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STOCKS TO WATCH: Ardova dangles oil money, FTN Cocoa shareholders lose a fortune, Ellah Lakes sells shares for cheap



Ardova, FTN Cocoa and Ellah Lakes make the list of stocks to watch this week due to various reasons related to the stock market activities.

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.


Ardova’s majority shareholder, Ignite Investments & Commodities Limited, is taking the oil and gas company private.

This means Ignite Investments is willing to pay significant amounts, which has been put at N17.38 per share, to buy the remaining 970.7 million units of shares from minority shareholders.

It will increase shareholders’ investment value in Ardova upon completion, considering the takeover offer is a premium of 22.44 per cent and 24.38 per cent to the 30-day and 60-day volume weighted average share price of N14.19 and N13.97 respectively, as of November 30, 2022.

The offer by Ignite Investments, owned by AbdulWasiu Sowami, has not been accepted yet, as the majority shareholder awaits a court order and shareholders’ decision to go ahead with the acquisition.

FTN Cocoa

The shareholders of FTN Cocoa Processors suffered a significant loss in their investment last week after the demand for the firm drops in the stock market.

READ ALSO:STOCKS TO WATCH: Capital Hotel’s new path, Airtel Nigeria’s slow revenue and Geregu’s decline after IPO

They lost -15.15 per cent of their investment tied in FTN Cocoa shares as the decline in demand pulled the company’s stock value down to N0.28 kobo at the end of last week, below the N0.33 kobo it opened the same week with.

FTN Cocoa closed last week as the biggest loser in the capital market and will open this week’s trading within the territory of the bears, so investors need to trade with caution.

Ellah Lakes

Ellah Lakes is giving the company’s shareholders more control over the firm by offering them shares to purchase – at a cheaper price.

Currently, Ellah Lakes share sells at N3.96 kobo, but investors interested in buying the firm’s stock at a lower share price could take advantage of its current “Right issue.”

Through the Right Issue, Ellah Lakes is offering one billion ordinary shares at N2.90 kobo each. This is –26.7 per cent below the current market price for its share.

This is expected to affect the total volume of shares traded on the firm’s trading floor and also its stock value going forward, so investors need to trade Ellah Lakes’s stock with caution, due to the unpredictable movement of the share.

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