Waiting anxiously for a text from a loved one or waiting on that pot of beans to finish cooking when you are hungry, ever experienced that? You would know how it feels waiting on an improvement from the stock market. The Stock market is in bear territory still as the 50-day moving average is above the 10-day moving average and the ASI’s prices.
The ASI price attempted to venture into the Bull territory by increasing a little over 1% on the 19th of November but quickly dropped by 1.8% as at today 26th of November 2018 causing its current Bear status. On the other hand, ASI volumes rose 78% on the 22nd November when the price was equal to the 10-moving average margin.
Stocks to watch comprises the top gainers and losers in the prior week, as well as companies in the news for various reasons. There are also those that released their results or made key announcements after the trading session on Friday and those with expected corporate actions.
This is not a buy or sell recommendation but more information about these stocks to help with insightful financial decisions this week. As usual added are the stock graphs in a six months’ average to give you more insights as I will be explaining some quantitative perspective on the market.
Prestige Assurance should be on your watch list because it was the best performing stock last week. The stock gained 41% from trading last week, opening at N0.56 and closing at N0.79, up to an N0.23 gain (a 29.51% price increase on Friday alone).
Investors could decide to sell down their holdings, in a bid to lock in some gains which is a pretty smart move but on the downside, it could lead to a correction in the stock’s price. This means it could drop this coming week.
Prestige Assurance has a pretty interesting journey from last week to this week, being in the gains lately. The stock graph further buttresses my point of this stock being in gains lately. The stock is in a Bull territory as the stock price is way above the 10 and 50-day moving. From the end of trading sessions on Friday, till today 26th November, the stock has had a price increase of 7.59%. Definitely should be on your watch list too.
Ikeja Hotels Plc should be on your watch list this week because it was the worst performing stock last week, with a price decline of 18.54% with the price dropping from N2.05 to N1.67. Ikeja Hotels Plc, last week, responded to speculations that the stock was one of the most actively traded stocks on the Nigerian Stock Exchange last week; 279,110,328 shares valued at N572 million were traded in 6 deals at an average price of N2.05. This happens to be a significant share sale. According to the firm, Oma Investments Limited had purchased a stake that had been hitherto owned by UBA Trustees. Oma, which is now the largest individual shareholder, is an investment vehicle controlled by Maiden Ibru. Mrs Ibru took charge following the death of her husband, Alex Ibru.
This stock could witness further downside this week, depending on how negative market sentiments are. The stock graph agrees with this speculation as you can see, the stock is in the Bear territory as the 50-day moving average margin is above the stock price and 10-day moving average. The trend of this stock seems inconsistent so recommendations may be impossible. However, it is still a stock that should be in your watch list.
Consolidated Hallmark Insurance should be on your watch list this week because it’s Extraordinary General Meeting (EGM) is billed to hold on the 28th of November. While the agenda is to obtain shareholders’ approval to raise funds through a private placement, it remains to be seen if the company will suspend the move due to NAICOM cancelling the tier based recapitalization program. it remains to be seen if the company will go ahead with the move.
Although this stock did not appear on the top5 gainer's list on Friday, it gained 9% increase in price achieving N1.55 from N1.41 from last week to date. The stock graph shows it is in the Bull territory as the stock price is above the both the 10 and 50-day moving average. This stock should definitely be on your watch list.
RT Briscoe Plc should be on your watch list because its annual general meeting is this week. The meeting is bound to be filled with fireworks, as a result of the company’s poor performance in the last few years. Investors will be keeping an eye on this stock, as management would be expected to present strategies to turn the company around.
The stock graph indicates that the stock is in a Bear territory as the 50-day moving average is above the stock price and 10-day moving average. This stock should be on your watch list. However, the trends of this stock are inconclusive and so recommendations can’t be made.
Diamond Bank Plc :
Diamond Bank Plc has been in the news for weeks now and this time, it should be on your watch list because of a pending 9M 2018 investor conference call, which was postponed. The company is yet to give a new date.
The stock graph indicates the stock is still in Bear territory. The price of the stock was the last N0.86, it went up to N0.90 but came back down to N0.86 as at today 26th November 2018. The stock is definitely one to watch out for as it has gone through a lot and has a lot of speculations as to where it is headed in the coming weeks.