Stocks to watch

Stocks to watch comprises the top gainers and losers in the prior week, as well as companies in the news for various reasons. It also includes companies that released their results after trading hours. Stocks to watch is not a Buy/sell/Hold list.

Stanbic IBTC and Diamond Bank

Stanbic IBTC and Diamond Bank have a joint first place on our watch list, by virtue of the news surrounding them last week. The two banks were fined by the Central Bank of Nigeria (CBN) over foreign exchange remittances on behalf of MTN Nigeria. Both have denied any form of wrongdoing. There could be more news on the issue as the week rolls by.

AIICO Insurance Plc

AIICO Insurance is on our watch list by virtue of the company seeking to raise N5.28 billion through a private placement. The private placement values the company at N1.20 per share and the stock immediately appreciated by 9.33% on Friday. The stock could witness further upside this week.

Portland Paints and Products Plc

Portland Paints and Products Nigeria Plc has a spot on our watch list by virtue of the stock being the best performing last week. The stock gained 20.65%, opening at N2.47 and closing at N2.98, up N0.51.

Ikeja Hotels Plc

Ikeja Hotels has a spot on our watch list by virtue of being the worst performing stock last week, declining by 18.64%. The stock opened at N2.79 and closed at N2.27, down N0.52.

Fidelity Bank Plc

Fidelity Bank is on our watch list by virtue of a notice which it sent to the NSE, announcing that the audit of its H1 2018 results was still ongoing. The bank, however, stated that it would submit them on or before the 30th of September.

Skye Bank and Unity Bank

Skye Bank has been on our watch list for the past few weeks. The bank, alongside Unity Bank, is the only one yet to release its results for the 2017 financial year. While Skye Bank had stated that its results were with the CBN, Unity Bank has given no form of communication.

Coronation Research

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