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
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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