Hot Stocks to Watch This Week on the Nigerian Market
Investors are keeping an eye on some hot stocks set to make waves this week on the Nigerian Xchange (NGX). MeCure, Multiverse, UnityBank, Nsltech, and Deapcap are among the companies gaining attention as potential trading or investing opportunities.
Over the last two weeks, the equities market has been performing well, with nine gains in two weeks and only one decline. These five stocks have played a key role in driving the positive performance of the market during this time.
Ripples Nigeria has compiled this list of stocks to watch, taking into account specific parameters to make it easier for investors to identify potential opportunities. It’s important to note that this list is not a recommendation to buy, sell, or hold any stocks, and it is advised to consult with a financial advisor before making any investment decisions.
Here’s a quick snapshot of the performance of each stock:
MeCure Industries (MECURE) has seen a 9.9% gain, closing at NGN 9.21 per share. It is currently the 40th most traded stock on the NGX, and has shown impressive growth, gaining 211% since its IPO day.
Multiverse Mining & Exploration (MULTIVERSE) has recorded a 9.8% gain, closing at NGN 5.81 per share. This stock has seen a 46% gain since the beginning of the year, ranking it 73rd on the NGX in terms of year-to-date performance.
Unity Bank (UNITYBNK) has gained 8.9%, closing at NGN 1.84 per share. With a remarkable 235% gain since the beginning of the year, it currently ranks 20th on the NGX in terms of year-to-date performance.
Secure Electronic Technology (NSLTECH) has experienced a 10% gain, closing at NGN 0.55 per share. The stock has shown impressive growth, gaining 150% since the beginning of the year and accruing an outstanding 104% over the past four weeks.
Deap Capital Management & Trust (DEAPCAP) has recorded a 9% gain, closing at NGN 0.73 per share. With a significant 265% gain since the beginning of the year, it ranks 18th on the NGX in terms of year-to-date performance.
These stocks are dominating trading activity on the Nigerian Stock Exchange, attracting significant volumes and values of shares being traded. With their impressive performances, they are attracting the attention of both investors and traders.
As these companies continue to make waves in the market, it will be interesting to see how the rest of the trading week unfolds. Stay tuned for more updates on these hot stocks and other developments in the Nigerian equities market.
By Babajide Okeowo
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