Fidelity Bank Plc (Fidelity) recently published its 9M-13 results which showed an EPS decline of 16% yoy, behind of our FY-13E run-rate of a 12% yoy growth. Subsequently, we cut our 12-month target price for Fidelity down to N2.93 from N3.81 and downgrade
Today, FCMB plunged into an oversold region, following a continued active sell activities recorded so far in the week while investors maintained a prolonged bearish posture amid sustained lackluster trading pattern in the recent months.
The financial services sector today witnessed the listing of Infinity Trust Mortgage Bank Plc via a listing by introduction which will see the percentage contribution of the sector's market capitalisation moved up by +0.04% while the stock will also have
Flour Mills of Nigeria Plc (FMN), Nigeria's largest and most diversified flour miller, has an aggregate milling capacity of 8,000 tonnes per day (tpd), an established brand name Golden Penny and a leading and fully merged bagging and packaging business BA
Guinness Nigeria Plc (Guinness) recently published its Q1-14 (July-September 2013) results. We update our earnings forecasts on Guinness, cut our 12-month target price (TP) to N249.53 from N257.38 and maintain our HOLD recommendation on the stock.
The listing of stocks on the floor of any stock exchange provides exclusive privileges as such listing facilitates transparency of the listed securities in ideal fairness and competitive conditions, and is expected to be beneficial to the company, investo
Today, Africa Prudential Registrars Plc recorded another weak bargain posture in an overbought posture with corresponding moderate loss of -1.1% as both investors and shareholders tread with caution towards the stock while it may experience price correc
Transnational Corporation of Nigeria Plc (Transcorp) paid a visit to the Nigerian Stock Exchange (NSE) for a Facts Behind The Figures presentation where it delivered a presentation that highlighted the key fundamentals of the Companys business dynamics
Mobil Oil Nigeria Plc (MON) - in its nine months results to September 2013 - reported sales revenue and post-tax profit of N58.74billion and N2.55billion respectively; the numbers are 4.19% below, and 53.19% above, the N61.31billion revenue and N1.66billi
Infinity Trust Mortgage Bank Plc (ITMB), formerly known as Infinity Trust Savings and Loan Limited, is one of the few profitably run Mortgage Bank in Nigeria. Although not yet listed on the Nigerian stock exchange, the company has great potentials.
Computer Warehouse Group Plc notified The Nigerian Stock Exchange that its Board of Directors will meet on Tuesday, 17th December 2013 as follows: Venue: Block 54, Plot 10, off Rufus Giwa Street, off Adebayo Doherty Road, Lekki Phase 1, Lagos Meeting Room
FCMB Group Plc (FCMB) recently published its 9M-13 results which showed an EPS growth of 17% yoy, ahead of our FY-13E run-rate of 8% yoy. Following an analyst briefing, we cut our 12-month target price for FCMB down to N4.70 from N6.23 but maintain our BU
PZ Cussons Nigeria Plc (PZN) is the cash-cow of the PZ Cussons family. It accounts for c.35% and c.31% (5-year average) of total revenue and operating profit respectively of the Group's nine countries of operation worldwide.
Today, COSTAIN Plc recorded an impressive patronage to close with another maximum gain of +9.0%, extending the eight days rally as investors maintained strong bargain posture towards the stock as against speculative trading witnessed across the board.
Weak Q3 activity levels hinder overall 9M performance...In its 9M 2013 results, Julius Berger Nigeria Plc (JBN) reported revenue and post-tax profit of N136.62billion and N3.78billion respectively, down by 0.62% and 0.24% y/y from N137.48billion and N3.7
Nestl Nigeria Plc (Nestl) recently published its 9M-13 results that showed an EPS growth of 11% yoy. We review our earnings forecasts, upgrade our 12-month target price (TP) to N1,202.56 from N986.93 and maintain our HOLD recommendation on the stock.
Ecobank Transnational Incorporated (ETI), the holding company of Ecobank Group has notified the Nigerian Stock Exchange that it has signed a loan agreement with PROPARCO for a USD 50m loan facility with a 10-year maturity.
Today, market sentiments remained negative towards Livestock Feeds Plc despite the improved bargain posture witnessed across the board. The stock experienced another plunge by -6.90%, extending its 5-day losing streak to record a -24.27% loss in the last
Diamond Bank Plc (Diamond) recently published its 9M-13 results which showed an EPS growth of 11% yoy, behind our FY-13E run-rate of 29% yoy. Following an analyst briefing, we cut our 12-month target price for Diamond down to N9.07 from N9.10 but maintain
Cadbury Nigeria Plc recorded an impressive patronage to close with another +5.0% gain, extending the recent uptrend as investors maintained moderate bargain posture towards the stock as against speculative tendency witnessed across the board.
9M 2013 revenue grows by 28.73% and post-tax profit increases by 45.83% y/y. Dangote Cement Plc (DCP) in its nine months results to September 2013 reported sales revenue and post-tax profit of N288.98billion and N156.13billion respectively, an increas
Oando Plc (Oando) recently published its 9M-13 results and subsequently published additional information, which highlights the performance of the business segments in 9M-13. We upgrade our 12-month target price (TP) to N14.71 from N11.28, but maintain our
Dangote Cement Plc (Dangcem) recently hosted a conference call to discuss its 9M-13 results and the outlook for its business. We raise our 12-month target price (TP) to N243.06 from N225.98 and maintain our BUY recommendation on the stock, post a review o
Today, investors maintained strong bearish sentiments toward Oando Plc as the stock's price depleted further by -6.67%, closing among worst performers after Transcorp Plc despite improved moderate optimism witnessed on the Nigerian bourse to end the sessi
With the dust settled post Q3 earnings, we adjudge most of our coverage banks particularly in the tier 1 space stable and resilient. The case for most of the tier 2 banks is however different as we saw a much more watered-down earnings on the back of the
The Goldman Sachs Group, Inc. (NYSE: GS) today launched its report “Two decades of freedom: what South Africa is doing with it, and what now needs to be done” at the Nelson Mandela Centre of Memory in Johannesburg.
9M sales revenue falls by 5.79% and post-tax loss widens by 289.27% y/y. In the nine months to September 2013, Dangote Flour Mills Plc (DFM) reported revenue of N29.96billion, a decline of 5.79% y/y compared with N31.89billion in the same period of 2012.
Today, FCMB booked another loss to extend the prolonged lackluster trading pattern while putting its 20-week performance at -32.00% loss as investors maintained a cautious and low risk appetite tendency toward the stock in recent weeks.
Revenue and post-tax profit decrease by 20.81% and 34.29% y/y. In its nine months to September 2013, Oando Plc (Oando) reported sales revenue and post-tax profit of N386.25billion and N6.09billion, down by 20.81% and 34.29% y/y respectively from N487.77bi
Year-on-year decline in 1Q sales revenue is sustained for the second consecutive year. In its first quarter to September 2013, Guinness Nigeria recorded sales revenue of N22.41billion, c.5.4% lower than the N23.69billion posted in the same quarter of the
First Bank recently announced its acquisition of the West African operations of International Commercial Bank (ICB) through a Share Sale and Purchase Agreement with International Commercial Bank Financial Group Holdings AG (ICBFGH).
Today, Jos International Breweries Plc recorded a modest gain of +2.8%, trying to build its support line at N2.73kobo (12weeks low) as market sentiments turned positive while investors displayed improved risk appetite toward the stock. The stock plunged f