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 Adedapo Adesanya
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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