First Bank, Vitafoam, Conoil, Cutix make Ripples Nigeria stocks-to-watch list

This week’s stocks watchlist consist of First Bank, Vitafoam, Conoil and Cutix, with the firms getting a mention due to capital market activities and on-field.

Ripples Nigeria stocks watchlist is a selection of stocks monitored for viable trading or investing opportunities. An investor may casually generate a list of equities for investment purposes. But we have taken the pain to do that based on certain parameters in order to save you that hassle.

Kindly note that Ripples Nigeria Stocks Watchlist is not a buy, sell or hold recommendation. It is advisable to consult your financial advisor before making any investment decision.

First Bank

First Bank has been in the news for all the bad reasons relating to the management of the lender. Since October, there has been confusion as to who the majority shareholder is between Femi Otedola and Tunde Hassan-Odukale.

This uncertainty has been reflecting negatively on First Bank in the capital market, as its stock value dropped 6.09 percent last week, to N11.55kobo per share from N12.3kobo.

With Ripples Nigeria report on Otedola being the largest shareholder on Saturday, it’s left to be seen how the market will react this week, so investors need to watch out for FBN Holdings this week.

Vitafoam

Vitafoam was one of the best performing stock during the five days of trading last week, as investors queued to invest in the mattress maker.

Investors interest in Vitafoam saw the company’s share gain N3.20kobo, appreciating by 2.33 percent to rise from N18.70kobo per share to N21.90kobo per share, making the stock red hot for this week.

Conoil

The oil and gas company has been embroiled in allegation of ignoring host community in Bayelsa State after its facility leaked poisonous gas. This cost the firm a fortune last week.

Read also: MTN, Airtel, Eterna, Unilever make Ripples Nigeria Stocks-To-Watch list

With the leakage expected to cost Conoil some funds, including compensation to the community, earnings might be impacted, or a court case might follow suit considering the case of Shell.

Cutix

Cutix ended last week as the worst performer in the capital market after its stock price crashed 42.6 percent within five days of trading period.

Sell off among its shareholders cause the share of Cutix to lose N2.39kobo, dragging the value down from N5.60kobo per share to N3.21kobo.

Cutix shareholders will resume in the same state this week, as profit-taking hovers on the firm, so investors are to trade cautiously around Cutix share this week.

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