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4 banking stocks to keep an eye on this week

Guaranty Trust Bank takes the first spot in Nairametrics watchlist for the week following a court judgement obtained by Innoson Vehicles which led to a take over of some of its branches.

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Stocks to watch comprises the top gainers and losers of the previous week, as well as companies that released results or had corporate actions after trading hours. 

 Stocks to watch is not a Buy/Sell/Hold list 

Guaranty Trust Bank Plc 

Guaranty Trust Bank tops this week’s watchlist by virtue of a court judgment supposedly obtained by Innoson Vehicle Manufacturing Company, granting it powers to take over the bank’s assets to the sum of about N8.8 billion. 

While GTBank has since issued a response, the coming week will provide details on the bank’s actions. 

UAC of Nigeria Plc 

UAC of Nigeria Plc has a spot on this week’s watchlist by virtue of the company releasing its audited full year 2018 results after trading hours. The company recorded a N9.4 billion loss after tax.

Though the firm will pay out a N0.64 dividend, investors may decide to sell down their holdings following the poor results.  

FCMB Group Plc 

FCMB Group Plc takes the third spot this week, by virtue of an investor call to be held on Tuesday, the 2nd of April, following last week’s release of its full-year 2018 audited results.  

Investor calls provide opportunities for investors, and the larger community to get insight into a company’s plans for the new financial year.  

Eterna Plc  

Eterna Plc has a spot in this week’s watchlist by virtue of being last week’s best performing stock. The stock gained 10.42% to close at N5.30. 

Investors may take positions in the stock, ahead of a dividend payment.  

Fidelity Bank Plc 

Fidelity Bank Plc has a spot on this week’s watchlist by virtue of being the worst performing stock last week. The stock declined by 13.08% to close at N2.06.  

The drop in share price, despite the impressive results released, may be due to the bank announcing that it would pay a much lower dividend than earlier announced. A dividend of N0.22 was earlier declared, but N0.11 will now be paid.  

The bank will also be holding an investor call today to discuss the FY 2018 results.  

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FBN Holdings Plc 

FBN Holdings Plc takes the last spot on our watchlist by virtue of being the only tier one bank yet to release its full-year 2018 results. The bank typically releases its full-year results in the month of April, hence its recurrent spot on Nairametrics watchlist.

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Dangote Flour Mills 

Dangote Flour Mills has a spot in this week’s watchlist by virtue of its releasing its audited full year 2018 results, on Saturday after trading hours. The firm recorded a loss, and investors may react negatively this week.  

 Fidson Healthcare Plc 

Fidson Healthcare Plc takes the last spot in this week’s watchlist. The company released its audited 2018 results on Sunday after trading hours and recorded a N97.4 million loss.

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Investors may take a negative position towards the stock this week.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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Spotlight Stories

Bulls stage a comeback at Nigerian stock market

Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum.

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The Nigerian stock market ended the third trading session of the week on a bullish note. The All Share Index rallied by 0.14% to close at 40,221 index points.

Year-to-date return and market capitalization settled at -0.12% and N21.04 trillion respectively.

  • Activity level strengthened as total volume and value of stocks traded grew 38.95% and 82.28% to 469.56 million units and N7.08 billion respectively.
  • The top traded stock by volume and value was ZENITHBANK (1.15%) at 154.6 million units valued at N4.09 billion.
  • The NSE Oil & Gas index topped the gainers, up 0.79% on the back of sustained buy interest in OANDO.
  • Investor sentiments as measured by market breadth was neutral as 20 stocks advanced against 20 decliners. OANDO (+10.00%) led the gainer’s chart today, while LASACO (-9.49%) was the top loser.

Top gainers

  1. OANDO up 10.00% to close at N3.41
  2. ABCTRANS up 9.38% to close at N0.35
  3. JAPAULGOLD up 9.23% to close at N0.71
  4. ROYALEX up 8.70% to close at N0.25
  5. ACADEMY up 7.89% to close at N0.41

Top losers

  1. LASACO down 9.49% to close at N1.24
  2. CHIPLC down 8.33% to close at N0.33
  3. CORNERST down 7.81% to close at N0.59
  4. FLOURMILL down 6.94% to close at N28.85
  5. WAPIC down 6.90% to close at N0.54

Outlook

Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum. High buying pressures from medium capitalized stocks which include OANDO, JAPAULGOLD, ROYALEX lifted market sentiments across the spectrum.

  • Trailing, the Banking and Industrial indexes gained 0.77% and 0.22% respectively due to price appreciation in ACCESS (+1.80%), FIDELITY (+1.73%), and ZENITH (+1.13%).
  • Nairametrics, however, suggests cautious buying amid soft crude oil demand in play at the world’s largest economy.

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