United Bank for Africa's Q3 2014 results (UBA) which were published this afternoon showed that while PBT grew 34% y/y, PAT declined by 56% y/y mainly due to a significant loss on the other comprehensive income line as well as a higher tax rate y/y.
Guaranty Trust Bank Plc (GTB) reported results for 9 months to September 2014 wherein revenues rose 9% YoY to N198 billion. PBT came in 2% weaker YoY (6M: -7% YoY) at N80.7 billion while PAT was 4% lower YoY (6M: -10% YoY) at N66.7 billion. YoY, Q3 14 Revenues, PBT and PAT all matched our estimates.
The rate which the key benchmark indices had broken its key supports levels during the recent heavy sell-down coupled with lack of corresponding growth in volume traded in the ongoing reversal-rally technically cast BIG doubt and dark cloud around the on-going rally. We are of the opinion that retail investors should be more cautious as the rally appeared to be a dead-cat-bounce-rally. Apart from the analysis into individual stock, sector-to-sector review should be taken as compass to locate and reveal investors’ trading psychology/sentiments before investing.
Today, PRESTIGE recorded an astronomical growth in its bearish volume while its price remained flat at nominal value of N0.50kobo. This shows that both the investors and shareholders maintained unenthusiastic trading postures towards the stock despite the general renewed optimism on the bourse.
Today, the shares of COSTAIN gapped up, recording a break-away rally within the band. The stock leads market performance with +10.00% gain as money inflow index surged significantly to reflect a strong reversal trend.
MRS Oil Nigeria Plc has notified The Nigerian Stock Exchange that its Board meeting earlier scheduled for to hold on 30 October 2014 to consider the 3rd quarter unaudited results of the company has been re-scheduled to 12 November 2014.
Beta Glass Plc has notified The Exchange that Frigoglass SAIC in Attens, the parent company of Frigoglass Industries Nigeria Limited, which is the core investor in Beta Glass Plc has announced that it is commencing an exploratory process relating to strategic options for its Glass business.
Today, UBA experienced renewed and active bargain optimism with corresponding spike in bullish volume traded. The stock halts the active sell-down activities with a maximum gain of +9.10%, after hitting 21months low at N5.29kobo in an oversold region- an indication of renewed investors loyalty towards the stock.