This is the beginning of a new month and business has taken off in the stock market. And as usual, we bring you the top 5 stocks to watch out for and invest in for the first trading week of October.
These stocks comprise the top gainers and losers from the previous week, companies having corporate actions, as well as those that released their results after trading hours.
However, note that these stocks are not a Buy/Sell/Hold list.
1. Skye Bank Plc
Skye Bank Plc tops the list of stocks to watch this week. While the stock is under suspension due to the revocation of its license by the Central Bank of Nigeria (CBN), the Governor of the apex bank, Godwin Emefiele, had hinted at an arrangement for retail investors to recover a small part of their investment.
2. Niger Insurance Plc
The stock of Niger Insurance Plc is another you should watch out for this week by virtue of being the best performing stock of the previous week. The stock closed at N0.37, up N0.06 or 19.35%.
3. PZ Cussons Nigeria Plc
PZ Cussons Nigeria has a spot on the watchlist by virtue of its Annual General Meeting (AGM) which will be coming up this week, as well as its Q1 2018/2019 results which were released after trading hours.
The AGM is bound to be a heated one in view of the company’s poor results. The stock could also witness downward selling pressure in view of the poor results.
4. AIICO Insurance Plc
AIICO Insurance Plc is on this watchlist by virtue of an Extraordinary General Meeting (EGM) which will be holding this Friday, October 5. Shareholders are bound to kick against the proposed private placement which will result in dilution of their holdings.
ALSO READ: “Market Watch: Stocks To Watch This Week”
5. Union Bank PlcUnion Bank was the worst performing stock last week, and hence a spot on this watchlist. The stock opened at N5.80 and closed at N5.10, down N0.70. Year to date, the stock is down 34.62% and is trading close to its 52 week low of N4.92.