Conoil, Oando, GTCO, Zenith Bank top the list of stocks to watch this week

Conoil, Oando, GTCO, Zenith Bank top the list of stocks to watch this week as investors start trading in the second half of the year.

Nigerian equity markets plunged in three of the five trading sessions as the benchmark All-Share Index (ASI) fell -0.04% to close at 100,022.03 points from 100,057.49 points in the previous week.

Investors lost N20.75 billion as market capitalization dropped to N56.58 trillion from N56.60 trillion the previous week led by losses in stocks such as JULIUS BERGER, DANGOTE SUGAR, CUSTODIAN and Nigerian Breweries.

However, strong performance of stocks like CONOIL, Oando, GTCO and ZENITH BANK which rose 20.48%, 13.33%, 6.29% and 5.63% respectively in share prices has boosted the equity markets and made them stocks to watch in the new week.

Please note that Ripples Nigeria Stocks To Watch is not a buy, sell or hold recommendation. You should consult your financial advisor before making any investment decisions.

KONOIL • 126.50

The current share price of Conoil Plc (CONOIL) is NGN 126.50. CONOIL closed its last trading day (Friday, July 5, 2024) at NGN 126.50 per share on the Nigerian Stock Exchange (NGX), a 10% increase from its previous closing price of NGN 115.00. Conoil started the year at NGN 83.90 and has since gained 50.8% from that valuation, ranking it 15th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about CONOIL as its shares have gained 20% in the last four weeks alone—the 18th best on the NGX.

Conoil was the 99th most traded stock on the Nigerian Stock Exchange for the past three months (March 28 – July 5, 2024). CONOIL traded a total volume of 5.28 million shares—in 2,029 deals—valued at NGN 533 million during the period, with an average of 83,789 shares traded per session. The highest volume of 916,713 was recorded on July 5, and the lowest volume of 3 on April 18, for the same period.

ALSO READ:NGX: Investors end week with N56 billion loss as stocks plunge

GTCO • 47.35

The current share price of Guaranty Trust Holding (GTCO) is NGN 47.35. GTCO closed its last trading day (Friday, July 5, 2024) at NGN 47.35 per share on the Nigerian Stock Exchange (NGX), up 0.3% from its previous closing price of NGN 47.20. Guaranty Trust Holding started the year at NGN 40.50 and has since gained 16.9% from that valuation, ranking it 46th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about GTCO as the stock has gained 18% over the past four-week period—the 20th best performer on the NGX.

Guaranty Trust Holding was the sixth most traded stock on the Nigerian Stock Exchange for the past three months (March 28 – July 5, 2024). GTCO traded a total volume of 2.01 billion shares—in 27,418 transactions—valued at NGN 82.9 billion during the period, with an average of 32 million shares traded per session. The highest volume of 245 million was reached on April 30, and the lowest was 3.57 million on May 20, for the same period.

OANDO • 17.00

The current share price of Oando Plc (OANDO) is NGN 17.00. OANDO closed its last trading day (Friday, July 5, 2024) at NGN 17.00 per share on the Nigerian Stock Exchange (NGX), registering a 9.7% increase from its previous closing price of NGN 15.50. Oando started the year at NGN 10.50 and has since gained 61.9% from that price valuation, ranking it 13th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about OANDO as the stock has risen 20% over the past four-week period—ranking 19th best on the NGX.

Oando was the 14th most traded stock on the Nigerian Stock Exchange for the past three months (March 28 – July 5, 2024). OANDO traded a total volume of 648 million shares—in 14,866 transactions—valued at NGN 8.63 billion during the period, with an average of 10.3 million shares traded per session. The highest volume of 58.3 million was reached on June 28, and the lowest was 1.28 million on April 4, for the same period.

ZENITHBANK • 37.50 ▴ 0.05 (0.13%)

The current share price of Zenith Bank Plc (ZENITHBANK) is NGN 37.50. ZENITHBANK closed its last trading day (Friday, July 5, 2024) at NGN 37.50 per share on the Nigerian Stock Exchange (NGX), up 0.1% from its previous closing price of NGN 37.45. Zenith started the year at NGN 38.65 but has since lost 2.98% of that valuation, ranking it 116th on the NGX in terms of year-to-date performance. Shareholders’ concerns may be eased by the 17% increase in ZENITHBANK’s share price since June 4, which is the 22nd best on the NGX.

Zenith Bank was the seventh most traded stock on the Nigerian Stock Exchange for the past three months (March 28 – July 5, 2024). ZENITHBANK traded a total volume of 1.86 billion shares—in 36,033 trades—valued at NGN 69.1 billion during the period, with an average of 29.6 million shares traded per session. The highest volume of 162 million was reached on April 4, and the lowest was 4.86 million on May 17, for the same period.

By: Babajide Okeowo

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