Airtel Africa, MTN Nigeria, BUA Cement and FBN Holdings are stocks to watch this week

Airtel Africa, MTN Nigeria, BUA Cement and FBN Holdings are some of the stocks to watch this week due to their operational and 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.

Airtel Africa and MTN Nigeria

Airtel Africa and MTN Nigeria were affected by the Central Bank of Nigeria’s (CBN) naira devaluation, as the companies reported foreign exchange losses.

According to Airtel Africa, the telecommunications firm recorded a foreign exchange loss of $471 million in the second quarter of 2023.

Also, MTN Nigeria disclosed it recorded an unrealised forex loss of N131.5 billion in the first half of this year, which surpassed the N13.6 billion forex loss reported in the first half of 2022.

While both companies welcomed the naira devaluation, the negative impact is expected to extend into the second half of 2023, and this could impact the capital market’s confidence going forward – so investors are advised to trade with caution this week.

BUA cement

The chairman of BUA Cement, Abdul Samad Rabiu, increased his stake in the firm to 98.32 per cent ownership from 98.19 per cent.

Rabiu acquired an additional 45 million shares, which raised his total investments in BUA Cement to N3.29 trillion as of July 26, 2023, from N2.99 trillion held as of June 23.

He now holds 33.25 billion shares of BUA Cement, out of the 33.86 billion outstanding shares in the stock market, reducing the volume of shares available to the public, which could also raise the value of the firm’s share in the stock market in the long-term.

FBN Holdings

FBN Holdings has disclosed that the company intends to conduct a Rights Issue to raise undisclosed funds in the Nigerian stock market.

This will provide more funds for the company to finance its operations, expand, acquire assets and clear debt obligations without increasing its debt burden

Also, the Rights Issue will enable existing shareholders to buy FBN Holdings shares directly from the company at a discounted price compared to the open market. Furthermore, it will increase the stake or control of the public in FBN Holdings’ operations

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