them.
Conoil Plc makes our watchlist by virtue of its releasing its results late on friday. Though the company’s profit declined, it has proposed a dividend of N2 per share.
Investors tend to flock into stocks that have declared dividends. Conoil is also the best performing stock in the oil and gas sector year to date.
May & Baker Nigeria Plc
May and Baker last week obtained shareholders’ approval to raise additional capital. The company also plans to sell some of its properties in Lagos.
The stock could witness a slight uptick in a run up to its technical suspension for the rights issue. Chairman of the pharmaceutical giant, Theophilus Danjuma, had hinted that the rights issue would take place soon.
Eterna Oil Plc was the top gainer last week, adding 20.11%, hence a place on our watchlist
Cement Company of Northern Nigeria (CCNN) Plc was the second biggest gainer last week, with a 16.46% gain. Year to date, the stock is up 194.21%, making it the biggest gainer on the NSE.
The company last month announced the completion of a 1.5 million tonne line at the plant.
International Breweries Plc
International Breweries is on our watch list this week by virtue of being the biggest loser last week. The stock dipped by 22.39% to close at N40.20 per share. Year to date, the stock is down 26.24%.
Bearish market sentiments mean that the stock could witness further decline in price.
Lafarge Plc dropped 16.05% last week, making it the second worst performing stock. Year to date the stock is down 24.26%
Lafarge has struggled to catch up with its peers and the bearish sentiments on the stock mean it the downward trend could continue.
BOC Gases will be closing its shareholders register from the 4th of June to 11th of June 2018. Shareholders who owned the stock before this date, would be entitled to dividends.
Berger Paints will be holding its Annual General Meeting (AGM) on the 7th of June. AGMs are a key source of information about the company’s plans for the financial year.
Dividend payment, if approved will take place on the next day, 8th of June, 2018.
Construction giant, Julius Berger, will be closing its shareholders register from Monday the 4th of June to Wednesday the 6th of June 2018.
NEM Insurance Plc
NEM Insurance will be closing its shareholders register from Monday the 4th of June to Friday the 8th of June.
LASACO Assurance Plc
LASACO Assurance will be closing its shareholders from Monday the 4th of June to Friday the 8th of June.