211010: Nigerian Capital Market dips further by -1.43% as UBA Plc records 136.7% PAT growth

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Nigerian Capital Market continued the southward treading as sell-traders maintained strong position against possible bargain sentiment which consequently closed All Share Index lower at 24,537.02, losing 345.71 basis points to record another bearish outlook. More so, the year to date market performance which stood at 21.30% on Monday reclined by 3.56% in 3days to close at 17.75%.
 
In the same view, the market capitalisation of 199 first-tier securities followed same trend to record a loss of N86.90 billion, closing lower at N6.01 trillion with negative market breath. 127 equities were traded today as market activities were more dominant in banking, Insurance, Food & Beverages and conglomerates sectors.
 
In the early trading hour, our tracking analysis observed that Oceanic bank Plc, one of the rescued banks, topping the volume chart and eventually closed as top gainer in the sector by 4.82% followed by Unity bank Plc, Afribank bank Plc and Union bank Plc. See the performance chart below
 
All NSE sectoral indexes reflected the bearish outlook as NSE 30 which basically measures the performance of blue chips in the market dropped by -1.42%, NSE Banking dropped the highest points by -2.76%, NSE Food & Beverages dropped by -1.07%, NSE Oil & Gas dropped by -0.39% while NSE Insurance dropped the lowest point of 0.01%.
 
At the close of trading session, the NSE All-Share Index dropped by -1.43% to close at 24,537.02 as against a decline by -1.26% recorded yesterday to close at 24,891.73. In the same manner, market capitalization dropped by N86.90 billion (US$588.99 million) to close at N6.01 trillion (US$40.74 billion) as against loss of N78.64 billion (US$533.01 million) recorded yesterday to close at N6.09 trillion (US$41.33billion).
 
The number of gainers at the close of trading session closed higher marginally at 16 positions as against 14 gainers recorded previous session while decliners closed higher at forty-seven (47), compared with thirty-eight (38) losers recorded the previous trading day – suggesting negative market breath.
 
Access Bank Plc‘s N13.5bn three-year redeemable Convertible Bond has been delisted from NSE Daily Official List, after the bank had made its final redemption payment on the bond.
 
Today, Beco Petroleum Plc presents its forecast: Turnover N927.720million, Cost of Sales (N797.586million), Profit Before Tax N51.277million, Taxation (N12.819million), Profit After Taxation N38.458million.
 
Also, the following companies released their results:
 
1.      UBA Plc: in its quarter three report recorded negative gross earnings growth of -6.9% and positive PAT growth of 136.7%.
 
2.      Wema Bank Plc: in its quarter three report recorded negative gross earnings growth of -4.7% and positive PAT growth of 105.50%.
 
3.      Berger Paints Plc: in its quarter three report recorded positive turnover growth of 16.3% and positive PAT growth of 64.5%.
 
4.      Transcorp Plc: in its quarter three report recorded negative turnover growth of -18.9% and positive PAT growth of 5692.9%.
 
5.      Arbico Plc: in its audited report recorded negative turnover growth of -39.7% and positive PAT growth of 94.1%.
 
As usual, banking sector led the market transaction volume today with 101.81 million units valued at N737.29 million (US$4.99 million) exchanged in 2,968 deals as against 311.78million units valued at N1.65 billion (US$11.20million) exchanged in 3,846 deals recorded yesterday.
 
The volume recorded in the sector was driven by transaction in the shares of Access bank Plc, First Bank Plc, Guaranty Trust Bank Plc and Diamond Bank Plc and the total volume of 39.31 million units valued at N433.98 million traded in the shares of the four stocks accounted for 21.42% of the entire market volume and their value represented 31.12% of the market’s value.
Transaction volume on the exchange moved down by -54.63% to close at 183.53 million units exchanged in 5,233 deals as against an upbeat by 11.94% recorded previous trading to close at 404.56 million units exchanged in 6,494 deals.
Also, market value dropped by -46.97% to close at N1.39 billion (US$9.45 million) as against a decline of -52.85% recorded previous trading session to close at N2.63 billion (US$17.82 million).
SECTORAL REVIEW
 
The Agriculture sector closed today with one loser and three unchanged prices compared with two losers and two unchanged prices was recorded on previous trading day. The share price of Livestock Feeds Plc moved southwards by -4.76% whileother stocks in the sectorremained unchanged after trading.
 
The Air Services sector recorded no price movement compared with one loser and one unchanged price recorded on previous trading day. The share price of all stocks in the sector remained unchanged after today’s trading.
 
The banking sector closed today with four (4) gainers to sixteen (16) losers recorded compared with four (4) gainers to fifteen (15) losers recorded on previous trading day.
Oceanic Bank International Plc led the gainers’ chart in the sector with +4.82% and closely followed by Unity Bank and Afribank Plc with +4.67% and +4.43% gains recorded respectively while Sterling Bank Plc led the losers’ chart in the sector with -5.00% price decline recorded. Skye Bank Plc also recorded -5.00% price declines while First City Monument Bank, Guaranty Trust Bank and Ecobank Plc also followed on the decline chart with -4.92%, -4.60% and -3.95% losses respectively.
 
The Breweries sector closed with one loser and two unchanged prices compared with one gainer and two unchanged prices recorded on previous trading day. The share price of Nigerian Breweries Plc moved southwards by -1.18% while Guinness Nigeria and International Breweries Plc remained unchanged after today’s trading.
 
The building materials sector, today, closed three losers compared with two losers and one unchanged price recorded on previous trading day. The share prices of Cement Company of Northern, Ashaka Cement and Lafarge WAPCO Plc moved southwards by -2.04%, -1.71% and -0.14% in that order.
 
The conglomerates sector recorded one loser and four unchanged prices compared with one loser and five unchanged prices recorded on Wednesday. Unilever Nigeria Plc moved down by -1.72% while the prices of other stocks in the sector remained unchanged.
 
The Food and Beverages sector closed with seven losers and five unchanged prices compared with two gainers to five losers on Wednesday. The share price of Nigerian Bottling Company Plc led the losers’ chart in the sector with -4.99% loss recorded while Tantalizer, Dangote Flour, Flour Mills, Honeywell Flour Mills, Cadbury, and Nestle Nigeria Plc also recorded downwards price movement with -3.51%, -3.44%, -2.13%, -1.49%, -1.10% and -0.01% losses recorded respectively.
 
The Insurance sector closed with three gainers to five losers compared with one gainer to five losers recorded on previous trading day.
 
The Petroleum sector records two gainers to three losers compared with two losers and six unchanged prices recorded on Wednesday. The share prices of Oando and Beco Petroleum Plc both moved northwards by +4.99% and +1.49% respectively while African Petroleum, Eterna Oil and Mobil Plc moved southwards by -4.78%, -2.94% and -2.47% respectively after today’s trading.
 
 
Rescued Banks
 
 
Top Trades
 
 
Sectoral Index
 
 
 
Top Ten Gainers of the day.
 
 
Top Ten Losers of the day.
 
 
Corporate Declarations
 
 
 
Follow the link to get the latest banking results details
 
analyst@proshareng.com , 00234-1-7624131, October 21th, 2010; 15.25hrs
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