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 Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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