Markets
FBN Holdings maintains spot in weekly watchlist
FBN Holdings takes the top spot for stocks to watch this week, as the lender may release its full-year results on or before the 30th of April 2019.
Published
2 years agoon
Stocks to watch on the Nigerian Stock Exchange (NSE) comprise the top gainers and losers of the prior week, as well as companies with corporate actions or expected results.
Stocks to watch is not a Buy/Sell/Hold recommendation.
FBN Holdings
FBN Holdings takes the top spot this week by virtue of being the only tier one bank yet to release its full-year 2018 results. The bank has consistently taken a spot in Nairametrics watchlist in the last few weeks., for this reason.
The holding company, in a notice sent to the NSE this week, attributed the delay of its full-year results to the inability of key subsidiaries to obtain final regulatory approval for their results, as well as the requirements for the adoption of IFRS 9.
The firm, however, stated that it expects to release the results in question on or before the 30th of April.
Ikeja Hotels
Ikeja Hotels takes the second spot this week by virtue of being the best performing stock last week. The stock gained 20.21% and could rise further in the week, depending on market sentiments.
Unilever Plc
Unilever Plc’s qualification date of April 12, 2019, grants the firm a spot on this week’s watchlist.
There may be heavy trading in the company’s shares as investors may decide to offload shortly after the qualification date.
Chams Plc
Chams Plc traded heavy volumes last week and was one of the top three best-performing stocks. The rally is largely due to the declaration of a dividend after close to a decade of non-payment.
Investors may continue to take positions in the company for this trading week.
Eterna Plc
Eterna Plc takes the last spot this week, by virtue of being the worst performing stock. The stock declined by 24.53% and could witness a rebound if bargain hunters take positions.
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]
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.
Published
6 hours agoon
February 24, 2021
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.”
The attention of 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 FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK
— SEC Nigeria (@SECNigeria) February 24, 2021
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.
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.
Published
8 hours agoon
February 24, 2021
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
- OANDO up 10.00% to close at N3.41
- ABCTRANS up 9.38% to close at N0.35
- JAPAULGOLD up 9.23% to close at N0.71
- ROYALEX up 8.70% to close at N0.25
- ACADEMY up 7.89% to close at N0.41
Top losers
- LASACO down 9.49% to close at N1.24
- CHIPLC down 8.33% to close at N0.33
- CORNERST down 7.81% to close at N0.59
- FLOURMILL down 6.94% to close at N28.85
- 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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