Stocks to watch are picked from the top gainers and losers of the week, as well as companies that had corporate actions after trading hours, or in the current trading week.
Stocks to watch is not a Buy/Sell/Hold recommendation.
Oando Plc tops the watchlist this week, following the release of the Securities and Exchange Commission (SEC)’s verdict on a forensic audit conducted on the firm. The commission has, among other actions, asked the firm’s Group CEO Wale Tinubu and Deputy CEO Mofe Boyo to step down immediately.
Oando Plc has however protested the action, calling the allegations spurious, and averring that it had not been given access to the audit report upon which the SEC took its decisions.
It is unknown if the Nigerian Stock Exchange (NSE) will act on the SEC’s recommendations, or place a full or partial suspension on the stock.
Presco Plc takes the second spot this week by virtue of its release of its full year 2018 results yesterday evening. While top and bottom lines declined slightly, the company maintained a dividend of N2 per share, unchanged from the previous year. Investors may decide to take positions in the stock, in a bid to qualify for the dividend.
Chams Plc takes the third place this week, by virtue of being the best performing stock on the NSE last week. The stock gained 15.15% last week and could rise further, depending on market sentiments.
Berger Paints Plc
Berger Paints Plc was the worst performing stock this week, hence its occupying a spot in this week’s watchlist. The stock declined by 9.52%, and could either have a further decline or rebound, depending on market sentiments.
International Breweries Plc
International Breweries Plc has maintained a spot in our watchlist for the last few weeks, as the company is yet to release its full year 2018 audited results and first quarter 2019 results.