Five Stocks to Watch out for This Week

By Modupe Gbadeyanka

The performance of the Nigerian Stock Exchange (NSE) last week was good as a result of entry of offshore investors into the market.

Most of the foreign investors took advantage of the cheap prices of equities at the nation’s bourse to shore up their portfolios.

At the close of the trading week, the All-Share Index appreciated by 3.94 percent to ease the year-to-date (YtD) return to -1.35 percent.

As anticipated, NEM Insurance put up a nice performance, emerging as the week’s highest gainer with 43.35 percent growth to settle at N2.48k per share.

Though more bargain hunting activities are expected this week, it will not be a surprise to see a reversal in investor sentiment, as investors take profit from last week’s positive trading sessions, with the potential to drag the performance of the market.

However, analysts at Meristem Research have picked five stocks investors should watch out for during the week.

The first stock on the list is Dangote Cement, which the research firm said should yield about 19.09 percent with a target price of N232.11k per share. The current price of the stock is N194.90k.

Meristem Research also said NEM Insurance should be watched out for this week as it should yield 21.77 percent with a target price of N3.02k per share. The current price is N2.48k per share.

In addition, Zenith Bank is anticipated to rise by 27.81 percent this week to likely hit N27.48k per unit. The stock closed last week at N21.50k per share. Furthermore, UBA, which finished last week at N7.30k, is being tipped to appreciate by 26.30 percent to settle at N9.22k per share, while NASCON is anticipated to grow by 15.61 percent to trade at N20.81k per unit. The stock currently sells at N18 per unit.