Top 4 Stocks to Keep an Eye on as the Nigerian Stock Market Reopens
As the Nigerian Xchange (NGX) enters a period of closure for the Christmas and Boxing Day holidays, investors are eagerly anticipating the reopening of the stock market on December 27th, 2023. Amidst the continued growth of the financial services and conglomerates industries, several stocks have garnered significant attention with their strong performances. Here are the top four stocks to watch out for in the coming week.
Transcorp Hotels Plc (TRANSCOHOT):
Closing at 63.80 NGN per share on the Nigerian Stock Exchange (NGX) on December 22, 2023, Transcorp Hotels has seen an impressive 10% gain over its previous closing price of 58.00 NGN. With a remarkable year-to-date performance, the stock has gained 921% since the beginning of the year, making it the top performer on the NGX. Furthermore, Transcorp Hotels has accrued 44% over the past four weeks alone, positioning it as the sixth best on the NGX. It has seen a total volume of 6.53 million shares traded over the past three months and has maintained a consistent level of investor interest.
Airtel Africa Plc (AIRTELAFRI):
Airtel Africa closed at 1,887.60 NGN per share on December 22, 2023, representing a 15.5% gain on its year-to-date performance. With a total volume of 13.7 million shares traded over the past three months, Airtel Africa has also experienced a consistent level of trading activity. Investors can look forward to the potential performance of Airtel Africa as it continues to attract attention on the NGX.
Multiverse Mining & Exploration (MULTIVERSE):
Having closed at 13.97 NGN per share on December 22, 2023, Multiverse saw a significant 10% gain over its previous closing price of 12.70 NGN. Ranking 19th on the NGX in terms of year-to-date performance, the stock has gained 251% since the beginning of the year. Multiverse has also accrued an outstanding 140% over the past four weeks, making it the second best on the NGX. With a total volume of 33.3 million shares traded over the past three months, the stock has demonstrated substantial investor interest.
MTN Nigeria (MTNN):
Closing at 250.00 NGN per share on December 22, 2023, MTN Nigeria experienced a 3.8% drop from its previous closing price of 259.80 NGN. Despite the decline, the stock has gained 16.3% on its year-to-date performance. With a total volume of 109 million shares traded over the past three months, MTN Nigeria remains a prominent player on the NGX.
With these stocks exhibiting strong performances and garnering significant investor interest, they are poised to be in the spotlight when the stock market reopens. As investors prepare for the trading week ahead, these stocks will undoubtedly be on their radar.
