OVERVIEW OF THE MARKET

Transactions on the Nigerian Bourse were on for three days as Thursday and Friday were declared public holidays in celebration of Salah. The market commenced on a negative note as the market witnessed more of sell pressure which outweighs bargain trading.
The downtrend was not sustained at the second session as the bulls’ returned to dominate market. The Bulls’ dominance was sustained in the third session such that the aggregate market index remained positive in the process with a gain of +0.69%.
There were 22 gainers, 24 losers and 73 unchanged equities on Wednesday.
The All-Share Index appreciated by +0.69% to close at 30,543.17 basis points from 30,332.68 basis points as opposed to an increase of +2.17% penultimate Friday. Subsequently, the market capitalization of equities equally rose to N10.497 trillion from N10.424 trillion last week.
The appreciation of the Index was as a result of gains recorded in stocks of Forte Oil Plc, Dangote Cement Plc, Stanbic IBTC Holdings Plc, WAPCO Cement Plc and UAC-Property Plc.
Number of Deals stood at 2,994 and the volume of transactions was 466.940 million units, valued at N4.367 billion.
Top of the gainers’ on Wednesday are Forte Oil Plc which appreciates by N8.90 kobo; followed by Dangote Cement Plc which went up by N1.50 k; Stanbic IBTC Holdings Plc rose by N1.05 kobo; WAPCO Cement Plc grew by N0.54 kobo while UAC-Property Plc crept up by N0.37 kobo in the process.
The laggards were led at the close of trading on Wednesday by Okomu Oil Plc which slumped by N0.85 k Plc.
This was followed by UACN Plc which dipped by N0.66 k; Ashaka Cement  Plc went down by N0.48 kobo; Guinness Nigeria Plc slided by N0.45 kobo while Vitafoam Plc depreciated by N0.29 kobo.  Large volume transactions were predominant on Wednesday in Stocks of Zenith Bank Plc (131.645 million shares), Sterling Bank Plc (61.888 million Shares), Aso Savings Plc (40.501 million shares), UBA Plc (38.769 million shares), and Law Union & Rock Plc (30.250 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 were responding to the forces of demand and supply.
Top gainers in the Banking sector during the week were Skye Bank Plc which appreciated by +3.54%; Wema Bank Plc leaped by +3.09%; Sterling Bank Plc grew by +2.40%; Stanbic IBTC Holdings Plc rose by +2.12% while Fidelity Bank Plc crept up by +1.32% in the process.
Top laggards in the banking sector during the week were Diamond Bank Plc which depreciates by -3.82%; closely followed by FCMB Plc that shed -3.75%; Guaranty Trust Bank slide by -1.71%; ETI dips by -1.33% while Unity Bank Plc crept low by – 0.74% 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 depreciated by -0.58%; Union Bank appreciates by +0.67%; ETI went down by -1.33%; FCMB slide by -3.755; Skye Bank grew by +3.54% while Sterling Bank leaped by +2.40%.
OTHER MARKET ISSUES.
UBA Plc: The Company recorded an impressive second quarter result where its revenue grew by +21% from N138.2 billion in the preceding year to N166.9 billion.
Similarly, its profit before tax leaped from N28.9 billion previously to N39.0 billion, which translates to an increase of +35%. The profit after tax also rose to N32.0 billion from N22.9 billion, an increase of +40%.
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 dippeds 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.

Chart 1
Guaranty Trust Bank Plc: in its second quarter result 2015, gross earnings grows by +15% from N132.985 billion in the preceding year to N152.995 billion. Similarly, its profit after tax leapt significantly from N44.008 billion previously to N53.373 billion, translating to an increase of +21%.
Consequently, an interim dividend of 25 kobo per share was appropriated. Closure was on 8 September, 2015 while payment would be on 21 September, 2015.
Access Bank Plc: The Company recorded an impressive second quarter result where its revenue grew by +43% from N117.932 Billion in the preceding year to N168.642 Billion. Similarly, its profit before tax leaps from N27.118 billion previously to N39.113 billion, which translates to an increase of +44%. The profit after tax also rose to N31.287 billion from N22.587 billion, an increase of +39%. Consequently, an interim dividend of 25 kobo per share was appropriated. Closure is on 5 September, 2015 while payment will be on 10 September, 2015.
Zenith Bank Plc: In its second Quarter result 2015, its turnover grew from N184.435 billion in the preceding year to N229.082 billion, translating to an increase +24.2%.
Similarly, its profit after tax leaps from N47.445 billion previously to N53.180 billion, an increase of +12.1%. Consequently, an interim dividend of 25 kobo per share was appropriated.
Closure is on 21 August, 2015 while payment will be on 28 August, 2015.
Total Nigeria Plc: The Company recorded an impressive second quarter result where its revenue slumped by -7% from N120.152 Billion in the preceding year to N111.974 Billion.
However, its profit before tax leaps from N3.421 billion previously to N3.681 billion, which translates to an increase of +8%. The profit after tax dips to N1.967 billion from N2.178 billion a decrease of -10%.
Lafarge Africa Plc: In its second Quarter result 2015, its turnover grew from N55.356 billion in the preceding year to N116.709 billion, translating to an increase +110.83%. CHARTS2
Similarly, its profit after tax leaps from N15.557 billion previously to N26.209 billion, an increase of +68.47%.
Mobil Oil Plc: in its second quarter result 2015, gross earnings dips by -24.52% from N42.167 billion in the preceding year to N31.828 billion. Similarly, its profit after tax slumped significantly from N4.816 billion previously to N2.910 billion, translating to a decrease of -39.57%.
If the trend is not reversed by the last (4th) quarter, the company may not be able to sustain its dividend payout.
FBN Holdings Plc: in its second quarter result 2015, gross earnings leaps by +28.0% from N212.000 billion in the preceding year to N271.300 billion.
Similarly, its profit after tax grew from N37.180 billion previously to N40.061 billion, translating to an increase of +7.7%.
Union Bank Plc: in its second quarter result 2015, gross earnings leaps by +5.8% from N52.883 billion in the preceding year to N55.958 billion.
Its profit before tax also grows from N6.468 billion previously to N6.614 billion, an increase of +2.3%.
Similarly, its profit after tax grew from N6.343 billion previously to N6.458 billion, translating to an increase of +1.8%.

Fidelity Bank Plc: in its second quarter result 2015, gross earnings leaps by +13.6% from N63.258 billion in the preceding year to N71.890 billion. Similarly, its profit after tax grew from N8.017 billion previously to N8.214 billion, translating to an increase of +2.5%.
NPF Microfinance Bank Plc: in its second quarter result 2015, gross earnings leaps by +121.8% from N519.596 million in the preceding year to N1.151 billion. Similarly, its profit after tax grew significantly from N159.038 million previously to N370.995 million, translating to an increase of +133.3%.
Unilever Nigeria Plc: in its second quarter result, gross earnings dips marginally by -1.9% from N29.280 billion in the preceding year to N28.722 billion. Similarly, its profit after tax slumped significantly from N1.465 billion previously to N85.573 million, translating to a decrease of -94.2%.