030512: All-Share Index firms up by +0.84%; ZENITHBANK grows PAT by 26%

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030512: All-Share Index firms up by +0.84%; ZENITHBANK grows PAT by 26%

The bulls dominated market activities for the second session in a row just as bargain hunting continued to outweigh sell pressure amid increased volume turnover while Naira votes dropped slightly amid depressing market breadth with market YTD performance currently standing at +8.72%.

More so, Zenith Bank Plc declared its Q1 2012 result today with N72bn gross earning in Q1 2012 as against N54bn in Q1 2011 representing 33.4% growth while its PAT stood at N19.2bn in Q1 2012 as against N15bn in Q1 2011 representing 26% growth rate.

Nevertheless, the key benchmark indices maintained uptrend as sentiments remained positive, taking support majorly from Large CAP stock which was particularly driven by First Bank while Medium CAP stocks also contributed to the outlook recorded today due to selling activities witnessed in Financial Services, Industrial Goods, Oil & Gas and Consumer Goods sectors.

In the same vein, the market capitalization of 187 first-tier equities appreciated by N59.62 billion as market sentiments remained green. 92 equities were traded today as against previous 104 with more activities recorded in Financial Services, Consumer Goods, Conglomerates, Services, Oil & Gas, Industrial Goods, Healthcare, Agriculture, Construction/Real Estate, ICT and Natural Resources sectors.

Today, four out of the five NSE sectoral indices closed positive as NSE 30 which basically measures the performance of blue chips maintained uptrend by +1.11%, NSE Insurance retraced to close upbeat by +0.87% while NSE Oil & Gas recorded +1.06% gain with NSE banking recording the highest gain by +3.01% while NSE Food recorded -0.05% loss.

At the close of trading session, the NSE All-Share Index inches up by +0.84% to close at 22,537.98 as against an upbeat by +1.39% recorded in the previous session to close at 22,351.00. In the same vein, market capitalization appreciated by N59.62billion (US$397.39 million) to close at N7.18trillion (US$47.90billion) as against appreciation by N97.37 billion (US$648.95 million) recorded in preceding session to close at N7.12trillion (US$47.50billion).

The number of gainers at the close of trading session closed lower at 28 as against 31 recorded in the previous session while decliners closed higher at eighteen (18) as against eleven (11) losers recorded in the previous trading day – suggesting a positive market breadth.

Today, the following companies presented their results

1. AG Leventis Plc: in its Q1 2012 result recorded negative turnover growth of -3.2% and negative PAT growth of -96.6%.

2. Skye Bank Plc: in its Q1 2012 result recorded positive turnover growth of +12.6% and positive PAT growth of +2.3%.

3. Prestige Assurance Plc: in its Audited 2011 result recorded positive turnover growth of +8.1% and negative PAT growth of -47.5%.

4. GTAssure Plc: in its Q1 2012 result recorded negative turnover growth of +22.4% and positive PAT growth of +199.8%.

5. Zenith Bank Plc: in its Q1 2012 result recorded negative turnover growth of +33.4% and positive PAT growth of +26%.

6. Prestige Assurance Plc: in its Audited 2012 result recorded positive turnover growth of +8.1% and negative PAT growth of -47.5%.

As usual, Financial Services sector led the market transaction volume today with 496.50 million units valued at N3.44 billion (US$22.92 million) exchanged in 2,565 deals as against 443.14 million units valued at N3.57 billion (US$23.79 million) exchanged in 2,375 deals recorded in previous session.

The volume recorded in the sector was driven by transaction in the shares of DIAMONDBNK, UBA, MBENEFIT, GUARANTY and FIRSTBANK Plc and the total volume of 301.54 million units valued at N1.99 billion traded in five stocks accounted for 53.45% of the entire market volume and their value represented 42.49% of the market’s value.

Transaction volume on the exchange moved up by +15.538% to close at 574.88 million units exchanged in 4,441 deals as against a decline by -25.56% recorded in the previous trading to close at 498.26 million units exchanged in 4,146 deals.

Also, market value depreciated by -3.86% to close at N4.68 billion (US$31.21 million) as against depreciation by -22.71% recorded in the previous trading session to close at N4.87 billion (US$32.47 million).

Sectoral Performance (According to New Market Segmentation)

Financial Services sector led the market sectoral performance with 496.50 million units of shares traded in 2,565 trades within the sector, followed by Consumer Goods sector to come second on the chart with 35.21 million units traded in 824 trades while Conglomerates sector recorded 12.77 million units in 50 trades to close with third position on the chart. See the full table below

Market Outlook by Classification

At the end of today's session, it was observed that Medium Cap stocks according to new market segmentation topped today's market activity with 48.42% contribution to market turnover, followed by Large Cap stocks with 28.19% while Small Cap stocks stake 23.39% to come last on the chart.

Among the Large cap stocks, DANGCEM, NB and GUARANTY Plc topped the 7 traded stocks in that class while UBA, IBTC and WAPCO dominated Medium Cap of 23 traded stocks. Similarly, ETRANZACT, GLAXOSMITH and UAC-PROP led 62 traded stocks in the Small Cap category in that order. See table below

SECTORAL REVIEW

The Agriculture sector closed with three losers as against one gainer to one loser recorded in the previous session. Okomu Oil Palm Plc closed with -4.32% loss after today’s trading session.

The Conglomerates sector closed with one gainer to two unchanged prices as against gainer to one loser recorded in the previous session. UAC-Prop Plc closed with +0.09% gains after today’s trading session.

The Construction/Real Estate sector closed with one loser to one unchanged price as against gainer to one loser recorded in the previous session.

The Consumer Goods sector closed with five gainers to two losers as against eight gainers to seven unchanged prices recorded in previous session. Dangote Flour Mills Plc moved northwards by +4.87% after today’s trading session.

The Financial Services sector closed with twelve gainers to four losers as against thirteen gainers to three losers recorded in the previous session. First Bank Plc moved up by +4.97% while FCMB Plc moved down by -4.91% loss after today’s trading session.

The Healthcare sector closed with three losers to three unchanged prices compared to two gainers to one loser recorded in previous session.

The Information & Communication Technology sector closed with no price movement as against any price movement recorded in the previous session.

The Industrial Goods sector closed with five gainers to one loser as against two gainers to two losers recorded in previous session.

The Natural Resources sector closed with no price movement as against any price movement recorded in previous session. All stocks in the sector closed flat after today’s trading session.

The Oil & Gas sector closed with two gainers to one loser as against two losers to six unchanged prices recorded in previous session.

The Services sector closed with three gainers to three losers as against three gainers to seven unchanged prices recorded in the previous session.

Further analysis on Acquiring Banks since transaction date showed that the share price of Access Bank Plc has recorded 30.51% gain, followed by FCMB with 38.97% while Union Bank Plc leads the chart with 99.04% gain. However, Sterling Bank and ETI Plc both recorded -6.30% and -4.03% loss respectively. See the tracking table below.

Acquiring Banks