Oando, Prestige and First Bank are Nigerian stocks to watch this week

Stocks to watch list this week are Oando, Prestige and First Bank. The companies made the list following operational and stock market activities last 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.

Oando

Oando shareholders saw their investment grow by 34.12 per cent last week, as demand for the oil & gas firm’s shares soared between Monday and Friday.

Investors turned their sight on Oando, and as a result, the value of the firm’s share rose by N1.45 kobo within five days, pushing the price of Oando stock to N5.70 kobo, from N4.25 kobo.

While the increase in price means the value of shares held by shareholders has risen, it could also trigger profit-takers this week, so investors need to trade with caution this week.

Prestige

The story was different for Prestige Assurance during trading last week. The share depreciated amid a sell-off among shareholders and low demand for the equity in the stock market.

READ ALSO:Oando, Unity Bank among losers, as stock market reports sluggish growth

This led to investments held in Prestige Assurance depreciating by 11.11 per cent within five days. It also dragged down the price of Prestige share, opening the door for investors looking to buy the dip.

So Prestige will be opening this week’s trade at the losers’ table, which means sell-off could spill into this week, however, this is not cast in stone, as the bears or bulls could dictate this week – so investors need to trade with caution.

First Bank

In the past week, First Bank’s image has been tainted in the eyes of investors by allegations of fraud made against the company by the Federal Government.

The manager of First Bank’s branch in Utako, Abuja, was said to have forged a tripartite legal mortgage with the intent to take over property belonging to the proprietor of Whiteplain British School, Francis Chukwumah Nwufor.

First Bank said the allegation was made by a delinquent debtor in a bid to embarrass the lender and taint the firm’s loan recovery efforts.

As the stock market resumes for another trading week, it’s left to be seen how investors react to the court case between First Bank and the Federal government.

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