As we enter the final month of the year 2023, activities are expected to ramp up in the Nigerian Exchange (NGX) this week, as portfolio managers are expected to begin portfolio assessments and adjustments.  

    Going into the week, here is a list of five stocks to watch out for in the Nigerian Stock Market. Note that these stocks are not presented in any particular order; this is not a ranked list.  

     

    Mecure Industries (MECURE)

    Mecure has become the hottest stock in the NGX after listing by introduction on November 9, 2023. Since listing, the company’s share price has grown by 211% to close at N9.21 on November 24, compared to N2.96 on its first day of listing.  

    In fact, Mecure’s meteoric rise after just three weeks of listing has led to suspicions about market manipulation in the NGX. Some industry players allege that there are efforts to spike Mecure’s share price ahead of its Initial Public Offering (IPO) which may occur next year.  

    After appearing on the top gainers’ list on four of the five trading days this past week, it remains to be seen if Mecure’s momentum will be sustained.  

     
    Unity Bank (UNITYBNK)

    After the announcement of discussions of a possible merger between Unity Bank and Providus Bank, the bank’s shareholders have been smiling at the bank as their equities have gained 89% in just over a week.  

    To help matters, during the CIBN Dinner on Friday evening, the CBN Governor, Yemi Cardoso clamoured for the further capitalization of Nigerian banks to sustain a $1 trillion economy. After his address at the dinner, talks of possible mergers and acquisitions have dominated the atmosphere in the Nigerian banking space.  

    With Unity Bank’s management facing inquiries from its shareholders over 2023’s below-par financial performance, the talks of a merger are loud, and they may get louder this week.  

     

     

    GSK Consumer Nigeria (GSK)

    Ahead of its court-ordered meeting with shareholders on Tuesday, December 5, 2023, GSK is a stock to watch out for this week.  

    On November 3, when the company announced a proposed capital return price of N17.42 per share, its share price was at N12.40, however, since then, GSK’s share price has appreciated by 37% to close Friday, November 24 at N17.00.  

    The likelihood of GSK’s share price surpassing the proposed N17.42 is quite high, hence, there’s a further probability that shareholders will reject the proposed price. As GSK finalizes the process of delisting from the NGX and totally exiting Nigeria, it is expected that there will be more media frenzy about the company.   

     

    PZ Cussons Nigeria (PZ)

    PZ just like GSK is also finalizing plans to delist from the Nigerian Exchange (NGX), however, they are only going private and not exiting Nigeria.  

    Ahead of its shareholders meeting on Friday, December 8, 2023, the company announced a buyout offer price of N21 per share to its shareholders. The issue with this price is that as of Friday, November 24, PZ’s share price was at N23.00. 

    Just like GSK, the company is expected to be in the discourse this week as market players may seek to bite their own chunk of the pie PZ is cooking.  

     

    Guinness Nigeria (GUINNESS)

    The board of directors at Guinness Nigeria will be meeting on Monday, November 27. The proposed agenda for their meeting is unknown, however, it is noted that they are convening for the consideration of “strategic business issues”.  

    On October 5, it was announced that Diageo Plc was stopping the importation and distribution deal it had with Guinness Nigeria for premium spirits such as Johnnie Walker, Baileys, and Singleton. 

    These products constituted 6% of revenue for Guinness Nigeria, hence, with this announcement, there’ll be a need to strategize and consolidate the business’ primary offerings.  

    Guinness Nigeria appears on this list because it is expected that some important decisions will stem from tomorrow’s board meeting.

     

    MARKET STATUS: OPEN

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    Gainers
    Decliners
    Volume
    JULI2.34+9.86%23/02
    DAAR COMMUNICATIONS0.79+9.72%23/02
    PZ CUSSONS NIGERIA26.50+7.72%23/02
    VERITAS KAPITAL ASSURANCE0.76+7.04%23/02
    FBN HOLDINGS31.00+6.90%23/02
    GREENWICH ALPHA ETF900.00-9.99%23/02
    VETIVA INDUSTRIAL ETF49.90-9.76%23/02
    MORISON INDUSTRIES1.67-9.73%23/02
    LIVESTOCK FEEDS1.49-9.70%23/02
    VETIVA S&P NIGERIA SOVEREIGN BOND ETF299.00-9.39%23/02
    GUARANTY TRUST HOLDING39.0553,044,37923/02
    VERITAS KAPITAL ASSURANCE0.7625,809,19123/02
    ZENITH BANK35.3020,719,70323/02
    ACCESS HOLDINGS20.9520,265,11923/02
    FBN HOLDINGS31.0019,780,58523/02

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