Stocks to watch comprises companies that were the top gainers or losers in the prior week, and those having corporate actions or any form of controversy.
A corporate action could pertain to dividend payment, bonus issuance, closure of shareholders register, or an Annual General Meeting (AGM).
Stocks to watch is not a BUY/SELL/HOLD recommendation.
Mutual Benefits Assurance Plc
Mutual Benefits Assurance tops our stocks to watch list by virtue of being the highest gainer in last week’s trading session. The stock appreciated by 21.62%. The company had recently obtained approval from the Securities and Exchange Commission to raise N2 billion through a rights issue.
Forte Oil Plc
Forte Oil is on our watchlist by virtue of being the biggest loser last week. The stock closed at N26.35, down 19.35%. Forte Oil also touched a five-year low of N26 last week. If bearish sentiments persist, it could repeat the same.
Transcorp is on our watchlist by virtue of a board meeting scheduled to hold this week. This is also a prelude to the company releasing its results for the half year ended June 2017.
Seplat Plc will be having a ‘Facts behind the Figures’ session this week at the Nigerian Stock Exchange (NSE). A Facts behind the Figures session is an opportunity for a management team to brief investors on a company’s operations.
Multiverse Mining & Exploration Plc
Multiverse is on our watchlist by virtue of the large volumes traded last week. Over 300 million shares were traded. This could indicate a major investor taking position or exiting.
NAHCO Aviance Plc
NAHCO Plc also makes our watchlist for the week by virtue of the unusually large volumes traded last week. This indicates either entry or exit of a major investor. The company’s shares are closely held by a small group of investors.
Trans Nationwide Express Plc
Trans Nationwide Express Plc will be holding its Annual General Meeting (AGM) on Thursday the 12th of July, 2018. An AGM is an opportunity for the management team of a company to brief shareholders on their plans for the year.
Guinea Insurance Plc
Guinea Insurance Plc will be holding its Annual General Meeting (AGM) on Thursday the 12th of July, 2018.
Conoil will be holding its Annual General Meeting (AGM) on Thursday the 12th of July, 2018.
The suspended 8
Last week, the Nigerian Stock Exchange (NSE) placed African Alliance Insurance Plc, Cornerstone Insurance Plc, R. T. Briscoe Plc, Royal Exchange Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, Universal Insurance Company Plc and Veritas Kapital Assurance Plc on full suspension. Full suspension means that there will be no trading in the shares of the affected companies.
In what has become an annual ritual for some of the affected companies, notices would be issued explaining the reasons for the delayed results. Cornerstone Insurance Plc recently issued a notice stating that its full-year 2017 results were currently under review by the National Insurance Commission (NAICOM).