Stocks to watch this week comprises the top gainers and losers from the prior week, as well as companies in the news for various reasons.
Stocks to watch is not a Buy/Sell/Hold list.
Skye Bank Plc
Skye Bank Plc tops our watch list by virtue of a notice from the Nigerian Stock Exchange placing it on technical suspension. In a statement posted on its website, the bourse took this step following the revocation of the bank’s licence by the Central Bank of Nigeria.
While the bank no longer exists by this action, shareholders are bound to react forcibly.
Union Diagnostic and Clinical Services
Union Diagnostics has a place on our watch list by virtue of being the best performing stock last week. Investors may decide to sell down in a bid to cash in their profits.
AXA Mansard Insurance
AXA Mansard Insurance has a place on our watch list by virtue of being one of the worst performing stocks last week. The stock shed 19% last week, to close at a year low of N1.86. Should bearish sentiments persist in the market, it could decline further.
First Aluminum Plc
First Aluminum Plc has a place on our watch list by virtue of its Annual General Meeting (AGM) which will take place on the 25th of September, 2018.
The company had recently sent a notice to the NSE of key management decisions to be taken at an emergency board meeting. The upcoming AGM may provide information on this.
Berger Paints Plc
Berger Paints Plc has a spot on our watch list by virtue of the company’s Facts Behind the Figures session taking place today at the NSE. Companies use the session to highlight plans for the coming quarters.
Lafarge Africa Plc
Lafarge Africa Plc has a spot on our watch list by virtue of the company’s Extraordinary General Meeting (EGM) taking place this week. While the key agenda is to obtain shareholders approval for a rights issue, the EGM may provide an opportunity for the company to shed more light on its expansion plans.
Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc has a spot on our watch list by virtue of its Annual General Meeting taking place this week. The company could use the opportunity to provide more details about its recapitalisation plans.
Fidson Healthcare Plc
Fidson Healthcare Plc will be holding its Annual General Meeting on the 25th of September, 2018. AGMs are opportunities for management teams of companies to brief shareholders on progress made so far.
Sovereign Trust Insurance Plc
Sovereign Trust Insurance Plc will be holding its Annual General Meeting on the 27th of September, 2018. The company could use the event to provide more details about a planned capital raise.
Ellah Lakes Plc
Ellah Lakes Plc will also be holding its AGM on the 27th of September. The event could be a fiery one, as shareholders may oppose a planned private placement which could lead to dilution of their holdings.
Chellarams Plc
Chellarams Plc will be holding its Annual General Meeting on the 27th of September, 2018. Shareholders would most likely put management on the spot over the company’s poor results.
More AGMs
University Press Plc, Cornerstone Insurance Plc, and Academy Press Plc will be holding their Annual General Meetings on the 27th of September, 2018.
