Stocks to watch comprises the top gainers and losers of the prior week, companies that released results after trading, as well as those with corporate actions, this week.
This is not a Buy/Sell/Hold recommendation.
Access Bank and Diamond Bank
Access and Diamond have a joint first place on our watchlist for this week. News broke late yesterday, that Access was in talks to acquire Diamond Bank. While both banks have yet to issue an official statement, the reports appear credible.
Continental Reinsurance Plc
Continental Reinsurance Plc takes the second spot this week by virtue of a court-ordered shareholders’ meeting that will be held this week. Minority shareholders will vote on accepting CRe Holdings’ request to buy out their holdings or accept a share exchange.
The stock has traded in a somewhat volatile manner since last month when the announcement was made and could continue in the same pattern, depending on the meeting’s outcome. If approval is granted, this would most likely lead to the delisting of the company from the NSE.
Unity Bank Plc
Unity Bank Plc has a spot on our watchlist by virtue of the tier two lender holding its Annual General Meeting this week.
The meeting is bound to be a heated one, due to the company’s poor performance over the last few years. Shareholders would also be keen on getting an update from management on investors keen on injecting capital into the bank.
Cement Company of Northern Nigeria
Cement Company of Northern Nigeria Plc (also known as Sokoto Cement) tops our stocks to watch this week, by virtue of the company’s release of its results for the nine months ended September 30, 2018, after trading hours.
Investors could decide to take positions in order to benefit from short term gains.
Forte Oil Plc
Forte Oil Plc features on our watchlist by virtue of being the best performing stock last week, gaining 33.89%. Investors could decide to either cash out their holdings or take positions in anticipation of a further upside.
11 Plc
11 Plc has a spot on our watchlist by virtue of being the worst performing stock last week. The stock shed 10.41% last week, and could further decline, depending on market sentiments.
