Top-5 Nigerian Equities League for the week commencing 13 October, 2014


Monday, October 13, 2014 11:28 AM / Morgan Capital**

The NSE All-Share Index and Market Capitalization depreciated by 1.60% to close on Friday at 40,444.39 and N13.354 trillion respectively.

Similarly, all the indices depreciated during the week with the exception of the NSE Consumer Goods Index that rose by 0.37%.However the NSE ASeM Index closed flat. The YTD sectorial indices performances are as follows

The NSE All Share Index (2.14%)

NSE Banking Index (7.12%)

NSE Insurance Index (4.66%)

NSE Consumer Goods Index (7.37%)

NSE Oil & Gas 32.66%

NSE Industrial Goods Index 6.96%

The YTD Performances of selected African Stock Exchanges as at 10th October 2014

Nairobi Stock Exchange 18.94%

Johannesburg Stock Exchange 1.80%

Lusaka Stock Exchange 17.20%

Mauritius Stock Exchange 2.89%

Nigeria Stock Exchange 2.14%

Top 5 Nigerian Equities League for the Week commencing [13/10/2014]


Dangote Sugar retains the number one spot on the league table this week. The company currently has an upside potential of 56.79% based on our research. The company has shed some weight in the course of the prevailing bearish trading sessions we have had recently and considering the flat H1 2014 performance of the company. Our long term outlook for the company is still positive and we expect the company to trade at our target price within the next 12months.

CCNN retains the second spot on the top 5 this week. The company posted a very strong H1 2014 report and looks set to sustain the performance going into the second half of the year. The Company returned to the top-5 after our upward review of the target price in our H1 2014 report. The upside potential is currently 25.60%

Dangote Cement climbs to the third spot on the league table following share price declines of the company’s shares in the course of the week. The upside potential is currently 19.52% based on our research

Diamond Bank The mid-tier lender posted an impressive performance in FY 2013 and sustains the momentum in the Q1 2014 report. The Bank’s strong retail focus remains its strongest selling point. We expect the Bank to consolidate on this strategy to deliver sustainable returns to investors going forward. The upside potential of the stock is 16.61%. We revised our earnings expectations downwards to accommodate the rising operating expenses due to the massive expansion drive of the Bank. However, we like the growth strategy of the Bank and its retail focus will ensure commensurate returns in revenue

Mobil Nigeria returns to top 5 this week displacing Julius Berger to claim the fifth position. The company posted a very strong H1 2014 report and looks set to sustain the performance going into the second half. The upside potential is currently 11.38%

Our top-5 this remained unchanged as a result of the bearish run in the market which increased our upside expectation for the stock that made the top-5 last week.

We urge our subscribers to continue to invest based on the principles of sound fundamentals at good entry prices bearing in mind that in a bear market, stocks with good fundamentals have the capacity to retain value, and even when their prices crash, they are the quickest off the mark in price appreciation when the market

For other stocks that make up the top ten on our league table and other company specific research reports, investors can send their enquires to Our research is based purely on fundamentals and emerging verifiable information.

Kindly note that our league table is subject to change based on fluctuations of market prices and/or a review of our fair value estimates. These reviews are based on fundamentals and verifiable information coming from the companies.

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