Stocks to watch comprises the top gainers and losers from the prior week, as well as companies that are expected to have corporate actions this week.
Stocks to watch is not a Buy/Sell/Hold recommendation
Access Bank tops this week’s watchlist, as the lender will be holding an investor call today, following the release of its results last week. Analysts and investors would be keen on knowing the factors behind the sharp increase in topline and bottomline.
U, U and U
UAC of Nigeria Plc, UPDC Property Development Company and UPDC REIT all have a joint place in this week’s watchlist. UAC rallied following news of its plans to divest its shareholding from UPDC. UPDC also rallied, as the company plans to spin off its holding in UPDC REIT to its shareholders.
UPDC REIT has a wildcard entry, even though it’s not a stock; however, all three entities will trade in a somewhat volatile manner in the weeks to come.
Cornerstone Insurance Plc
Cornerstone Insurance Plc has a spot in this week’s watchlist, as the stock was the best performing stock last week. The stock gained 28.57% last week, and could decline if short term investors decide to cash in their profits.
University Press Plc
University Press Plc has a place in this week’s watchlist, as the stock hit a 5-year low in last week’s trading. It was also the worst performing stock last week, declining by 18.25% to close at N1.12. The stock could decline further this week, if the larger index continues to dip.
LASACO Assurance Plc
LASACO Assurance Plc takes the last spot in this week’s watchlist, as the company will be holding its Annual General Meeting (AGM) this week.
The event could be a testy one, as the firm would be seeking the approval of shareholders to raise N11.1 billion through a private placement. This could result in massive dilution of their holdings, despite a planned share reconstruction.