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Published On: Mon, Nov 16th, 2015

Banking index: Active sell down persists …

By Dennis Okonne |

…  as All-Share Index dips further by -1.14%; Forte Oil Plc leads gainers

Transactions on the Nigerian Bourse were on for five days. The market commenced on a positive note as the market witnessed more of bargain trading which outweighs sell pressure. The uptrend was reversed in the second session as the bears’ dominate market. However, on the third session the Bulls’ returned but was not sustained in the fourth session as the bears’ held sway. In the fifth session, the bulls’ returned but the aggregate market index remained negative in the process with a loss of -1.14%. There were 22 gainers, 17 losers and 52 unchanged equities on Friday.

The All-Share Index depreciated by -1.14% to close at 28,841.67 basis points from 29,175.35 basis points as opposed to a decrease of -0.05% penultimate Friday. Subsequently, the market capitalization of equities equally lowered to N9.914 trillion from N10.029 trillion last week. The depreciation of the Index was as a result of losses recorded in stocks of Guinness Nigeria Plc, E-Transact Plc, Nigerian Breweries Plc, UACN Plc and Zenith Bank Plc.

Number of Deals stood at 2,501 and the volume of transactions was 236.871 million units, valued at N4.150 billion.

Top of the gainers’ on Friday were Forte Oil Plc which appreciated by N2.02 kobo; followed by Seplat Plc which went up by N2.00 k; International Breweries Plc rose by N1.52 kobo; PZ Cussons Nigeria Plc grew by N1.00 kobo while ETI Plc crept up by N0.58 kobo in the process.

The laggards were led at the close of trading on Friday by Guinness Nigeria Plc which slumped by N2.29 k. This was followed by Nigerian Breweries Plc which dipped by N1.13 k; UAC of Nigeria  Plc went down by N0.81 kobo; E-Tranzact Plc slides by N0.12 kobo while Zenith Bank Plc depreciated by N0.10 kobo.

Voluminous transactions were predominant on Friday in Stocks of Zenith Bank Plc (91.804 million shares), FBN Holdings Plc (29.437 million Shares), Guaranty Trust Bank Plc (13.189 million shares), Transcorp Plc (10.977 million shares), and Access Bank Plc (10.333 million shares).

BANKING SECTOR PERFORMANCE.

Stocks from the Banking sub-sector of the Financial Services sector were among the best performing shares on Wednesday. This was followed by Oil & Gas and Conglomerates sectors.

The banking stocks and pricing are responding to the forces of demand and supply.

Top gainers in the Banking sector during the week were Access Bank Plc which appreciated by +5.15%; UBA Plc leaps by +5.00%; Fidelity Bank Plc grew by +1.45%; Union Bank Plc went up by +1.43% while Guaranty Trust Bank rose by +0.78% in the process.

Top laggards in the banking sector during the week are Unity Bank Plc which depreciated by -7.94%; closely followed by Skye Bank Plc that shed -6.19%; ETI slide by -4.86%; Zenith Bank Plc dipped by -4.00% while Sterling Bank Plc crept low by -2.50% in the process.

High volume stock transactions were also evident in most banking stocks especially Access Bank, Zenith Bank, Guaranty Trust Bank and First Bank. Panicked sell-off in the banking sector cannot be ruled out but as expected, it gives room for buying opportunity.

Acquiring Banks position shows that the share price of Access Bank appreciated by +5.15%; Union Bank went up by +1.43%; ETI dropped marginally by -4.86%; Sterling Bank  dipped by -2.50; FCMB slumped by -0.50% while Skye Bank went down by -6.19%.

 

OTHER MARKET ISSUES.

  1. Nestle Foods Nigeria Plc: Its price resurgence is as a result of its impressive third quarter 2015 financial profile where its turnover grew by +5.18% from N102.665 billion in the preceding year to N107.986 billion. Its profit before tax rose by +3.25% from N20.159 billion previously to N20.814 billion while its profit after tax grew from N16.863 billion previously to N17.237 billion, which translates to an increase of +2.22%. Similarly, its net assets leapt by +11.9% from N35.940 billion to N40.229 billion. Consequently, a final dividend of N10.00k per share was proposed for sharing and qualification date is 20th November, 2015.
  2. Dangote Cement Plc: it recorded an impressive third quarter result 2015 where its revenue grew by +17.81% from N310.214 Billion in the preceding year to N365.450 Billion. Similarly, its profit before tax leaps from N154.053 billion previously to N166.914 billion, which translates to an increase of +8.35%. The profit after tax also rose to N157.993 billion from N140.477 billion, an increase of +12.47%.
  3. Lafarge Africa Plc: In its third Quarter result 2015, its turnover grew from N159.396 billion in the preceding year to N168.144 billion, translating to an increase +5%. However, its profit before tax depreciated by -12% from N38.089 billion previously to N33.667 billion. Similarly, its profit after tax slumped from N31.757 billion previously to N29.550 billion, a decrease of -7%.
  4. FBN Holdings Plc: In its third Quarter result 2015, its turnover grew from N255.722 billion in the preceding year to N300.382 billion, translating to an increase +17.46%. However, its profit before tax dropped significantly by -19.24% from N73.749 billion previously to N59.563 billion. Similarly, its profit after tax also dipped from N55.627 billion previously to N50.217 billion, a decrease of -9.73%.
  5. Zenith Bank Plc: In its third Quarter result 2015, its turnover grew from N273.738 billion in the preceding year to N336.853 billion, translating to an increase +23.06%. Similarly, its profit after tax leaps from N71.046 billion previously to N83.087 billion, an increase of +16.95%.
  6. Forte Oil Plc: In its third Quarter result 2015, its turnover dropped from N122.581 billion in the preceding year to N91.616 billion, translating to a decrease -25.3%. However, its profit after tax leapt from N4.016 billion previously to N4.285 billion, an increase of +6.7%.
  7. UBA Plc: The Company recorded an impressive third quarter result 2015 where its revenue grew by +17.3% from N210.715 Billion in the preceding year to N247.205 Billion. Similarly, its profit before tax leaps from N42.543 billion previously to N57.366 billion, which translates to an increase of +34.8%. The profit after tax also rose to N48.557 billion from N33.628 billion, an increase of +44.4%.
  8. Guinness Nigeria Plc: In its audited result 2015, its revenue grew from N109.202 billion in the preceding year to N118.496 billion, translating to an increase +8.51%. However, its profit after tax dips from N9.573 billion previously to N7.795 billion, a decrease of -18.57%. Consequently, a dividend of 320 kobo per share was appropriated. Closure is on 12 October, 2015 while payment will be on 27 November, 2015 and AGM is slated for 26th November, 2015 @ Transcorp Hilton Hotel, Abuja.
  9. Total Nigeria Plc: The icing on the cake was the impressive third quarter 2015 result where its revenue slumped by -10.41% from N177.807 Billion in the preceding year to N159.299 Billion. Similarly, its profit before tax dipped from N4.204 billion previously to N4.010 billion, which translates to a decrease of -4.63%. The profit after tax dips to N2.133 billion from N2.649 billion, a decrease of -19.47%. Consequently, an interim dividend of N2.00k per share was proposed for sharing. Closure of register is 3rd November, 2015 and payment is 14th December, 2015.

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