Stocks You Can Buy, Sell, Retain This Week

By Dipo Olowookere

A new trading week kicked off on Monday, January 13, 2020 and as expected, some investors started taking profit, especially in the banking space, consumer goods sector and the industrial goods industry.

Since the beginning of this year, the Nigerian Stock Exchange (NSE), as at the close of business yesterday, has gained 10.40 percent. This calls for profit taking for re-entering into the market when prices are down again.

With events unfolding both at the local and global fronts, the market is expected to react and shape the decisions taken by investors.

For instance, news last week that Nigeria’s Attorney General of the Federation, Mr Abubakar Malami, has dropped the $2 billion tax case against MTN Nigeria spurred demand for the company’s stocks on Monday, leaving its shares to rise by the maximum 10 percent.

On the other hand, the rumoured arrest of the Group Managing Director of Access Bank, Mr Herbert Wigwe, which the lender refuted via a statement, saw share price of the bank declining at the close of transactions on Monday.

As investors look ahead for a fruitful trading week, analysts at Meristem Research have recommended some stocks that should attract close attention especially shares of Conoil, GTBank, MTN Nigeria, UBA and Zenith Bank.

The reason for this is because Conoil is projected to hit a target price of N25.37 to yield 21.67 percent, while GTBank should reach N37.47 at a point in the year to return 17.29 percent.

In addition, they said MTN Nigeria could fetch holders 37.22 percent growth to reach N159.18, while UBA is anticipated to yield 12.33 percent to hit N9.44 per share, with Zenith Bank likely to sell at N24.43 per unit to return 11.81 percent.

Other stocks recommended for purchase, sale and keeping are presented in the image below.

stock recommendation

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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