The average ex-factory price of cement in Nigeria has moderated to US$145/tonne (our estimate) from US$177/tonne, below our estimated average price of US$151/tonne for Sub-Saharan African (SSA) countries.
Today AXA announced it has entered into an agreement to acquire 100% of Assur Africa Holdings (AAH), owners of 77% stake in Mansard Insurance plc. With this acquisition, AXA becomes the beneficial majority owner of Mansard Insurance plc.
Today, COSTAIN gapped northward in a break-away rally to record an upper breakout with 8.8% gain, extending the reversal pattern as both investors and shareholders displayed impressive bargain appetite towards the stock.
Today, FCMB experienced a renewed bargain tendency with an engulfing bullish pattern, recording astronomical surge in bullish volume by 16465%- an indication of strong enthusiastic trading tendency from both investors and shareholders.
Today, UAC-PROP experienced renewed and moderate bargain optimism with moderate growth in volume traded. The stock halts the prolonged sell activities with +8.40% gain, after hitting its 2yrs low at N10.52kobo in an oversold region- an indication of renewed investors loyalty.
For the six months to September 2014 results of Flour Mills of Nigeria Plc (FMN), we update our views and reiterate our long term BUY recommendation on the stock. However, in this note, we adjust our 12-month target price to ₦86.35 per share, (previous TP: ₦90.00) The most recent results (6M'14/15) fall short of our estimates on key metrics as lower sales volumes impacted revenue growth. More importantly, finance charges depressed net income and margins, with adverse effects on our FY�14/15 EPS estimate.