The document provides a daily market and sector report for Nigerian stocks. It summarizes the day's performance of the overall market and various stock indices. It also provides recommendations and analysis for specific stocks in the banking, food/beverage, building materials, breweries, agriculture, and pharmaceutical sectors. Key points covered include a unofficial devaluation of the Nigerian currency, declines in imports affecting the ports, and the government considering further budget cuts ahead of elections.
General bearish sentiment kept the NSE ASI in negative territory on the first trading session of the week as the benchmark index lost 1.07% before the closing bell. Only 10 stocks recorded gains while 25 declined and 61 remained unchanged. Sectorial indices monitored by the Exchange showed mixed performance as the banking, consumer and industrial sectors closed negative on the back of Stanbic (-4.98%), Zenith (-4.82%), Dangflour (-4.74%) and Dangcem (-0.56%), while NSEOILGS and NSEINS closed positive on the back of Seplat (1.32%) and Continsure (2.94%)
General bearish sentiment kept the NSE ASI in negative territory on the first trading session of the week as the benchmark index lost 1.07% before the closing bell. Only 10 stocks recorded gains while 25 declined and 61 remained unchanged. Sectorial indices monitored by the Exchange showed mixed performance as the banking, consumer and industrial sectors closed negative on the back of Stanbic (-4.98%), Zenith (-4.82%), Dangflour (-4.74%) and Dangcem (-0.56%), while NSEOILGS and NSEINS closed positive on the back of Seplat (1.32%) and Continsure (2.94%)
Today at the Nigerian Stock Exchange, the bears struggled to maintain their hold on the market as the benchmark index shed 6bps to return 30,123.20. With losses recorded in Mansard (-4.42%), Skyebank (-3.98%), Access (-3.75%) and Eterna (-2.17%), Insurance, Banking and Oil and gas sectors closed in negative territory. Other sectorial indices moved southward with NSECNSM leading the gainers on the back of Guinness (+2.34%), Flourmill (+1.85%), and Cadbury (+0.46%).
ASI year-to-date return stands at -13.08%. Among the broad indices, 219million units valued at N1.912 represents a decrease by 50% and 16% respectively. At the close of today’s session, 18 stocks advanced relative to 23 decliners while 64 remained unchanged. Top in the gainers’ chart are TRANSEXPR (N1.07), BERGER (N10.39) and OKOMUOIL (N28.66) while IKEJAHOTEL (N3.42), BOCGAS (N4.18) and MANSARD (N2.38) led the decliners.
NSE...
NSE withnessed a reversal in the upward trend seen at the last trading session, as the benchmark index lost 0.19% to close at 30,311.77 with 4,331 deals. Sub-sectors showed mixed performance as the insurance and industrial sectors closed positively on the back of Continsure(9.30%), Mansard(9.79%), Aiico(4.71%) and Wapco(1.02%) while NSECNSM, NSEOILGS and NSEBNK closed in negative territory on the backdrop of PZ(-4.79%), Guinness(-3.17%), Skyebank(-4.68%), Stanbic(-3.45%) and FO(0.48%)
ASI-year-to-date stands at -12.54% while market capitalization lost N20billion. Among the broad indices, volume appreciated by 63% while value traded depreciated by 39%. At the close of today's session, 11 stocks advanced, 28 declined while 68 remained unchanged. Top in the gainers’ chart are MANSARD(N2.58), CAVERTON(N3.37) and CONTINSURE (N0.94) while VANLEER (N9.37), UNHOMES (N5.23) and PZ (N26.65) led the decliners.
Investors are advised to tread cautiously.
On the backdrop of falling money market rates, the equity market received some boost today as the volume and value rose significantly.
The rise in market activity, however, did not lead to positive return in the All Share Index as the benchmark index, closed a marginal 0.03% lower. Sub-sectors showed mixed performance as NSEOILG and NSEINS closed positive on the back of Oando (+10.10%), NEM(+4.55%) and Lawunion (+3.85%) while NSEBNK, NSECNSM and NSEIND closed in negative territory on the backdrop of Guaranty(-0.34%), 7UP(-3.15%) and heavyweight Dangcem (-0.61%).
The Nigerian Stock Market witnessed some respite at the first trading session of the week with the ASI appreciating by 0.22% to close at 30,231.16bps. This is attributed to improved liquidity level as
The Exchange was rather silent today as the All-share-Index barely adding 0.20% before the closing bell. It appears that participants look forward to the ministerial list scheduled to be released tomorrow to determine what trade button to hit –buy or sell. The sectorial indices under the NSE radar showed mixed performance as the oil and gas, consumer and industrial sectors traded in green on the back of oando(+1.94%), Honyflour(+4.72%), Berger(+4.93%) and Dangcem(+1.77%) while the insurance and banking sector were the weak performers on the backdrop of Nem......
Owing to improved investors’ patronage, the Nigerian Stock Market witnessed some respite at today’s trading session with the ASI appreciating 0.12% to close at 29,014.78bps. Sub-sectors monitored by the exchange showed mixed performance; NSEOILGS closed negative on the back of Oando (-9.67%) while NSEBNK, NSECNSM and NSEINS kept the ASI in positive territory on the back of gains recorded by Mansard (4.96%), Dangflour (4.76%), Flourmill (4.55%), Access (4.00%) and UBA (3.02%).
The All-Share-Index has lost 16.28% year-to-date. Among the broad indices, 217million units valued at N1, 458bn represents 32% and 19% decline in volume and value traded relative to previous figures. At the close of today’s session, 12 stocks advanced relative to 25 decliners while 61 remained unchanged. Top in the gainers’ chart are MANSARD(N2.75), DANGFLOUR (N2.42) and FLOURMILL(N21.85) while OANDO (N7.66), TRANSCORP (N1.85) and CCNN (N8.01) led the decliners.
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Today at the Nigerian Stock Exchange, the bears struggled to maintain their hold on the market as the benchmark index shed 6bps to return 30,123.20. With losses recorded in Mansard (-4.42%), Skyebank (-3.98%), Access (-3.75%) and Eterna (-2.17%), Insurance, Banking and Oil and gas sectors closed in negative territory. Other sectorial indices moved southward with NSECNSM leading the gainers on the back of Guinness (+2.34%), Flourmill (+1.85%), and Cadbury (+0.46%).
ASI year-to-date return stands at -13.08%. Among the broad indices, 219million units valued at N1.912 represents a decrease by 50% and 16% respectively. At the close of today’s session, 18 stocks advanced relative to 23 decliners while 64 remained unchanged. Top in the gainers’ chart are TRANSEXPR (N1.07), BERGER (N10.39) and OKOMUOIL (N28.66) while IKEJAHOTEL (N3.42), BOCGAS (N4.18) and MANSARD (N2.38) led the decliners.
NSE...
NSE withnessed a reversal in the upward trend seen at the last trading session, as the benchmark index lost 0.19% to close at 30,311.77 with 4,331 deals. Sub-sectors showed mixed performance as the insurance and industrial sectors closed positively on the back of Continsure(9.30%), Mansard(9.79%), Aiico(4.71%) and Wapco(1.02%) while NSECNSM, NSEOILGS and NSEBNK closed in negative territory on the backdrop of PZ(-4.79%), Guinness(-3.17%), Skyebank(-4.68%), Stanbic(-3.45%) and FO(0.48%)
ASI-year-to-date stands at -12.54% while market capitalization lost N20billion. Among the broad indices, volume appreciated by 63% while value traded depreciated by 39%. At the close of today's session, 11 stocks advanced, 28 declined while 68 remained unchanged. Top in the gainers’ chart are MANSARD(N2.58), CAVERTON(N3.37) and CONTINSURE (N0.94) while VANLEER (N9.37), UNHOMES (N5.23) and PZ (N26.65) led the decliners.
Investors are advised to tread cautiously.
On the backdrop of falling money market rates, the equity market received some boost today as the volume and value rose significantly.
The rise in market activity, however, did not lead to positive return in the All Share Index as the benchmark index, closed a marginal 0.03% lower. Sub-sectors showed mixed performance as NSEOILG and NSEINS closed positive on the back of Oando (+10.10%), NEM(+4.55%) and Lawunion (+3.85%) while NSEBNK, NSECNSM and NSEIND closed in negative territory on the backdrop of Guaranty(-0.34%), 7UP(-3.15%) and heavyweight Dangcem (-0.61%).
The Nigerian Stock Market witnessed some respite at the first trading session of the week with the ASI appreciating by 0.22% to close at 30,231.16bps. This is attributed to improved liquidity level as
The Exchange was rather silent today as the All-share-Index barely adding 0.20% before the closing bell. It appears that participants look forward to the ministerial list scheduled to be released tomorrow to determine what trade button to hit –buy or sell. The sectorial indices under the NSE radar showed mixed performance as the oil and gas, consumer and industrial sectors traded in green on the back of oando(+1.94%), Honyflour(+4.72%), Berger(+4.93%) and Dangcem(+1.77%) while the insurance and banking sector were the weak performers on the backdrop of Nem......
Owing to improved investors’ patronage, the Nigerian Stock Market witnessed some respite at today’s trading session with the ASI appreciating 0.12% to close at 29,014.78bps. Sub-sectors monitored by the exchange showed mixed performance; NSEOILGS closed negative on the back of Oando (-9.67%) while NSEBNK, NSECNSM and NSEINS kept the ASI in positive territory on the back of gains recorded by Mansard (4.96%), Dangflour (4.76%), Flourmill (4.55%), Access (4.00%) and UBA (3.02%).
The All-Share-Index has lost 16.28% year-to-date. Among the broad indices, 217million units valued at N1, 458bn represents 32% and 19% decline in volume and value traded relative to previous figures. At the close of today’s session, 12 stocks advanced relative to 25 decliners while 61 remained unchanged. Top in the gainers’ chart are MANSARD(N2.75), DANGFLOUR (N2.42) and FLOURMILL(N21.85) while OANDO (N7.66), TRANSCORP (N1.85) and CCNN (N8.01) led the decliners.
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How should the policy community react to the transition for voice from circuits to packets? This presentation describes some of the issues in using packets, the role of the regulator in addressing them, and suggests an alternative regulatory approach. This includes a "Pigouvian tax" on the use of numbers where the quality assurance is not provided.
A summarized version of all the activities that took place on the floor of the nigerian stock exchange complied at the headquarters of CSL stockbrokers
Once again, the benchmark index recorded modest gains as investors’ confidence in the Nigerian economy appear strengthened on the back of a firm commitment by the Nigerian President to name his cabinet before the end of September. Positive momentum was also seen on the sectoral front, as the Banking sector led all others to higher levels before the closing bell. On the stock specific front, OkomuOil, UBA, Zenith and UBACap have logged more than 2 consecutive gains, bringing their prices closer to profit booking range.
Today at the Nigerian Stock Exchange, investors’ sentiment remained negative as the benchmark index closed at 30,265.90bps. Except for NSEOILGS, all sectorial indices monitored by the exchange closed negative leading to 0.22% depreciation in the All Share Index. Seplat closed 1.25% leaving NSEOILGS as the only sub-sector in the positive territory. On the back of Skyebank(-4.42%), Champion(-4.97%), Vono(-7.87%), Dangcem(-0.58%) and Aiico(-4.26%), NSEBNK, NSECNSM,NSEIND and NSEINS shed points.
Market performance for 6th January 2015 complied by CSL Stockbrokers Limited Headquarters, Lagos Nigeria containing detailed market analysis from the Nigerian Stock Exchange.
Today at the Nigeria Stock Exchange, investors’ sentiment remained gloomy as the benchmark index traded in negative territory for the third session in a row as it went below 30,000bps physiological mark to close at 29,828.95. Most sectorial indices monitored by the exchange cl0sed in red which led to a 0.61% depreciation in the All Share Index. Wapco appreciated by 0.51% leaving NSEIND as the only sub-sector in positive territory. On the back of Okomuoil(-8.38%), Oando(-9.64%), Mansard(-4.53%), Glaxosmith(-4.95%) and Sterlnbnk(-4.67%), NSEOILGS, NSEINS, NSECNSM and NSEBNK shed points.
Market witnessed the USI’s pure price climbing +1.25 %( 11.77basis points) to record 953.57basis points from previous 941.80basis points as against market capitalization declining by-0.78 %( N3.83bn) to close N489.54bn from previous N493.69bn.
In total, the number of trades executed recorded +425% appreciation in 21 deals from yesterday’s figures of 4 deals, while in contrast, volume and value of stocks executed today recorded declines of -91.84% and -80.26% to record 165,310units and N2.17m in that order. Overall, 7(seven) securities traded out of the 23 securities admitted to trade, with Acorn Petroleum Plc recording the largest volume of stocks traded in 137,000units.
Today’s price chart recorded 4(four) gainers and only 1(one) decline, even as the remaining 18 securities stayed unchanged in prices. Acorn Petroleum Plc +14.71% (0.39k), Afriland Properties Plc +14.75% (N2.49),NDEP Plc +5.71% (N184.99), CSCS Plc +13.55% (N5.70), Friesland Campina Wamco Plc -2.85% (N238.00).
Given this market; we still recommend an investment approach of medium to long term from positioning investors.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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Daily retail report
1. Retail views
UBA Q4 results
Nigeria Thursday, 19 February 2015
Daily Retail Report
.
Market Review
The market struggled to remain in positive terrain as the NSE lead
Index added 36bpts to return 29,828.04bpts with 4385 deals. All
sub-sectors monitored by the exchange closed northward except
NSEBNK which lost 8bpts. OILGS led the chart as a result of heavy
gains recorded by Seplat (5.00%), FO (3.23%) and TOTAL (3.19%).
ASI year-to-date return currently stands at -11.88% as market
capitalization added N35bn. Among the broad indices, Volume of
transactions appreciated by 33% relative to previous figures as 564
million units of shares valued at N6.088bn exchanged hands.
Advancers’ beats decliners 25 to 15 while 52 remained unchanged.
Top in the positive territory are OKOMUOIL
(N33.81), MAYBAKER (N1.41) and PRESCO (N29.40) while
JBERGER (N38.08), BOCGAS (N5.21) and PREMBREW (3.61) led
the decliners’ list
We advise short term investors to keep their fingers on the exit
button.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 0.56 -15.90 -12.31
NSE BNK10 -0.08 -14.03 -10.62
NSE CNSM10 1.43 -16.79 -14.24
NSE OILG5 2.82 3.27 6.26
NSE INS10 0.26 -6.11 -3.50
Market Wrap
ASI +0.36% 29,282.04
Index year-to-date -11.88%
Market Cap. N9.770Tril
Traded value 6.088Bn
Key gainers (%)
OKOMUOIL 10.21
SEPLAT 5.00
NESTLE 3.64
FO 3.23
UNILEVER 3.03
Key losers (%)
GUINNESS -1.14
DANGCEM -1.16
ZENITHBANK -2.27
TRANSCORP -4.32
JBERGER -5.06
NITTY
1M 13.2372
2M 13.3796
3M 13.8592
6M 14.5074
9M 15.1534
12M 17.9012
Crude oil spot price
Brent crude US$58.09
Contact information
Phone: 01-2713923; 01-2713920
Mobile: 08068015502
Email: cslservice@fcmb.com
Open Account: Click here to register
2. Daily Retail Report
Page 2
Retail views
0
Stock Recommendations
Banking Comment
Current
Price
Target
Price
Potential
Upside %
EPS
FY
2013
1 Yr
forward
EPS
Last
Dividend
(N)
P/BV
2013
Yield FY
2013
Yield FY
2014e
Shares
Outstanding
(millions)
Year
End
ACCESS BANK Buy 5.60 7.73 38% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 3.71 5.27 42% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.20 1.86 55% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Buy 7.09 12.86 81% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 21.00 28.42 35% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 24.40 32.37 33% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.25 1.57 -30% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.00 -100% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Buy 3.15 5.70 81% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.20 24.60 43% 3.00 3.00 1.75 1.30 8.10% 8.3% 31396.00 Dec.
Food & Beverage
EV/EBITDA (x)
2013
Yield FY
2013e
DANGOTE SUGAR REFINERY Under review 6.20 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 42.98 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 30.00 54.80 83% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 2.96 5.20 76% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 819.99 821.80 0% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 27.30 34.60 27% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 33.99 72.60 114% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 34.00 31.80 -6% 1.30 1.60 1.25 13.70 3.80% 3.8% 3783.00 Dec.
Building Materials EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
LAFARGE WAPCO PLC Under review 84.00 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 153.20 258.50 N/A 11.80 11.90 7.00 16.10 3.40% 3.5% 17040.00 Dec.
Breweries EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
GUINNESS NIG. Sell 123.28 111.00 -10% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 18.00 24.50 36% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 133.85 121.20 -9% 5.70 5.60 4.50 13.30 2.90% 2.1% 7562.00 June
Agriculture EPS 2013e
EV/EBITDA (x)
2013e
Yield FY
2013e
OKOMU OIL Buy 33.89 41.50 22% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 29.40 42.70 45% 1.29 1.60 0.10 9.20 0.40% 1.7% 1000.00 Dec.
Pharmaceuticals EV/EBITDA (x)
2013
Yield FY 2013
GLAXOSMITHKLINE BEECHAM NIG. Buy 42.00 78.60 0.87 3.10 4.30 1.30 8.90 2.50% 3.8% 957.00 Dec.
Note – for full report on the recommended stocks kindly send an email to cslcsu@firstcitygroup.com
3. Daily Retail Report
Page 3
Retail views
Top Highlight
Unofficial: Naira currency devaluation- The CBN devalues the naira to circa N198.0/US$1.0; and equities rally
7.1%
It has finally happened, but through an unofficial route. For the past four trading days the Central Bank of Nigeria (CBN) has been taking client
bids for US dollars via banks, and then offering banks US dollars at close to the inter-bank rate, rather than its own official rate.
We understand that late last week it was offering US dollars at N198.0/US$1.0 and at N198.5/US$1.0, then on Monday and Tuesday this week at
N198.0/US$1.0, yesterday at N197.0/US$1.0. This is a far cry from its official N168.0/US$1.0 rate arrived at last November and unchanged since
then for deals in its Retail Dutch Auction System (RDAS). Yesterday it announced that the RDAS is closed for business.
Our base case was that the CBN would ease its official RDAS rate from N168.0/US$1.0 to N182.0/US$1.0, or even out to N191.0/US$1.00 (which
would have made N200.0/US$1.0 a credible interbank exchange rate within a 5.0% band). In the event it has gone further than this by closing
RDAS and entering the interbank market itself.
But it has not made an announcement about devaluation, no doubt due to political sensitivities in the run-up to general elections on 28 March
and 11 April.
Can the currency slip further? Our base case is that it will find a back-stop in the interbank market – which is now the same as with the CBN’s
own rate – of N220.0/US$1.0. But the naira still needs support from a) a reduction in imports (this happens through lower fuel import costs, for
example), b) fewer losses through the ‘net errors and omissions line’ in national accounts (which will likely fall with reduced oil prices), and c)
portfolio investment and foreign direct investment. There is some evidence of c) as the equity market has rallied 7.1% this week.
Today’s news headlines
Imports decline sharply as ship traffic drops 63%: The volume of goods imported into Nigeria is witnessing a sharp decline,
causing a drop in cargo ship traffic in the nation’s sea ports, as the devaluation of the local currency begins to exert pressure on the
sector. Source: businessdayonline.com
CBN sells dollar to banks at N198: In a bid to reduce pressure on the naira, which has come under speculative attacks in recent
weeks, the Central Bank of Nigeria on Wednesday announced the closure of the Retail and Wholesale Dutch Auction Systems of the
foreign exchange market. The closure, which takes immediate effect, was confirmed in a statement issued by the Director, Corporate
Communications Department, CBN, Mr. Ibrahim Mu’azu. In taking the step, the central bank was said to have fixed the exchange
rate of the naira to the dollar at 198, which is N30 above its N168 (+/-5 per cent) rate. Source: punchng.com
FG considers more budget cuts ahead of elections: The Federal Government will consider further cuts to the 2015 budget and
adjust its US$65 benchmark oil price downwards, according to Ngozi Okonjo-Iweala, finance minister, who has lowered her gross
domestic product forecast for Africa’s largest economy from 5.5% to 4.5-4.8% this year. Source: businessdayonline.com