Stock Price List for December 05, 2018
Dear Client/Reader,
Please find attached our Stock Price list for today, December 05, 2018
Thank you.
Regards,
05
Dec
05
Dec
Fidelity Bank Plc 9M 2018- Interest Income Propels PBT of N20 billion
Dear Client/Reader,
Fidelity Bank Plc. results for 9M 2018 showed an impressive PBT growth of 24% y/y from N16.2 bn in 9M’17 to N20 bn. The key driver behind the PBT growth was the growth of 9% y/y in interest income and 55% reduction in impairment charges which were strong enough to partly offset the impact of the increase in interest expense by 10% y/y and a decline of 41% y/y in other operating income. Non-interest income (NIR) declined by 8% y/y to N18.3 bn (9M’17; N20 bn) while operating expenses also saw a growth of 6.5% y/y to N50.6 bn (9M’17; N47.5 bn). However, PAT grew by 23.6% y/y to N17.9 bn (9M’16; N14.5 bn). Consequently, Earnings per share grew by 24% y/y from N0.50 in 9M’17 to N0.62 in the current period.
Key Multiples/Ratios
Book Value Per Share- 6.64
Net Profit Margin- 12.85%
Return on Equity – 9.28%
Return on Asset- 1.06%
Price to book value- 0.30x
Year-to-Date Change- 18.70%
Total Loan to Total Deposit- 163.84%
Current Shares Outstanding- 28.96 billion
Recommendation- BUY
Please find attached Fidelity Bank Plc. 9M-2018 result.
05
Dec
FBNH Plc. 9M’ 18- Higher Interest And Operating Expenses Drags PBT
Dear Client/Reader,
FBNH Plc. for 9M 2018 results showed that Interest income declined by 5% y/y from N356 bn in 9M’2017 to N338 bn due to the 5% and 2% y/y reductions in income from investment securities as well as loans and advances given to customers respectively. Impairment charges reduced by 22% from N97.5 bn in 9M’17 to N76 bn in the current period. The firm also reported a significant growth in trading income which grew remarkably by 75% y/y from N15 bn in 9M’2017 to N26 bn. However, PBT and PAT declined by 7.4% and 2% respectively due to the 7% increase in operating expenses that increased from N172 bn in 9M’17 to N184 bn in 9M’18. Consequently, EPS reduced by 2.4% y/y from N1.25 in 9M’17 to N1.22.
Key Multiples/Ratios
Book Value Per Share- 19.38
Net Profit Margin- 10.68%
Return on Equity – 6.45%
Return on Asset- 0.84%
Price to book value- 0.49x
Year-to-Date Change- 6.82%
Total Loan to Total Deposit- 67.63%
Current Shares Outstanding- 35.89 billion
Price to Book Value- 2.23x
Please find attached FBNH Plc. 9M-2018 result.
05
Dec
Total Nig. Plc- Profit After Tax Increased By 28.70% YoY For 9M-2018
Dear Client/Reader,
The topline result of Total Plc. showed a slight movement of 2.58% in revenue that increased to N226.9bn from N221.2bn that was recorded in 9M’2017. The cost of sales for the period also reduced by 1.34% (YoY) from N198.6bn to N196bn. The marginal increase of 2.58% in Revenue and decline of 1.34% recorded in cost of sales pushed gross profit up by 37% from N22.6bn to N31bn.The firm reported a decline of 69% in other income resulting from foreign exchange loss of about N902 mn as against N2.6bn recorded in 9M’17. However, Profit before tax increased by 18.2% from N9.7bn in 9M’17 to N11.4bn while the Profit after tax for the period also grew by 29% to N7.7bn as against N6bn recorded a year ago. Eps currently stands at N22.58 up by 29% from N17.54 while the company declared a dividend of N3 per share.
Key Multiples/Ratios
Book Value Per Share- 88.89
Gross Profit Margin- 13.65%
Net Profit Margin- 3.38%
Return on Equity – 25.40%
Return on Asset- 5.95%
Cost of Sales Margin- 86.35%
Price to Book Value- 2.23x
Please find attached Total Nig. Plc. 9M-2018 result.
04
Dec
Daily Financial Market Report for December 04, 2018
Dear Client/Reader,
Bargain Hunting Dominates Trading Activities… as ASI Up By 0.68%
The Nigerian equities market (NSE) rebounded to close positive as market players hunted for bargain. The bench mark – All Share Index (ASI) advanced by 68 basis points to close at 31,007.25 points. Market Capitalization gained N76 billion to close at N11.32 trillion while the Year-to-Date (YtD) returns settled at -18.92%.
Sectors performance was mixed
Performance across sectors was mixed as the Banking and Insurance indices appreciated by 2.62% and 0.67% respectively due to gains in Guaranty (3.75%) and Zenith (1.69%); Aiico (1.54%) and Mansard (9.89%). On the flip side, the Industrial and Consumer goods indices recorded the largest losses as they declined by 0.94% and 0.13% respectively arising from sell offs in Wapco (-10.00%) and NB (-0.50%) while the Oil & gas sector closed flat.
Market activity measured by aggregate volume declined by 21% while value also reduced by 22%. Investors traded a total of 196 million units of shares valued at ₦2.12 billion in 2,802 deals.
NASD Market
The NASD market again also closed bearish after today’s trading activities as negative sentiments persist. The Unlisted Securities Index (USI) depreciated by 1.13% to close at 699.44 points. Market capitalization also lost 113 basis points to settle at N482.65 billion. Market activity measured by aggregate volume declined by 85% while value also decreased by 53%. Investors traded a total of 122,311 units of shares valued at N8.16 million in 16 deals. Ten securities traded which include; Airliquid, Cappa & D’alberto, CSCS Plc, Wamco Plc, Food concept, Geo Fluids Plc, Mass telecomm, Mixta real estate, Riggs Ventures and Trust bond mortgage bank.
Please find attached our daily market report for today, December 04, 2018.
04
Dec
Stock Price List for December 04, 2018
Dear Client/Reader,
Please find attached our Stock Price list for today, December 04, 2018
Thank you.
Regards,
03
Dec
Daily Financial Market Report for December 03, 2018
Dear Client/Reader,
Nigerian Bourse Begins The Month Bearish…as ASI Sheds 24 Bps.
The Nigerian equities market (NSE) opened the week in red as negative sentiments continued to dominate trading activities. The bench mark – All Share Index (ASI) declined by 0.24% and close at 30,798.76 points. Market Capitalization lost N27.5 billion to close at N11.24 trillion while the Year-to-Date (YtD) returns weakened to -19.47%.
Sectors performance was broadly bearish
Performance across sectors was broadly bearish save for the Oil & gas and Banking indices which appreciated by 2.07% and 0.61% respectively due to gains in Seplat (4.16%); Zenith (1.72%) and Guaranty (0.87%). On the flip side, the Insurance and Consumer goods indices recorded the largest losses as they declined by 4.51% and 0.72% respectively arising from sell offs in Continsure (-10.00%) and Mansard (-9.90%); NB (-2.22%) and Cadbury (-2.63%). Similarly, loss in Dangcem (-1.02%) contracted the Industrial (-0.03%) sector.
Market activity measured by aggregate volume improved slightly by 0.13% while value also advanced by 14%. Investors traded a total of 250 million units of shares valued at ₦2.72 billion in 3,122 deals.
NASD Market
The NASD market also closed bearish after today’s trading activities to open the month in red. The Unlisted Securities Index (USI) depreciated by 0.45% to close at 702.40 points. Market capitalization also lost 45 basis points to settle at N488.18 billion. Market activity measured by aggregate volume declined by 98% while value also decreased by 47%. Investors traded a total of 792,430 units of shares valued at N17.4 million in 11 deals.
Please find attached our daily market report for today, December 03, 2018.
Thank you.
03
Dec
Stock Price List for December 03, 2018
Dear Client/Reader,
Please find attached our Stock Price list for today, December 03, 2018
Thank you.
Regards,
03
Dec
Weekly Report and Stock Recommendation – December 03, 2018
Dear Client/Reader,
Global Economy
- Oil prices steadied on Friday as swelling inventories depressed sentiment despite widespread expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut as the two global oil benchmarks, North Sea Brent and U.S. crude, have had their weakest month for more than 10 years in November, losing 28 percent and 30 percent respectively as global supply has outstripped demand.
- Euro zone inflation slowed as expected in November, while core inflation readings were below market expectations, supporting European Central Bank policymakers who favour a cautious exit from monetary stimulus.
- Lending to British consumers slowed again last month to its weakest rate in more than three years, but there was a pick-up in the housing market with a jump in mortgage approvals, as reported by bank of England.
- Japanese manufacturing activity expanded at the slowest pace in two years in November and new orders contracted for the first time since September 2016, a preliminary survey showed, raising doubt about growth prospects for the current quarter.
U.S. – U.S. consumer spending increased by the most in seven months in October, but underlying price pressures slowed, with an inflation measure tracked by the Federal Reserve posting its smallest annual increase since February.
Equities Market- The Nigerian equities market again depreciated at the end of the week, as the ASI decreased by 2.54% w/w to close at 30,874.17 points, while the year-to-date returns settled at -19.27%.
The current low prices of stocks still provide good buying opportunities in the market. Some of our recommended stocks are mentioned below;
FCMB – FCMB Plc. results for 9M’2018 showed an impressive PBT growth of 121% y/y from N6.7 bn in 9M’17 to N14.8 bn. The key driver behind the PBT growth was the growth of 165% y/y in trading income and 152% improvement in other income on the back of massive gains in foreign exchange transactions that increased from N428 mn in 9M’17 to N9 bn in the current period, which were strong enough to offset the increase recorded in operating expense by 15% y/y. Non-interest income (NIR) also increased by 66% y/y to N37.5 bn (9M’17; N22.5 bn) while also noting a decline of 9% in interest expenses which reduced to N42.2 bn (9M’17; N46.4 bn). Consequently, Earnings per share spiked massively by 104% y/y from N0.28 in 9M’17 to N0.57 in the current period. FCMB has CAR of 17.4% higher than tier 2 minimum of 12.5%, BVPS of 9.04, P/BV of 0.14X, P/E of 2.54X against banking average of 1.01x and 3.04x. FCMB currently has an upside potential of about 70% from our estimated intrinsic value of N2.47, we therefore maintain our medium to long term “BUY” recommendation on the stock.
SEPLAT – Seplat 9M’2018 result showed revenue increased by 104% to N173bn as against N85bn in 9M’2017. The substantial rise in revenue was due to increase of 99% and 48% in crude oil and gas sales while Cost of sales also increased from N47 bn to N80 bn. Despite the rise in cost of sales, gross profit increased by 146% from N38 bn to N93.5 bn. The company maintained the top line impressive performance as PAT stands at N27.9bn as against N1.6bn loss in 9M’2017. With the recent renewal of its operating license coupled with continuous plan of the company to boost profitability and increase operation by drilling its first well in its OML 53 asset and to redeploy rigs into it other oil fields at OMLs 4, 38 and 41, we are of the view that Seplat will maintain its impressive performance for FY’2018. With the current price at its 52 week low of N589.50, we thereby place a medium to long term “BUY” on the stock of Seplat Plc with an estimated intrinsic value of N744.69.
Please find attached our Stock Recommendation for this week, ending 7th December, 2018.
Thank you.
30
Nov
Daily Financial Market Report for November 30, 2018
Dear Client/Reader,
Nigerian Bourse Halts Downtrend To End The Month In Green
The Nigerian equities market (NSE) rebounded to close the week in green as the bulls resurfaced in the market. The bench mark – All Share Index (ASI) appreciated by 0.86% to close at 32,058.28 points. Market Capitalization advanced by N96 billion to close at N11.27 trillion while the Year-to-Date (YtD) returns settled at -19.27%.
Sectors performance was broadly bullish
Performance across sectors was broadly bullish save for the Insurance index which depreciated by 0.71% due to sell offs in the shares of NEM (-2.08%) and Custodian (-7.55%). Conversely, the Banking and Oil & gas sector indices recorded the highest gains as they appreciated by 1.53% and 1.52% respectively due to positive sentiments in the shares of UBA (6.38%) and Zenith (0.87%); 11 Plc (9.38%) and Forte Oil (1.98%). Likewise, the Industrial and Consumer goods sectors also went up by 0.14% and 0.90% respectively due to gains recorded in Dangcem (1.03%); NB (4.03%) and Honyflour (1.85%).
Market activity measured by aggregate volume decreased by 44% while value went down by 46%. Investors traded a total of 249 million units of shares valued at ₦2.39 billion in 2,909 deals.
Market Synopsis for the week
Nigeria’s stock market recorded its third consecutive weekly loss as investors maintained their negative sentiments on market bellwethers. The nation’s bourse had a broadly bearish performance as it closed negative in four of the five trading sessions. However, gains recorded on the last trading day (+0.86%) on the back of bargain hunting in some high cap stocks in the Oil & gas and banking sectors moderated the massive losses recorded in other trading days. Overall, the All Share Index (ASI) depreciated by 2.54% week-on-week, while the year-to-date returns dipped further to -19.27%.
Please find attached our daily market report for today, November 30, 2018.
