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Home Markets

Two insurance stocks to monitor this week

Onome Ohwovoriole by Onome Ohwovoriole
January 21, 2019
in Markets, Spotlight, Stock Market
Stocks to watch
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Stocks to watch are picked from the top gainers and losers of the prior week, as well as those having corporate actions.

Stocks to watch is not a Buy/Sell/Hold recommendation.

NEM Insurance Plc

NEM Insurance Plc tops our watchlist by virtue of the stock being the best performing last week. The stock gained 43.35% to close at N2.48, up N0.75 or 43.35%.

RelatedPosts

Guinness Nigeria boosts revenue from sales of Malta, ‘Ready to Drink’ brands

Guinness Nigeria appoints Tariye Gbadegesin as non-executive director

Investors that got in last week, could decide to sell off their holdings, depending on market sentiments.

Resort Savings and Loans Plc 

Resort Savings and Loans Plc was the worst performing stock last week, hence a spot on Nairametrics’ watchlist. The stock shed 29.73% closing at N0.26.

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The stock could decline further this week as the company currently has poor fundamentals, while investors decide to sell down their stake after a prolonged suspension.

Northern Nigeria Flour Mills

Northern Nigeria Flour Mills has a spot on our watchlist by virtue of the stock hitting a 5-year low last week. The stock could decline further, depending on market sentiments.

Guinness Nigeria Plc 

Guinness Nigeria Plc has a spot on our watchlist, by virtue of news that broke late Friday. (What new exactly?) While the company has issued a press statement clarifying the situation, investors could react negatively this week. We expect a more detailed statement sent to the NSE this week.

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Sovereign Trust Insurance 

Sovereign Trust Insurance takes the last spot this week, by virtue of an application submitted last week to the Nigerian Stock Exchange (NSE).

The firm submitted an application for the listing of a rights issue of 4,170,411,648 ordinary shares of N0.50 each at N0.50 per share, on the basis of 1 new share for every 2 ordinary shares held. The qualification date for the rights issue was Tuesday, 15 January 2019.

The firm thus intends to raise N 2.08 billion.

While the stock gained 30% last week, it could decline as investors sell off, due to a potential dilution of their shareholdings. Sovereign Trust Insurance will have 12.4 billion outstanding shares after the offer.

 

 

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