Economy
Check Out Target Price of These Stocks on NSE
By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) kicked off this week trading on a brighter note with 0.37 percent gained on Monday after enduring 11 successive losses.
This came as a huge relief on investors, which had started getting worried with the continuous bear run at the market.
Yesterday, analysts at Vetiva Research released their coverage snapshot for the week, showing which stocks to buy, hold or sell as a result of their target prices, which are highlighted below.
GTBank, which lost 7.87 percent w/w to settle at N38.65k, closed on Monday at N40.40k. The stock trades at 6.4x 2018 P/E and 1.6x 2018 P/BV and has a target price of N50.88k. As a result, a rating of BUY is placed on it.
Zenith Bank, as at last week, has lost 4.32 percent w/w to close. The stock ended the week N25.50k, trading at 4.5x 2018 P/E and 0.9x 2018 P/BV. Yesterday, Zenith Bank finished at N26 and because of its target price of N34.22, it has a BUY rating.
UBA gained 3.77 percent w/w last week to settle at N11. The stock trades at 4.8x 2018 P/E and 0.7x 2018 P/BV. At the market on Monday, it traded flat and with N14.42 target price, it has a BUY rating.
Access Bank added 2.34 percent w/w to close at N10.95 last Friday. The stock trades at 4.0x 2018 P/E and 0.6x 2018 P/BV. On Monday, it rose by 5 kobo to close at N10.65k. It has a BUY rating as a result of its N12.80 target price.
Skye Bank lost 1.43 percent w/w to settle at 69 kobo. Yesterday, it ended at 70 kobo per share. Given the delayed release of results since Q1’16 (Last filing:
FY15), Vetiva has suspended its coverage. The Central Bank of Nigeria (CBN) extended its guarantee to Skye Bank till mid 2018 as it assists it on its recapitalization drive.
FBN Holdings increased by 4.64 percent w/w to close at N10.15 last week, but finished at N10.50k on Monday. The stock trades at 4.2x 2018 P/E and 0.5x 2018 P/BV. With a target price of N12.82, it has a BUY rating on it.
Diamond Bank, which gained 1.46 percent w/w to close at N1.39, ended at N1.41 yesterday. The stock trades at 5.0x 2018 P/E and 0.1x 2018 P/BV and with a target price of N4.45, it has a BUY rating.
FCMB has a BUY rating with a target price of N4.66. Last week, the stock declined by 0.91 percent w/w to close at N2.18 and yesterday, it ended at N2.25. The stock trades at 2.2x 2018 P/E and 0.2x 2018 P/BV.
Stanbic IBTC depreciated 2.95 percent w/w last week to settle at N46.10. The stock trades at 8.4x 2018 P/E and 2.2x 2018 P/BV. Yesterday, stock traded flat and with a target price of N42.38, it has a SELL rating.
Nigerian Breweries lost 10.75 percent w/w to close at N103. The stock trades at 4.6 percent 2018 dividend yield. At the market yesterday, the stock settled at N106 and with a target price of N130.68, it has a BUY rating.
Guinness Nigeria dropped 5 percent w/w to settle at N95.00 last week. The stock currently trades at 3.4 percent 2018 dividend yield at with N89.70 target price, it has a SELL rating. The stock traded flat at the market.
UAC of Nigeria declined by 2.33 percent w/w to settle at N14.70 last Friday. The stock currently trades at 2.7 percent 2018 dividend yield and yesterday, it traded flat. With a target price of N20.03, it has a BUY rating.
Unilever Nigeria rose by 5 percent w/w to close at N51.45 on Friday. The stock trades at 1.4 percent 2018 dividend yield. On Monday, the equity was traded at N51.45 and with a target price of N34.15, it has a SELL rating.
PZ Cussons stayed flat w/w at N21.85 last week. The stock trades at 3.1 percent 2018 dividend yield. With N24.37 target price, the stock has a HOLD rating.
Flour Mills of Nigeria, according to Vetiva Research, has its rating UNDER REVIEW. Yesterday, the stock was sold at N30.10. But last week, it added 5.42 percent w/w to settle at N31.10. Flour Mills recently reported its 9M’17 earnings with top and bottom line of N426.5 billion and N13.2 billion printing 10 percent and 79 percent ahead of 9M’16 figures.
Dangote Sugar gained 5.76 percent w/w to close at N17.45. The stock trades at 5.4 percent 2018 dividend yield. At the market yesterday, the stock traded at N17.25 and with a target price of N23.30k, it has a BUY rating.
Nestle Nigeria lost 10.63 percent w/w to settle at N1,430.00. The stock trades at 3.6 percent 2018 dividend yield. On Monday, the stock traded flat and with N1,275.76 target price, it has a SELL rating.
Lafarge Africa declined by 16.05 percent w/w to close at N34. The stock currently trades at 1.5% 2018 dividend yield. On Monday, the stock traded at N33.10 and with N57.63 target price, it has a BUY rating.
CCNN grew by 16.46 percent w/w to close at N27.95. The stock currently trades at 4.8 percent 2018 dividend yield. Yesterday, it traded flat and with a target price of N11.12, it has a SELL rating.
Dangote Cement shed 8.61 percent w/w to settle at N223 last Friday. The stock currently trades at 5.8 percent 2018 dividend yield. Yesterday, it traded flat and with N289.45 target price, it has a BUY rating.
Julius Berger stayed flat w/w as well as yesterday at N27.55. The stock currently trades at 0.3 percent 2018 dividend yield. It has a SELL rating as a result of its N25.27 target price.
Presco stayed flat w/w at N75, same price it ended yesterday. The stock currently trades at 2.7 percent 2018 dividend yield with a HOLD rating because of its N80.08 target price.
Okomu Oil lost 5.88 percent w/w to settle at N80. The stock currently trades at 3.8 percent 2018 dividend yield. The stock closed at N80 on Monday. With a target price of N94.59, it has a BUY rating.
Oando dropped 7.59 percent w/w to settle at N6.70 last week. Oando recently released Q1’18 results, reporting a top line of
N151 billion (Q1’17: N138 billion) and bottom line of N4.2 billion (Q1’17 PAT: N571 million). On Monday, the stock was traded at N6.10. The rating is still UNDER REVIEW.
Seplat rose by 0.72 percent w/w to settle at N740. The stock currently trades at 4.9 percent 2018 dividend yield, trading flat yesterday. With N970.18 target price, it has a BUY rating.
Total Nigeria declined 4.86 percent w/w to settle at N201.70. Total Nigeria recently released Q1’18 results, reporting a top line and
bottom line of N76 billion (-6 percent y/y) and N1.6 billion (-38 percent y/y) respectively. Yesterday, the stock traded flat. Meanwhile, the rating is UNDER REVIEW.
Mobil Oil Nigeria dipped 4.64 percent w/w to close at N164.50. The stock currently trades at 4.9 percent 2018 dividend yield. At the market on Monday, the stock traded flat. With N258.54 target price, it has a BUY rating.
Forte Oil lost 13.64 percent w/w to settle at N35.15 last week. The stock currently trades at 2.8 percent 2018 dividend yield. The stock finished yesterday at N35.50. It has a HOLD rating as a result of its target price of N77.75.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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