The document summarizes market activity on the Nigerian stock exchange for the day, noting a small gain in the overall market index. It provides sector-by-sector performance data and lists some of the top gaining and losing stocks. It also includes the bank's recommendations on stocks in various sectors, assigning ratings and providing price targets and financial data to support the ratings.
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
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
After a 5-day negative trend, the NSE All Share Index witnessed some respite at today’s session on account of price appreciation in heavyweight Dangote Cement
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After a 5-day negative trend, the NSE All Share Index witnessed some respite at today’s session on account of price appreciation in heavyweight Dangote Cement
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Market performance for 6th January 2015 complied by CSL Stockbrokers Limited Headquarters, Lagos Nigeria containing detailed market analysis from the Nigerian Stock Exchange.
A summary of market activities and stock performance that occurred on the floor of the Nigerian stock exchange at the close of trading activities yesterday.
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.
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......
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Going from strength to strength, Nigeria equity market traded at a 3-week high point, with massive gains of over 3% which heaved NSE close to psychologically crucial 30,000 level. The sentiments were on optimistic note on sustained buying activities by retail investors in the face of lower stock prices and amidst news of cabinet appointments on the street.
Market opened to a slow start at the unlisted securities, though the USI and Market Capitalization managed appreciations of +0.21% (2.01 basis points) and +2.20% (N9.80bn) to record 948.35 basis points and N455.42bn respectively.
While value appreciated +161.71% to close N106,514.95 only, the volume of trades executed declined by -80.81% from last friday's figures to record 11,513units executed in 5 deals(+66.67%).
4( Four) securities traded out of the 23 securities admitted to trade, with Afriland PropertiesPlc recording the largest volume of stocks traded in 10,313units.
Price chart presented 2(two) gains, with 21 securities remaining unchanged in prices. Friesland Campina Wamco Plc +5.00% ( N210.00) and Afriland Properties Plc +1.42% (N2.15).
Given the gloomy trend; we still advice investors to tread cautiously while taking up a medium to long term investment approach in this space.
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Daily Market Report
1. Retail views
UBA Q4 results
Nigeria Tuesday, 27 January 2015
Daily Retail Report
.
Market Review
The Nigerian Stock Market held into positive territory with gains of
about two tenths of a percentage on the benchmark index. Investors
were seen piling positions in Banking, Industrial and Consumer
sectors while selling pressure was witnessed in OilG and Insurance
sectors. Despite losses recorded in Oando(-3.76%), GTB(-1.52%),
Guinness(-0.76%) and Nestle(-0.62%), the NSEASI added 0.27% to
erase yesterday’s weak closing.
NSEASI currently stands at 29,859.06, returning -12.49% year-to-
date. At the closing bell, 25 stocks advanced relative to 39 decliners
while 48 remained unchanged. Market activity level appreciated
relative to the previous session as 468million units valued at
4.675bn represents 78% and 21% surge in volume and value traded
respectively. Top in the positive territory are OkomuOil(N27),
PZ(N26.25), IkejaHotel(N2.73) and Presco(N32.60) while
Oando(N15.88) GTB(N20.68) and Unilever(N33.50) led the decliners.
While sentiments still remain cautious, aggressive investors take
advantage of the well beaten prices of large caps.
In the trader’s opinion, investors are advised to tread cautiously.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 0.32 -15.05 -14.99
NSE BNK10 0.32 -15.47 -15.28
NSE CNSM10 0.27 -13.96 -13.98
NSE OILG5 -1.38 -5.69 -6.57
NSE INS10 -1.61 -5.75 -5.66
Market Wrap
ASI +0.27 29,859.06
Index year-to-datee -12.49
Market Cap. N9.945Tril
Traded value 4.675Bn
Key gainers (%)
OKOMUOIL 5.14
PZ 5.00
DANGSUGAR 4.99
PRESCO 4.98
UBN 9.50
Key losers (%)
CONOIL -4.99
DANGFLOUR -4.93
MANSARD -4.84
OANDO -3.76
TRANSCORP -2.68
NITTY
1M 11.9666
2M 12.5455
3M 13.4356
6M 14.2108
9M 15.1943
12M 16.4880
Crude oil spot price
Brent crude US$48.25
Contact information
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2. Daily Retail Report
Page 2
Retail views
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 Hold 5.35 11.00 106% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 4.00 8.10 103% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.30 3.00 131% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Hold 7.47 14.70 97% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 20.68 39.80 92% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 27.00 15.50 -43% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.47 2.70 9% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.10 5.00 138% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Hold 3.55 7.40 108% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.11 31.50 84% 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 5.89 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 39.90 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 39.80 54.80 38% 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 825.00 821.80 0% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 26.25 34.60 32% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 37.00 72.60 96% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 33.50 31.80 -5% 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 82.00 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 156.00 258.50 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 129.00 111.00 -14% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 20.80 24.50 18% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 144.89 121.20 -16% 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 27.00 41.50 54% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 32.66 42.70 31% 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 40.00 78.60 0.97 3.10 4.30 1.30 8.90 2.50% 3.8% 957.00 Dec.40
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
Petrol Price- The petrol price and the international price of crude oil
On 18 January, the government announced a 10.3% cut in the official price of petrol (locally known as Premium Motor Spirit) to N87.0 (US$0.4)
per-litre, from N97.0 previously. Nigerians had anticipated a steeper cut, considering that the international price of crude oil had fallen over the
preceding three months 44.6% (and has fallen 4.8% since then).
The government fixes the price of petrol and refunds petrol marketers with subsidies when the estimated open market price, which is computed
and published weekly by the Petroleum Products Pricing Regulatory Pricing Agency (PPPRA), is higher than the official price, which the PPPRA sets.
The latest reading from the PPPRA, dated 23 January 2015, suggests that even if subsidies on petrol were completely withdrawn and marketers
maintained their existing margins, petrol should retail for N90.64 per-litre, 4.18% higher than the official price.
Nigeria produces around 1.9m barrels of crude oil per-day (bpd) and consumes some 350,000 bpd, 80% of which is imported due to the lack of
local refining output. We believe that the domestic price of petrol will only begin to properly capture movements in the international price of crude
oil when domestic refining capacity is sufficiently developed.
News Headlines
Petrol subsidy rises to N3.64 per litre: A week after the Federal Government announced the reduction of the pump price of petrol, subsidy on
the product has increased to N3.64 from the N2.84 stated on January 16, 2015, statistics obtained from the Petroleum Products Pricing
Regulatory Agency have shown. The PPPRA, whose website is now wearing a new look after going off for four days, has changed the format of the
pricing template, with little details given when our correspondent checked on Monday. Before the change, the agency used a template that gave
more details, including the cost and freight component of the product, and distribution margins, among others. According to the latest petrol
pricing template, the Expected Open Market Price of Premium Motor Spirit, otherwise called petrol, is N90.64 per litre as of January 23, up from
N89.8 on January 16. Source: punchng.com
FG accuses distribution companies of rejecting power allocations: As Nigerians grapple with the challenges of inadequate electricity supply,
the Federal Government has accused some electricity distribution companies of rejecting power allocated to them for distribution to customers.
Speaking during a recent visit to the Corporate Head Office of THISDAY in Lagos, Minister of Power, Prof. Chinedu Nebo, who made the accusation,
wondered why distribution companies would reject power when Nigerians did not have enough supply. Source: thisdaylive.com
Nigeria naira closes at record low, despite intervention: Nigeria's naira ended at a record closing low on Monday, despite central bank
intervention, as the currency continued to weaken on strong demand for the greenback, dealers said. The unit closed at 191.10, a new record low
against the U.S. dollar, compared with Friday's record low close of 190.60 naira. Source: Reuters.com