Why MTN Nigeria, Unity Bank, Wema Bank are stocks to watch this week

MTN Nigeria, Unity Bank and Wema Bank are the stocks to watch this week as the Nigerian bourse resumes trading.

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.

Unity Bank

Unity Bank closed last week’s trading among the top 10 losers in the stock market after interest in the financial institution’s shares dropped among the capital market investors.

This resulted in Unity Bank’s shareholders losing 9.79 per cent of their investments in the commercial bank, representing a loss of N1.63 billion within one week.

Unity Bank’s market capitalisation also depreciated to N15.07 billion from N16.71 billion, as the firm’s share value falls to N1.29 kobo on the back of investors’ apathy, from N1.43 kobo the share was worth two weeks ago.

With Unity Bank ending last week’s trading as the fourth worst-performing share, investors should trade the lender’s share with caution, as the capital market resumes for another session.

Wema Bank

Shareholders of Wema Bank saw the value of their investments in the financial institution rise by 7.76 per cent after five days of trading in the Nigerian stock market last week

The share value of Wema Bank rose by N0.36 kobo between Monday to Friday, as hike in demand for the firm’s stock pushed the share price to N5, costing more than the N4.64 kobo it closed trading the upper week.

Wema Bank shares could ride on this momentum this week, further raising shareholders’ investment value, however, last week’s gain could also result in profit-taking among shareholders, so it’s important to trade with caution.

MTN Nigeria

MTN Nigeria has informed its shareholders that the network provider intends to borrow N100 billion through the Commercial Paper, which is an unsecured promissory note.

The network provider is approaching the capital market to raise the N100 billion after its net profit fell by 29.14 per cent year-on-year in the second half of 2023.

MTN Nigeria‘s net profit, which is used to reinvest in the company and pays shareholders dividends, dropped to N128.68 billion, against the N181.62 billion profit after tax of Q2 2022.

The telecommunications company said the loan is needed to fund short-term working capital and other operations that require financing to keep the company running.

Following the announcement last week Wednesday, the capital market reacted negatively to MTN Nigeria’s share, plunging the price of the firm’s share down by 1.78 per cent, from Wednesday’s N280 to close at N275 on Friday

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