Stocks to watch, comprises the top gainers and losers from the previous week, as well as companies that are expected to have corporate actions this week.
Stocks to watch is not a Buy/Sell/Hold recommendation.
Infinity Trust Mortgage Bank Plc
Infinity Trust Mortgage Bank Plc takes the first spot in this week’s watchlist, as the company will be holding a Facts Behind the Figures session today at the Nigerian Stock Exchange (NSE).
While the company has not disclosed this in any form, firms usually hold such events when a fund raise or some other key development is at hand.
Tripple Gee Plc
Tripple Gee Plc takes the second spot in this week’s watchlist, as the company will be holding its Annual General Meeting (AGM) today. AGMs are opportunities for management teams to unveil plans for the rest of the year.
UACN Property Development Company (UPDC)
UACN Property Development Company has a spot in this week’s watchlist, as the firm was the best performing stock last week, appreciating by 51.52% to close at N1.50.
Investors could decide to sell down their holding this week to cash in their profits. The rally in the stock was due to the news of UAC Nigeria divesting its holding in the firm to shareholders. UPDC will in turn divest its holding in a REIT, to its shareholders.
AIICO Insurance Plc
AIICO Insurance Plc was one of the top gainers last week, hence its place on the watchlist. Investors took positions in the stock, once news of a potential investment by private equity firm, Leapfrog, was announced.
While details of the price at which Leapfrog is taking a stake are unknown, from precedence, it would be at a premium to its current market price.
University Press Plc
University Press Plc has a spot in this week’s watchlist, by virtue of being one of the top 10 losers for last week. The stock declined by 6.25% to close at a 5–year low of N1.05. Players in this space have struggled and the stock could tank further, as there are no compelling reasons for an uptick.