Stocks to Closely Monitor This Week on NSE

By Dipo Olowookere

The stock market kicked off on a negative note on Monday as expected because the market had sustained growths for the previous seven consecutive sessions.

The market succumbed to the power of profit takers yesterday by a marginal 0.01 percent after initially restricting them last Thursday, when there were huge selloffs in the banking sector.

But yesterday, the market could not hold its own as it eventually crumbled due to profit taking around banking and energy equities.

It is not certain how long the bearish trend will last, but news from the international scene, especially from the oil market, is indicating that things might get worse in the coming days, particularly for energy stocks.

But in the midst of the pending crisis, it is advisable for investors to rebalance their portfolios and possibly mop up some value stocks, which will mostly sell at cheap prices like they did in the past weeks.

To help in identifying these shares, analysts at Meristem have picked three key stocks traders should closely monitor this week, while other equities to acquired have also been noted.

The three key stocks to purchase in the week are GTBank, Nestle Nigeria and MTN Nigeria.

In their analysis, they said GTBank has the potential of hitting N32.43 per unit to yield 55.91 percent in the year. It further said Nestle Nigeria could rise to N1,200 per share to give a return of 24.09 percent, while MTN Nigeria may sell later at N159.18 each if acquired now to give an expected return of 56.83 percent.

For the other stocks recommended to buy, sell or hold, kindly check the image below.

Please note that it is very important for you to do due diligence before investing in any stock. These recommendations are mainly there to guide you, but the decision to take an action is solely your responsibility.