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 sustained at the second session as the bears’ dominate market. However, in the third, fourth and fifth sessions, the Bears’ dominate market such that the aggregate market index turns negative in the process with a loss of -0.49%.
The All-Share Index depreciated by -0.49% to close at 34,272.09 basis points from 34,439.40 basis points as opposed to an increase of +0.15% penultimate Friday. Subsequently, the market capitalization of equities equally lowered to N11.644 Trillion from N11.696 Trillion last week.
The depreciation of the Index was as a result of losses recorded in stocks of Forte Oil Plc, Nigerian Breweries Plc, Seplat Plc, Guinness Plc and Total Nigeria Plc.
Number of Deals stood at 3,258 and the volume of transactions was 202.045 million units, valued at N2.063 billion.
Top of the gainers’ on Friday are Beta Glass Plc which appreciated by N1.73 kobo; followed by Okomu Oil Plc which went up by N1.36 k; Nestle Nigeria Plc rose by N1.00 kobo; Julius Berger Plc grew by N0.30 kobo while Dangote Cement Plc crept up by N0.15 kobo in the process.
The laggards are led at the close of trading on Friday by Forte Oil Plc which slumped by N9.19 k Plc. This was followed by Seplat Plc which dipped by N4.53 k; Total Nigeria Plc went down by N4.48 kobo; Guinness Nigeria Plc slides by N2.33 kobo while Nigerian Breweries Plc depreciated by N0.70 kobo.
Voluminous transactions were predominant on Friday in Stocks of Mansard Plc (35.451 million shares), Access Bank Plc (26.121 million Shares), FBN Holdings Plc (21.064 million shares), Nem Insurance Plc (15.675 million shares), and Guaranty Trust Bank Plc (11.234 million shares).
BANKING SECTOR PERFORMANCE.
Stocks from the Banking sub-sector of the Financial Services sector were among the best performing shares on Friday. 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 are Skye Bank Plc with a gain of +18.43%; followed by Unity Bank Plc which appreciates by +5.83%; FCMB rose by +4.67%; Diamond Bank Plc grew by +2.75% while stocks of FBN Holdings Plc went up by +1.78% in the process.
Top laggards in the banking sector during the week are Wema Bank Plc which depreciates by -3.03%; Guaranty Trust Bank Plc slides by -1.36%; UBA Plc slumps by -1.35%; Sterling Bank Plc drops by -0.93% while Stanbic IBTC Holdings Plc was price static 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 appreciates by +1.78%; Union Bank was price static; ETI went up by +0.65%; FCMB grew by +4.67% while Sterling Bank dips by -0.93%.
Generally, banking equities are reacting to the forces of demand and supply as seen this week. Active transactions were prevalent in blue chips of Banking, Building materials, Conglomerates, Food and Beverages, Healthcare, Breweries and Petroleum sectors. BH verdict: The economy is expanding, corporate profits are rising and valuations are attractive.
OTHER MARKET ISSUES.
UACN Plc: in its audited result 2014, gross earnings rose by +8.82% from N78.714 billion in the preceding year to N85.654 billion. Similarly, its profit after tax rose significantly from N9.873 billion previously to N10.726 billion, translating to an increase of +8.64%. Consequently, a dividend of 175 kobo per share was appropriated. Closure date is 6th July, 2015 while payment date is 30th July, 2015. Annual General Meeting (AGM) is slated for 29th July, 2015 @ Golden Tulip, Festac Hotel, Lagos.
Dangote Cement Plc: In its audited result 2014, its Gross Earnings rose from N386.177 billion in the preceding year to N391.639 billion, translating to an increase +1.4%. However, its profit after tax dipped from N201.198 billion previously to N159.501 billion, a decrease of -20.7%. Consequently, a dividend N6.00 per share was proposed for sharing amongst its shareholders.
Total Nigeria Plc: in its audited result 2014, gross earnings rose by +1.0% from N238.163 billion in the preceding year to N240.618 billion. However, its profit after tax slumped significantly from N5.334 billion previously to N4.423 billion, translating to a decrease of -17.1%. Consequently, a dividend of 900 kobo per share was appropriated. Closure date is 20th April, 2015 while payment date is 12th June, 2015.
FCMB Plc: In its audited result 2014, its Gross Earnings rose from N130.995 billion in the preceding year to N148.637 billion, translating to an increase +13.5%. Similarly, its profit after tax also grew from N16.001 billion previously to N22.133 billion, an increase of +38.3%. Consequently, a final dividend 25 kobo per share was proposed for sharing amongst its shareholders, from 30 kobo per share previously. Closure of register is 30th March, 2015; Payment date is 24th April, 2015 while AGM will take place on 23rd April, 2015 @ Shell Hall, Muson Center, Onikan, Lagos.
Wema Bank Plc: In its audited result 2014, its turnover leapt from N20.957 billion in the preceding year to N25.197 billion, translating to an increase +20.23%. Similarly, its profit after tax rose from N1.596 billion previously to N2.372 billion, an increase of +48.62%.
Unity Bank Plc: In its audited result 2014, its turnover leapt from N52.195 billion in the preceding year to N62.635 billion, translating to an increase +20%. Similarly, its profit after tax grew from loss (N22.582 billion) previously to N10.692 billion, an increase of +147%.
PZ Plc: in its third quarter result, gross earnings rose by +0.56% from N52.594 billion in the preceding year to N52.889 billion. However, its profit after tax slumped significantly from N3.866 billion previously to N2.787 billion, translating to a decrease of -27.91%.