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Markets

MTN Nigeria gets a wildcard entry in this week’s watchlist

@MTNNG leads this week’s watchlist due to record demand for the stock by investors, following its listing.

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investors on NSE, Stock to watch this week, Airtel Africa

Stocks to watch comprises the top gainers and losers from the previous week, as well as companies that will be having corporate actions this week.

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

*MTN Nigeria

While MTN Nigeria does not fit into any of the criteria, the company has a spot this week, by virtue of it being its first full week of trading, and one of the biggest stocks on the exchange by market cap.

The stock gained 20% last week, and is expected to rally this week, due to pent up demand and limited supply.

Thomas Wyatt Plc

Thomas Wyatt Plc takes the first spot this week by virtue of being the best performing stock last week. The stock gained 24%, and could pull back, as speculators cash in their gains.

Regency Alliance Insurance Plc

Regency Alliance Insurance Plc takes the second spot by virtue of being the worst performing stock last week. The stock shed 20% last week, largely due to a mark down and could rebound this week.

AIICO Insurance et al

AIICO Insurance Plc, Caverton Offshore Support Group Plc, Consolidated Hallmark Insurance, NCR, Pharmadeko, GlaxoSmithKline Consumer Nigeria, Berger Paints all have a joint spot, as they will be holding their Annual General Meetings this week.

Presco Plc

Presco Plc retains a spot in this week’s watchlist due to the impending release of its FY 2018 results. The company had promised to do that on or before the end of the month.

Sigma Pensions

International Breweries Plc

International Breweries Plc has a spot this week, as it is yet to release its full year 2018 results, and has not given a guidance on the exact date that it will do so.

 

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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Billionaire Watch

Google founders earn $42 billion in 100 days

Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.

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Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.

Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.

The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.

Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.

Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.

Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.

Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.

Hotflex
Sigma Pensions

Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.

The company currently has a market value of about $1.54 trillion.

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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