Big shots, investment losses put FCMB, Airtel Africa, Ardova on stock to watch list this week

4 Min Read


With activities back in the Nigerian stock market this week, do well to have First City Monument Bank (FCMB), Airtel Africa and Ardova on your stock-to-watch list.

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.


First City Monument Bank (FCMB) was in the news last week due to its top directors and the firm’s single majority investor, Primrose Investments Limited, acquiring shares.

They bought 13.37 million units of shares on May 10. The acquisition of shares cost them N53.50 million, according to corporate disclosures sent to the stock market authority, Nigerian Exchange Limited (NGX).

Their participation in share acquisition could boost stock market confidence towards FCMB shares, considering market activities of big shots in a company serves as a map for minority shareholders.

Although, it is not cast in stone that a firm’s share will move upward following acquisitions by the company’s directors, so investors need to trade with caution.

Airtel Africa

Airtel Africa shareholders lost six per cent of their investment value at the end of the trading last week, as the firm’s share value depreciated.

READ ALSO:Airtel Africa, Champion Brew, John Holt join stocks to watch list

Year-to-date, Airtel Africa’s shareholders have lost 28.13 per cent of their investment, with the firm’s share value falling from N1,635 to N1,175 between January to May 19.

This indicates Airtel Africa has had a disappointing performance in the stock market in the last five months, providing more losses than gains to shareholders.

It also reflects the stock market hasn’t found Airtel Africa as an investable asset, hence, the investor apathy the company is experiencing.

As the stock market resumes for another week, Airtel Africa will start trading from the losers’ table, so investors need to be cautious as the bears could still have their eyes on the firm.


Within five days of stock trading, investors holding Ardova shares lost a whopping -23.67 per cent of their investment value to a lack of interest in the firm.

The loss is almost triple the 9.51 per cent investment growth Ardova shareholders recorded between January to May 2023.

The stock market is not falling over each other to lay their hands on Ardova, rather, investors are snubbing Ardova like the company is a flea.

It is unclear if the bears will tighten their grip on Ardova, so investors need to trade with caution towards Ardova shares.

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