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NAHCO, Wema Bank, Lasaco, Academy Press make Ripples Nigeria stocks-to-watch list

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NAHCO, Wema Bank, Lasaco, Academy Press make Ripples Nigeria stocks-to-watch list

During trading last week, there were five companies that got caught the eye of Ripples Nigeria with their trading activities and corporate decisions, which investors need to be aware of.

So Ripples Nigeria collated five companies: Lasaco Assurance, Ellah Lakes, Nigerian Aviation Handling Company (NAHCO), Wema Bank and Academy Press to shed light on why investors need to watch them this week.

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.

Lasaco Assurance

Since trading started on Lasaco stocks following a three weeks suspension for share reconstruction, investors have been dumping their shares in the insurance company.

Throughout trading last week, Lasaco only recorded a jump in share price once, but plunged for four days, leading to the company topping the highest losers for last week after suffering N0.81kobo lose in share price to end trading at N1.23kobo, having opened the week with N1.68kobo.

Ellah Lakes

The palm oil company is struggling to reach the free float requirement of the Nigerian Stock Exchange (NSE), which means Ellah Lakes don’t have the number of available shares up for public as required, which is 20 percent and above.

This has made its substantial shareholders, CBO Capital Partners, Blackman & Co. and Osaro Oyegun to sell down by 25 percent to meet the free float requirement. Ellah Lakes have until March 15, 2021 to meet the requirements.

Prospective investors need to trade with caution as Ellah Lakes free float is about 14 percent, even below the Alternative Securities Market (ASeM) which is home to smaller, high-growth emerging businesses, whereas, Ellah Lakes is a Main Board company on NSE.

Ellah Lakes current free float can reduce the value of its shares and make it unattractive in the stock market – so Ellah Lakes share could be stuck between stable and unstable stocks.

Nigerian Aviation Handling Company (NAHCO)

NAHCO silently suspended its CEO, Adetokunbi Fagbemi for over three weeks without informing the investing public. Not releasing the information contravenes listing rules of NSE on market abuse.

Read also: Ecobank, Nigerian Breweries, NNFM, make Ripples Nigeria stocks-to-watch list

As such decision to suspend Fagbemi could affect the company’s stock market, and according to Ripples Nigeria findings, NAHCO’s share price was negatively affected during her suspension, as shares fell. So investors need to trade with caution as always as companies hold back vital information sometimes.

Wema Bank

The lender was one of the top three equities last week, as investors interest was highly noted during trading in five days. Although it share price ended the week with N0.63kobo per share, below N0.68kobo it opened with, but not before climbing N0.70kobo during the week.

Wema Bank joined Zenith Bank Plc and First Bank on the top three equities, by volume-size, to contribute 782.167 million shares worth N8.914 billion in 4,624 deals to the Nigerian stock market last week.

Academy Press

Academy Press made it to Ripples Nigeria’s stock to watch for topping the gainers chart for last week’s trading, following investors renewed interest in its stock. Academy Press gained 17.4 percent during five days of trading last week.

The impressive outing at the Nigerian stock market led to Academy Press share price rise from N0.35kobo per share to N0.41kobo per share.

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