Stocks to watch this week is picked from companies having corporate actions as well as those that topped the gainers and losers chart in the previous week.
Stocks to watch is not a Buy/Sell/Hold recommendation.
Access and Diamond
Access Bank and Diamond Bank occupy a joint spot on our watchlist by virtue of the two companies holding their Extraordinary General Meetings (EGMs) this week. Shareholders will either approve or withhold their consent to a planned merger between both firms.
Approval by shareholders could lead to a slight rally in Diamond Bank’s share price.
Seplat Petroleum Development Company
Seplat takes the second spot by virtue of the company’s release of its full-year 2018 results this Wednesday. The company will also hold an investor call, following the release of its results.
9M 2018 results have shown a marked improvement, and the stock could experience a rally in this week’s trading.
FUGA (without the Z)
Tier one banks FBN Holdings, UBA, Guaranty Trust Bank and Access have a joint spot by virtue of the impending release of their full-year 2018 results.
Vitafoam Nigeria Plc
Vitafoam Nigeria Plc has a spot in this week’s watchlist by virtue of the company holding its Annual General Meeting (AGM) this Thursday. The AGM will provide management an opportunity to brief shareholders about its plans for the coming year.
Cornerstone occupies a space in this week’s watchlist by virtue of being the best performing stock last week. The stock gained 19.05% last week and could either rise or fall, depending on general market sentiments.
Transnational Corporation Plc (Transcorp) takes the last spot on our watchlist by virtue of being the worst performing stock last week.
The stock fell by 14.48% last week, largely due to investors offloading, following a relatively small dividend payout. The stock could dip to its year to date low of N1.16 if the sell-off continues.
GlaxoSmithKline Consumer Nigeria
GlaxoSmithKline Consumer Nigeria will be holding a board meeting on Thursday the 7th of March, 2019.
The board will consider the company’s audited results for the 2018 financial year, a proposed dividend and fix a date and time for its Annual General Meeting.
Union Bank of Nigeria Plc has a spot this week since the bank will be holding a board meeting on March 8, 2019 to approve the bank’s results for the 2018 financial year.