₦airaland Forum

MARKET UPDATE FOR NOVEMBER 7, 2017



The nation’s equity market had a mixed session on Tuesday to continue its volatility, reversing previous down session as investors reposition on the strength of earnings power, news and expectations continue to attract attention to interim dividends declared recently. Those also under the radar of investors and traders include low price stocks, undervalued equities with strong earnings that are trending up, as well as those with strong potentials as the economy and market fundamentals inspire hope for a brighter tomorrow.

The trading session opened with marginal gain in the morning, oscillating in the mid-morning to afternoon, touching intraday high of 37,063.04 to breakout the 37,000 resistance level from the day low of 36,907.07 after which it finally closed the day higher. The underlying technicals were good and positive, particularly on the NSE All-Share index, NSE Banking and NSE Industrial good, which were trading above their 20-Day moving average, MACD was positive, money flow index looking up and RSI above 50 at 63.

As hinted in our update yesterday, the market broke out, but with weak momentum, following which mid-week’s market sentiment and forces will give real direction as trending ability remain weak since ADX is below 20 at 13.38.

The presentation of 2018 budget of consolidation should be a plus for the market if only the government will change its style of implementation and disbursement of funds to hasten the execution process so that these infrastructural developments will drive the economy and positively impact the life of the people. We would not however feign ignorance of the fact that government has consistently under-performed in terms of its revenue projections, since the need to further plug leakages and check wastage, while concentrating on projects with value-adding propositions in terms of generating employment directly and indirectly, and driving economic growth and development.

We would not however fail to place on record also the fact that the budget for the current fiscal year, as well as the one before it did not, to a greater extent, successfully reflect in the life and well-being of ordinary Nigerians across the length and breadth of the country. It is true that the emerging economic data are good, showing improvements, just as the corporate earnings, yet there is serious poverty and suffering in the land, threats here and there. The government with progress made so far should review its reforms policies, implementation style, its personal that are managing the economy, so that this budget of hope again should boost the recovery and touch the life of the people through speedy execution of projects.

The bull sentiments return yesterday as revealed by buying pressure of 68%, on a volume index of 1.09 and selling position was 32% of total transaction, to reverse Monday bear session.
Meanwhile, the All-Share index gained 82.74 basis points to close at 37,013.57 from 36,930.83 points, which represented a 0.22% growth, in the same direction as market capitalisation that was up by N28.64 billion to N12.81 trillion representing 0.22% value gain from previous session’s N12.78 trillion.

Price appreciation recorded by medium and high cap stocks like Dangote Sugar, FBNH, Dangote Cement, Zenith Bank, Guaranty Trust Bank, Total Nigeria, UBA and Guinness Nigeria which impacted positively on the ASI’s year-to-date return, to 37.73%, just as market capitalisation growth YTD stood at N3.56 trillion, representing a 38.54% rise above the year’s opening value.
Market breadth for the day remain positive as the number of advancers outpaced decliners in the ratio of 23:17 on a high traded volume that was lower than previous day’s level to halt bear.
Market transaction, in terms of volume and value were mixed as volume was down by 34.59% to 305.17 million share from Friday 466.52 million units, while value appreciated marginally by 0.09% to N2.91 billion from the previous day value of N2.90 billion.

Activities in the shares of Diamond Bank, Fidelity Bank, Cadbury, FBNH and Meyer topped the volume chart.

At the end of the day trading session, Diamond Bank topped the advancers’ table, gaining 5.17%, to close at N1.22 per share, on the back of plans to divest its West African subsidiaries, thereby positively impacting its book. It was followed by University Press, which notched 4.80%, to close at N2.84 on market forces and improvement in its Q2 numbers.
On the flipside, International Breweries, shed 9.29% to close at N41 on profit taking; followed by Linkage Assurance 5% loss, to close at N0.76 per unit on profit taking.


Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/11/market-update-for-november-7-2017.html

MARKET UPDATE FOR NOVEMBER 6, 2017



MARKET INDICATORS REMAIN FLAT, INVESTORS CONSOLIDATE POSITION, AWAIT FRESH BOOST


Trading on the Nigeria Stock Exchange closed narrowly down on Monday to start the week as market players continued to interpret and digest the numbers posted by listed companies in the just concluded earnings season, while identifying those that really beat market expectation and analysts’ estimates. The ongoing portfolio restructuring and balancing has created opportunities for short-term trading especially given that year-end sentiment and seasonal changes are underway, at a time impressive financials released continue to boost confidence in expectation of higher dividend in the full year earnings reporting season of 2018.

The benchmark index on intraday gain broke out the psychological line of 37,000 to touch high of 37,014 from the 36,910.49 low before pulling back to close the trading session marginally lower from Friday’s level, despite the seeming range at the current resistance level, breakout or reversal is imminent. Meanwhile, the patterns that you see on the index were solid on a high volume, even as the technicals were mixed.

The day started with slight gain in the morning, pulling back in the midday before running up in the afternoon to hit the day high, but pullback from closing at the highs for the day.
The economic recovery is currently threatened by government’s actions and inactions in its fiscal policy reforms which had extended to its budget implementation style that now reflects in the economy, despite the huge appropriation in 2016 and 2017. There is also the inability to do the talk, triggering the recent threat by the Niger Delta Avengers- a militant group, especially now that we have bounced back to a production level of 1.8m barrels per day of crude oil production at $62pb that had impacted the nation’s external reserves. It is important that government keeps its terms of their agreement by moving into action to save Nigerians from going through the experience of 2016 again.

The bear sentiments was high at 81% to reveal selling pressure, while volume index was 1.70 for the day, and buying position at 19% and 81% selling volume of total transaction, to reverse Friday bull session.
Meanwhile, the composite NSE All-Share index shed 8.76 basis points to close at 36,930.83 from 36,939.59 points, which represented a 0.02% decline, just as market capitalisation dropped by N2.98bn to N12.78tr, representing 0.02% value loss from previous session’s N12.79tr.
The marginal downturn recorded was as a result of price loss suffered by medium and high cap stocks like NB, Zenith Bank, Flour Mills, Total, 7-UP, International Brewery, UBA, and FBNH, which impacted negatively on the ASI’s year-to-date return, reducing it to 37.42%, just as market capitalisation growth YTD stood at N3.53tr, representing a 38.23% rise above the year’s opening value.

Market breadth for the day was positive as the number of advancers outnumbered decliners in the ratio of 23:20 on a huge traded volume that was higher than previous day’s level to stop the bull.
Market activities, in terms of volume and value were mixed as volume was up by 29.21% to 466.52m share from Friday 361.05m units, while value declined by 21.17% to N2.9bn from the previous day value of N3.68bn.

Transactions in the shares of Jaiz Bank, FBNH, Transcorp, Africa Alliance Insurance and Diamond Bank topped the volume chart, even as Diamond Bank topped the advancers’ table, gaining 9.43%, to close at N1.16 per share, on the back of plans to divest its West African subsidiaries, thereby positively impacting its book. It was followed by United Capital, which notched 6.96%, to close at N3.38 on market forces.
On the flipside, Champion Breweries, shed 4.92% to close at N2.32 on profit taking; followed by Total Nigeria’s 4.66% loss, to close at N225 per unit on profit taking and the fact that its Q3 numbers came below expectation, despite the offer of a N3.00 interim dividend.

TODAY’S OUTLOOK
As the market opens this morning, expect volatility to continue as portfolio rebalancing, profit taking and repositioning in the earnings analysis and interpretation of numbers ahead of economic data and year end cycles.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.

It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.

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Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467

INVESTDATA PRICE & EARNINGS TRACKING FOR THE WEEK ENDED NOVEMBER 3, 2017

MARKET UPDATE FOR WEEK ENDED NOVEMBER 3, AND OUTLOOK FOR NOV 6-10


MORE VOLATILITY AHEAD, AMIDST PORTFOLIO REBALANCING, AS INVESTORS DIGEST EARNINGS, ECONOMIC DATA

Trading activities on the Nigeria Stock Exchange over the past week was up as the earnings reporting season officially came to a close with many companies rushing to release their scorecards, many of which beat market expectations thereby triggering demand for such stocks as traders and investors reacted by rebalancing their portfolios ahead of the year end. There is the factor of a minor rebalancing of the MSCI (Morgan Stanley Capital Index) Frontier index to be released on November 13, besides other economic data, even as positive macro-economic indices continue to pure in, supporting to support the economic recovery narrative. Some of such economic data include the recently released October Purchasing Managers Index released by the Central Bank of Nigeria (CBN), which stood at 55 points from 55.3 points in September, while that by the private sector (NOIPoll) were 64.8 points from 58.5 points respectively, indicating that growth and expansion in the manufacturing sector remained above 50 points for seven consecutive months.
The performance of stocks continues to reflect the nation’s improving economic and market fundamentals that further boosted confidence resulting in stronger companies, especially just as purchasing power among consumers becomes further strengthened resulting in a situation where manufactured goods are not lying as unsold stock in warehouses and shelves. No wonder then, that 75% of listed companies reported very good numbers that beat market and analysts’ earnings estimates. Added to this are the strong commodity prices, particularly oil, Nigeria’s mainstay and major income earner, thereby boosting government revenue and the nation’s external reserve. All that is needed now is a huge fiscal stimulus by way of government’s budget spending for the economy to make stronger impact on the populace if judiciously implemented.
Market technicals for the week under review were positive on the strength of strong market breadth and impressive corporate earnings that drove the momentum and reversed the two weeks of down market to close the week higher, even as some stocks hit new 52-week high. The week also closed on ‘buy’ pressure that is supposed to influence activities positively in this new week as interpretation and digestion of the recent numbers continue to drive repositioning along the best performance sectors and stocks ahead of year-end and seasonal changes.

The weekly volume index was 1.48, buying position, 99% and 1% selling volume of the total transaction, as traders continue to position for end of year volatility and changes.
The composite NSE Index gained 477.33 points to close the week at 36,939.59 points, from an opening figure of 36,462.26 points, representing a 1.31% growth on a higher volume of transactions. The index touched intra-week high of 37,009.45 and low of 36,144.64 basis points. There was a resistant at 36,734.39 as demand for stocks increased and traders cashed out gains. Market capitalisation for the period closed higher at N12.79tr from the opening value of N12.67tr, representing 1.31% value gain in the investors’ position.

High, medium and low cap stocks featured on the advancers’ log for the week as value investing in the line of better-than-expected earnings reports influenced market players’ positioning with the close of earnings season.
Strong number-inspired confidence increased demand for stocks and a stronger market that impacted positively on the NSE ASI’s year-to-date return to 37.45%, just as market capitalisation for the period increased to N3.54tr, representing a 38.26% gain from the year’s opening value. Market breadth was positive with advancers outnumbering decliners in the ratio of 37:29 on a high volume of trades. It was however slightly lower than the volume transacted in the previous week.
Stock markets around the world were higher over the week, as companies and consumers emerged stronger, amidst the rising commodities, currencies and interest rates to reflect improvements in the global economy.
Germany‘s DAX, Japan’s Nikkei, Britain’s FTSE100 joined the U.S. market to close higher. Growth in the U.S. market indexes was driven north by strong tech earnings and the decision of the Fed to keep rates steady at the range of 100-125 basis points, despite the payroll farm figure that came lower than expected. In Europe, inflation figure came in lower than expected at 1.4% even as the Bank of England (BOE) hiked rate for the first time in 10 years. In Asia, Japanese Prime Minister Shinzo Abe is positioning a planned increase in sales tax to cover the rising debt even when the last hike in 2014 triggered a recession in the world’s third largest economy.

Back home, the All share Index started the week on positive note with gain of 0.06%, which was sustained on the second and third trading sessions with index moving up by 0.47% and 0.59% respectively. The trend was however reversed on Thursday when the indicators closed marginally negative with 0.03%, which was short lived on Friday, when it notched 0.17%, helping the week to 1.31% closer higher thereby halt two previous weeks of down market.

The NSE and sectoral indices closed higher for the week, except for the NSE Main Board and NSE Consumer Goods that closed lower by 0.11% and 0.07% respectively.
Transaction for the week, measured by aggregate volume and value, were mixed as volume dropped by marginal 2.16% to 1.36bn, from 1.39bn shares in the previous week, while value was slightly up by 7.99% to N17.71bn, compared to the previous N16.4bn.
University Press topped the advancers’ table, gaining 26.34% to close at N2.59 per share on the low price attraction and improved Q2 numbers, followed by Learn Africa with 19.05% to close at N1.00 each on market forces.

The decliners’ table on the other hand was led by Newrest ASL, which lost 18.30% at N6.43 on market forces and unimpressive Q3 numbers, while Linkage Assurance followed with 13.33% drop to close at N0.78 per share on market forces.

During the week also, more than 40 companies released their quarterly reports. Their Earning Per Share (EPS) are already updated in the Investdata price and earnings tracking (READ).
Lafarge Africa and Mutual Benefit notified the exchange of their primary market activities, that is, a plan to issue new shares by way of Rights to existing shareholders.

Market Outlook
This week, the market volatility will continue as repositioning and rebalancing on the strength of recent earnings, ahead of Q3 GDP and October inflation figure amidst year-end sentiments.
Although the earnings season is officially over, expect more numbers from laybacks. But one thing that is clear in the current market situation is: Smart investors are accumulating and enhancing their positions in selected stocks.

Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are looking down amidst improving economic and market fundamentals.
It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position.

Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
https://investdataltd..com.ng/2017/11/market-update-for-week-ended-november-3.html

MARKET UPDATE FOR NOVEMBER 2, 2017



INDICATORS FLAT, AMIDST REBALANCING INDUCED VOLATILITY, HOPE FOR BETTER ECONOMIC DATA


Nigeria’s stock market on Thursday had a mixed session to continue its volatility as it struggled to breakout the recent resistance level where it formed a double top as mentioned in our previous day’s review, but on intraday movement. It mildly broke out the level by touching a high of 36,912.54 before slightly closing below the level on a high volume as big cap stocks like Nigerian Breweries, Zenith Bank, Dangote Cement, as well as Unilever, PZ and International Brewery shed value amidst profit taking by traders from three trading sessions of bull-run to narrowly close lower on a positive market technicals.

The index started out the day with a move down just after the opening bells, and then rebounded between midday and mid afternoon session, only to rollover in the last minutes as the blue chips listed above were negative. The index was negative by about 10.05 points. It was indeed a sloppy day for the sectorial indices and by the end of the day, the indexes finished mixed.
With the earnings reporting season successfully coming to an end amidst impressive numbers that will boost confidence as market fundamentals after being strengthened by these corporate earnings. The market between now and the next earnings season is likely to be on short term trading movement as year-end seasonal changes and festivities play out to influence the stock market. So let the strong numbers, trading pattern and market sentiment guide your portfolio rebalancing and positioning at this point and beyond.

The buy pressure is high, as revealed by the volume index of 1.19 for the day, and buying position at 85% and 15% selling volume of total transaction, but the three-day up market was halted by marginal pullbacks as a result of traders taking profit in some position.
Meanwhile, the benchmark Index lost 10.05 basis points to close at 36,877.15 from 36,887.20 points, which represented a 0.03% decline. Similarly, market capitalisation for the day moved down by N3.48bn to N12.76tr, representing 0.03% decline in value from previous session’s N12.77tr.
The downturn suffered by high cap stocks at the end of day impacted mildly on the All-Share index’s year-to-date return, leaving it at 37.22%, just as market capitalisation growth stood at N3.52tr within the same period, representing a 38.03% rise above the year’s opening value.

Market breadth for the day was positive as the number of advancers outpaced decliners in the ratio of 27:18 on a high traded volume that was higher than previous day’s level to short-live the bull run.
Market transaction, in terms of volume and value were mixed as volume was up by 27.59% to 318.15m shares from the previous day 249.35m units, while value was down by 24.09% to N3.95bn from the previous day N5.20bn.

Activities in the shares of FBNH, Union Diagnostic, UBA, Fidelity Bank and Zenith Bank topped the volume chart.
At the close of Thursday’s trading session, FBNH topped the advancers’ table, gaining 9.22% to close at N7.11 on the positive market sentiment and relative low price on seeming improvement in its Q3 numbers, followed by Flourmills with 4.92%, to close at N33.69 on stronger Q2 numbers.
On the flipside, Custodian & Allied Insurance, shed 5% to close at N3.80 on profit taking; followed by Trans-nationwide Express which lost 4.94% to close at N0.77per unit on market forces.

TODAY’S OUTLOOK
As the market opens this morning, expect volatility to continue due to portfolios rebalancing and repositioning by market players along the line of impressive earnings and surprising numbers ahead of year end, October PMI, Q3 GDP and seasonality trading cycle.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.


Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/11/market-update-for-november-2-2017.html

WHERE TO INVEST AND EXPECTATIONS FOR NOVEMBER, DECEMBER

The global economy recorded stronger recovery and growth, helped by the recent positive data emanating from the developed world, especially the rising price of commodities, particularly crude oil and others, despite uncertainties here and there as a result geopolitical issues, added to North Korea’s missile threat that remains a cause for concern among investors. Economic uncertainty as Fed continued to hike rate in the name of managing inflation that had relatively remain moderate.
Back home, the recent corporate earnings of listed companies confirm the positive macro-economic data that confirms the fact that Nigeria is finally out of recession, growing by 0.55% as shown in the Q2 GDP figure released by the National Bureau of Statistics (NBS). This is besides the declining inflation rate, although slower than expected; Just as Purchasing Managers Index recorded the most significant jump so far at 64.8 in October, from the previous month’s 58.5, helped by the Central Bank of Nigeria’s intervention, export inflow, oil companies and financial institutions, that supported the relative stability in exchange rate and continued to attract inflow and impact positively on the domestic economy.

In November, we expect inflation for the month of October to continue its gradual downward movement; just as the PMI improves again to further support the recovery in Nigeria’s manufacturing sector as Q3 numbers from the sector beat market and analysts expectation.
With only few quarterly earnings expected in this month, only investors and analysts are expected to reposition and balance their portfolios ahead of full year earnings in 2018, based on their interpretation of the scorecards and changes that will keep the market oscillating.
The Q3 numbers are expected to strengthen market fundamentals as the business environment continues to look up, while the low valuation of stocks, despite their huge intrinsic value remains a plus and should guide investors to know where to look while seeking to invest profitably for the rest of the year and beyond.

Traders and investors who understand the importance of combining fundaments and technical analysis in making investment decisions in the stock market should take this opportunity of any pullback in prices to position in some sectors for short, medium and long term gains, especially in the fast moving consumer goods, banking, agribusiness, building material and healthcare after carefully study of the recent price pattern and fundamental data available in the market.

What to expect in November and December
Seasonal trending as few quarterly numbers are expected and there will be impact. However, blue-chip companies will continue to oscillate on the strength of company and market fundamentals as repositioning and rebalancing stays till end of the year.
The oscillating trend of equity prices as a result of repositioning of portfolio along the line of positive numbers by foreign and local investors will boost activities in the remaining months of the year.
Market outlook for the new month remain mixed as few quarterly and no full year earnings are expected. But positive sentiments and strong momentum may not be out of place as the market expects the economic recovery to be strengthened with the last hour implementation of 2017 budget.
The relative low price to earnings in the market may further attract demand for stocks, but invest wisely, using bids, offers and volume when taking decisions as a trader.
Managing risk and protecting capital at this point is very important, so you will be able to determine when to buy or sell, by watching the stocks and the market, using technical analysis.
Let numbers released by companies guide you decision and time to stay in that position.

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Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/11/where-to-invest-and-expectations-for.html

MARKET UPDATE FOR NOVEMBER 1, 2017



NOVEMBER TRADING BEGINS POSITIVE ON NSE, AMIDST LINGERING VOLATILITY


The first trading day of the eleventh month of year was highly volatile but positive to close the session higher, consolidating a bull transition that is driven by earnings performance that released at the last minutes to the market in compliance with regulatory requirements of the Nigerian Stock Exchange (NSE). Despite the mixed numbers all the key market performance indices were on the rise over the last three trading sessions on high buying pressure, irrespective of profit taking that continued on daily basis.

The day started out on slight decline that lingered to midday, reaching a low of 36,427.31 basis points before rallying back by afternoon to touch an intraday high of 36,888.04 which had been the resistant level in recent times, forming a double top that suggests pullback at this point or a break out, depending on market forces and sentiment as players- both local and international continue to digest the recent Q3 numbers, while rebalancing their portfolios to take reposition ahead of year-end.
Market technicals remain positive as the index is trading within the rising channel and above 20-Day moving average, despite the fact that volume traded remained below the recent average market traded volume and still closed on positive market breadth.

As earnings remain one of the major factors that influence equity price movements in the short medium or long-term, investors should take advantage of the strong numbers to plan their investment and target minimum return of 20% on investment between now and March 2018. Given that Nigeria has been retained in the MSCI Frontier market index and there will be minor review of the index by November 13, more fund managers are likely to be attracted into the market. One reason is that the current low Price-to-Earnings Ratio portends higher upside potentials for the nation’s equities, especially with the improving companies, market and economic fundamentals, among others to support growth.

Market volume index on Wednesday, November 1, 2017, was 0.95; buying position at 100% and 0% selling volume of total transaction, to continue the three day up market.
Meanwhile, the All-Share Index gained 206.91 basis points to close at 36,484.30 from 36,680.29 points, which represented a 0.56% growth. Similarly, market capitalisation was up N71.61bn to N12.77tr, also representing 0.56% value gain from previous session’s N12.69tr. Value gain recorded by medium and high cap stocks at the end of day impacted positively on the ASI’s year-to-date return, lifting it to 37.26%, just as market capitalisation growth stood at N4.17tr YTD, representing a 38.06% rise above the year’s opening value.

Market breadth for the day was positive as the number of advancers outnumbered decliners in the ratio of 23:21 on a traded volume that was marginally lower than previous day’s level to continue the bull-run.
Market activities, in terms of volume and value were mixed as volume was down by 3.76% to 249.35m million shares from the previous day’s 259.08m units, while value was up by 70.32% to N5.2bn from Tuesday’s N3.01bn.
Transactions in the shares of FBNH, Sterling Bank, Diamond Bank, Stanbic IBTC and Fidelity Bank topped the volume chart.

At the close of trading, Berger Paints and FBNH topped the advancers’ table, gaining 5% respectively to close at N7.35 and N6.51 per share, on the back of market forces, followed by Presco’s 4.99%, to close at N69.98 on fair Q3 numbers.
On the flipside, Newrest ASL shed 4.95% to close at N7.11 on market forces and profit taking; followed by Vitafoam which lost 4.04% to close at N2.85 per unit on profit taking.
During the trading session, eight companies released their quarterly earnings reports, including Presco, Union Diagnostics and Northern Nigerian Mills.

TODAY’S OUTLOOK
As the market opens this morning, expect volatility to continue due to portfolios rebalancing and repositioning by market players along the line of impressive earnings and surprising numbers ahead of year end, October PMI, Q3 GDP and the trading cycle.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.

It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.

Get your home study pack today and ride with the current recovery on Nigeria’s stock market and economy. By investing and trading knowledgeable
The training materials on stock Trading and Investing for Financial Independence series are Available, you can play on your mobile phone, laptop, desktop and Tv. Kindly call or send yes to 08032055467 or 08111811223.

Attention! Attention!! Attention!!!

INVEST 2018 FINANCIAL SUCCESS
If you are still asking yourself why Trade Stock? We have all the answers for you in this upcoming summit! INVEST 2018 TRADERS & INVESTORS FINANCIAL SUCCESS

Are you a Bitcoin, Forex Trader or Real Estate Investor?
You need to see the advantages of trading STOCKs – Daily or weekly compared to any other market.
Have you ever traded Stocks?

In the coming INVEST 2018 you will learn:
• How to generate a consistent income trading stocks on your own via phone and laptop
• The power of trading quarterly and full year earnings reporting season
• Our rules-based approach to trading stocks.
• How our buy & sell signal setup works
• How to take advantage of best market timing strategies to position before Major market earnings reporting season.
• How to quickly and accurately “predict” the next market reaction and move
• Learn why trading less is making more
• Learn how to make use of trend identification, resistant and support to double your returns
• Learn how to follow the institutional money flow and much more

Also, it is an opportunity to know you can identify opportunities in different sectors, especially with the Federal Government’s plan to spend almost N8 trillion for 2018, which if implemented will quicken ongoing economic recovery.
Discover how you can unleash your Income Potential Trading stocks.
You will also discover why trading and investing in stock is the way to go.
Trading or investing is no Rocket science – it just requires a blend of discipline, patience and knowledge of market and economic fundamental and technical analysis to pick the right stock and sell at the right time.

Is this the summit that will pays for your vacation trip, puts your kids through college and some income in your pocket?
Maybe or Maybe not…but you will be kicking yourself everyday on the way to that work place everyday if you miss this!
“70% of success in life is SHOWING UP and taking steps”
We’ll take care of the rest if the 30%….
This summit is the perfect opportunity to learn from the best industry experts and to get the personal attention in the exclusive Q&A session after presentations!
Saturday December 9, 2017

To register for the coming summit Kindly call or send yes to 08032055467 or 08111811223.

N.B: At this event you’ll hear real case studies and see examples of exactly how you can use these same techniques. This summit is packed with great content, but the room only has capacity for 100 people and registration is ongoing, so you’ll need to act fast.
If you are looking for a way to make money in the market as a Full-time or Part-time trader, this is your opportunity.

Dream it! Wish it! Do it! Enjoy it!

Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/11/market-update-for-november-1-2017.html

Heavy T-Bills Investment By Nigerian Banks Temporary, Fitch Warns

• Says Capital Adequacy Remains Weak

International rating agency- Fitch says the party may be over sooner than expected for Nigerian banks, which have been relying heavily on investments in very high Treasury Bill yields to boost interest income and maintain margins since the second half of 2016.

A statement by Janine Dow, Senior Director, Financial Institutions – Banks, at Fitch, on Friday, warned that T-Bill yields have fallen in recent weeks to about 15.5%, just as it may drop lower from mid-year levels of over 18.5%.
According to Fitch, the high T-Bills yields are part of attempts by the Central Bank of Nigeria (CBN) to control inflation and manage demand for foreign currency, and that by “providing a remunerative, relatively low-risk, naira-denominated investment (interest payments are tax-free), they hope to encourage Naira retention and dampen demand for US dollars.”

CBN data, Dow noted, show that the volume of Naira time and savings deposits held by the banking sector fell 8.7% to N11.7tr (USD38bn at the official exchange rate in the 12-month to July 2017, as depositors switched to T-Bill investments. T-Bill yields are still considerably higher than savings deposit rates, which are capped at 30% of the monetary policy rate, currently 14%.
Large, systemically important banks are holding on to their deposits, but many second-tier and smaller banks are seeing deposit outflows and almost all banks are reporting an increase in deposit funding costs.

Investdata checks show that at least three of Nigeria’s biggest banks have reported drops in customer deposits for the second consecutive quarter this year, a situation that continues to send shockwaves their management.

The CBN recently raised the minimum T-Bill purchase amount to N50 million (USD164,000) from N5,000, a situation expected to lock out small retail depositors, but may significantly impact overall deposit flows because most Nigerian banks are majority-funded by corporate deposits.

“For now, high yields on banks’ investments in T-Bills are offsetting the rise in their funding costs and compensating for the scarcity of opportunities for profitable new lending to the private sector. Lending opportunities have been constrained by weak economic growth, continued soft oil prices and sluggish consumer demand.

“High cash reserve requirements (CRRs) on naira deposits, currently set at 22.5%, are also a constraint on lending. Naira CRRs are not remunerated. In practice, some Nigerian banks are operating with an effective CRR of about 30% because the CBN is not remitting rebates due to banks when deposits are withdrawn. Our conversations with banks suggest that the CBN is targeting the sector’s more liquid banks with this restriction,” Dow added.

This is made worse by the already stringent prudential liquidity requirements that require banks to hold liquid assets equivalent to 30% of short-term Naira liabilities, added to the fact that “the portion of excess CRR retained by the CBN and owed to the banks cannot automatically be included in liquidity ratio calculations.

“Earnings retention is important if banks are to continue to strengthen their capacity to absorb losses at a time of persistent fragility in the Nigerian operating environment. Banks tell us that impairments appear to have peaked, but we view this as far from certain, and the impairment metrics do not yet fully reflect the requirements to provide for expected credit losses under the incoming IFRS 9 international accounting standard.”

Moreso, Fitch says it considers the capital adequacy of Nigerian banks weak in general, given that oil-related loans, representing about 30% of total, has undergone extensive restructuring and borrowers’ ability to service them in line with the new terms is yet to be tested.

“Fitch-rated banks reported an average IFRS-calculated ratio of impaired loans to total loans of close to 8% in June 2017, but reporting classifications differ among the banks and regulatory forbearance is not uncommon in Nigeria.”

http://investdata.com.ng/2017/10/heavy-t-bills-investment-nigerian-banks-temporary-fitch-warns/#more

INVESTORS INTERPRET COMPANY FINANCIALS, ECONOMIC DATA AHEAD OF 2018 OUTLOOK, POSITIONING


MARKET ROUNDUP FOR OCTOBER, 2017
The last quarter of 2017 started on a positive note on Wednesday, reversing two consecutive months of bear transition as it closed higher on bullish sentiment helped by the torrents of impressive corporate earnings reports released over the past 15 days to coincide with the regulatory deadline for submission in line with the post-listing requirement of the Nigerian Stock Exchange (NSE).

Despite the relatively weak liquidity in the market and continued profit taking that has dominated the market in recent years, fiscal policies and the needed stimulus to hasten economic recovery are not clear enough to give direction or impact the citizenry by strengthening their purchasing power going by the implementation of 2017 budget has not reflected on the economy much to complement the monetary policies. Of particular importance is that the huge amount budgeted for infrastructural development to drive and strengthen economic fundamentals to boost national output are still very sluggish.

For emphasis, there is no good road network for movement of goods and services to the market, which has made cost of goods prohibitive, in addition to high cost of production that almost crippled the manufacturing sector, until the Central Bank of Nigeria (CBN) started intervening in the foreign exchange segment of the inter-bank market. This has brought great relief to operators in the nation’s manufacturing sector, a situation that is reflected in the positive numbers posted so far. This means that other complementary infrastructures like power, road, water and low interest rate will boost the sector, leading to provision of more jobs and enhanced living condition for the people.
Despite the relatively weak market response to the positive numbers as at released dates which is an evidence of low liquidity as mentioned earlier, the Q3 numbers of the companies have revealed the possibility of prices remaining northward, just as investors would be assured of juicier reward in the form of dividend when the full-year score-cards begin to flow into the market in the early days of 2018.

Discerning investors and traders should take advantage of the year-end season and cycle to grow their income ahead of major earnings season in first quarter of 2018.
In the 21 trading sessions of October, the market was up in 12 and down in nine, wiping out two months of loss, following which year-to-date gain stood at 36.49%, attributable to factors mentioned above, making the Nigerian stock market one of the best performing of the MSCI Frontier markets, in Africa and across the globe. The improvement in numbers presented by the listed companies, as well as their fundamentals and recovery of the economy made Nigerian equities attractive; many remain undervalued, offering a high margin of safety.

Meanwhile, the composite NSE All-Share Index in the month gained a total of 1,240.31 basis points, closing at 36,680.29 after touching a high of 37,041.52 and low of 35,155.08 within the period, compared to the 35.439.98 at which it opened. This represented a 3.50% growth over the period on a strong buy-market position that impacted on stock prices to rebound from the two months pullback.
The buying volume of total transactions was 81%, and selling position, 19% to usher another bull-run in the last quarter of the year, while volume index for the period was 0.93. Market capitalisation gained N478.01bn to close higher at N12.69tr, from N12.22tr, representing a 3.91% appreciation in value. The market rebounded on impressive numbers as foreign investors maintain their position in the market in what may seem many of them not wanting to be caught napping when the market begins to react more positively to the recovery and macro-economic data being released.
Traded volume for the month was up 43.61% to 5.73bn shares, as against 3.99bn units recorded in the preceding month.

The ASI’s year-to-date gain stood at 36.50%, just as market capitalisation for the same period adjusted up to N3.45tr, representing a 37.29% gain YTD from the opening value.
Market breadth for the month was positive with the advancers outnumbering decliners in the ratio of 49:28 to halt the two months down market that was as a result of profit taking.

Premium And Banking Take Lead
The sectoral performance chart below shows that NSE Premium and Banking indices drove the market the most in the month under review. While, the Premium index gained 5.99%, driven by price movement in Dangote cement, Zenith Bank and FBNH, the banking index notched 5.33%, outperforming the composite NSE All-Share Index during the period. It was followed by the NSE Pension index which rose by 4.70% to reflect the performance of dividend paying stocks on the exchange, while the NSE 50 and 30 indices climbed 3.69% and 3.36% up respectively, revealing investors’ interest in blue-chip stocks, amidst the low Price-To-Earnings attraction.
Other sectors that closed up during the month were: The NSE Lotus, NSE Industrial Goods, NSE Main Board, NSE Oil/Gas and the NSE Asem.
Sectoral indexes that closed in the red included NSE Insurance and NSE Consumer Goods, which shedding 0.49% and 0.33% respectively, creating opportunities for investors and traders to position owing to their improved earnings that continue to boost confidence in the sectors.


Best And Worst Performing
The month’s best performing stocks was Dangote Flour, which rallied on the strength of strong numbers and expected cyclical rally as the year winds down. It gained 49.37% of its opening price and was followed by its sister company- National Salt, which appreciated by 34.78%; ahead of International Breweries’ 32.41% notch, while conglomerates- UACN climbed 25.27%, despite its mixed numbers went; and Linkage Assurance, 24.64%; among others.
Consumer Goods stocks and other low/medium caps on the top gainers table for the month included: Caverton with 21.15%; Learn Africa 18.92%, Flourmills, 18.64%, Vitafoam, 18.33% and CCNN, 16.03%; among others.

Best Performing Stocks in October
Securities
Sector
Open
Close
% Change
Dangote Flour
Consumer Goods
6.38
9.53
49.37

National Salt
Consumer Goods
12.02
16.20
34.78

International Breweries
Consumer Goods
37.00
48.99
32..41

UACN
Conglomerates
15.00
18.79
25.27

Linkage Assurance
Insurance
0.69
0.86
24.64

Caverton
Services
1.04
1.26
21.15

Learn Africa
Services
0.74
0.88
18.92

Flourmills
Consumer Goods
26.55
31.50
18.64

Vitafoam
Consumer Goods
2.51
2.97
1833

CCNN
Industrial Goods
8.36
9.70
16.03

GSK
Healthcare
22..00
25.20
14.55

Fidelity Bank
Financial
1.34
1.52
13.43

Fidson Healthcare
Healthcare
3.52
3.99
13.35

Presco
Agribusiness
59.00
66.30
12.71

NPF Micro Finance
Financial
1.11
1.25
12.61

Custodia & Allied Ins
Other Financial
3.50
4.00
11.11
Source; Investdata Research

Worst performing stocks for the period was led by Law Union & Rock Insurance, which lost 23.66% of its opening price during month, amidst profit taking and mixed performance in the recent numbers released; Forte Oil lost 19.84% also as a result of its mixed performance; just as Jaiz Bank declined by 17.14%. University press closed 16.34% lower for the month; just as Cutix dropped 16.00% on the back of profit taking after price adjustment for dividend proposed.

Worst Performing Stocks in October
Securities
Sector
Open
Close
% Change

Law Union
Insurance
0.93
0.71
-23.66

Forte Oil
Oil/Gas
49.90
40.00
-19..84

Jaiz Bank
Financial
0.70
0..58
-17.14

University Press
Services
2.57
2.15
-16.34

Cutix
Industrial Goods
2.50
2.10
-16.00

Unity Bank
Financial
0.60
0.51
-15..00

Mrs Oil
Oil/Gas
31.98
27.46
-14.13

PZ
Consumer Goods
26.00
23.00
-11.54

Continental Reins
Insurance
1.50
1.33
-11.33

Nigerian Breweries
Consumer Goods
165.00
150.00
-9.09
Source: Investdata Research



To learn how to manage trading risk and profit from 2018 earnings season by planning to attend INVEST 2018 FINANCIAL SUCCESS

If you are still asking yourself why Trade Stock? We have all the answers for you in this upcoming summit! INVEST 2018 TRADERS & INVESTORS FINANCIAL SUCCESS

Are you a Bitcoin, Forex Trader or Real Estate Investor?
You need to see the advantages of trading STOCKs – Daily or weekly compared to any other market.
Have you ever traded Stocks?

In the coming INVEST 2018 you will learn:
• How to generate a consistent income trading stocks on your own via phone and laptop
• The power of trading quarterly and full year earnings reporting season
• Our rules-based approach to trading stocks.
• How our buy & sell signal setup works
• How to take advantage of best market timing strategies to position before Major market earnings reporting season.
• How to quickly and accurately “predict” the next market reaction and move
• Learn why trading less is making more
• Learn how to make use of trend identification, resistant and support to double your returns
• Learn how to follow the institutional money flow and much more

Also, it is an opportunity to know you can identify opportunities in different sectors, especially with the Federal Government’s plan to spend almost N8 trillion for 2018, which if implemented will quicken ongoing economic recovery.

Discover how you can unleash your Income Potential Trading stocks.
You will also discover why trading and investing in stock is the way to go.
Trading or investing is no Rocket science – it just requires a blend of discipline, patience and knowledge of market and economic fundamental and technical analysis to pick the right stock and sell at the right time.
Is this the summit that will pays for your vacation trip, puts your kids through college and some income in your pocket?
Maybe or Maybe not…but you will be kicking yourself everyday on the way to that work place everyday if you miss this!
“70% of success in life is SHOWING UP and taking steps”
We’ll take care of the rest if the 30%….
This summit is the perfect opportunity to learn from the best industry experts and to get the personal attention in the exclusive Q&A session after presentations!
Saturday December 9, 2017

To register for the coming summit Kindly call or send yes to 08032055467 or 08111811223.

N.B: At this event you’ll hear real case studies and see examples of exactly how you can use these same techniques. This summit is packed with great content, but the room only has capacity for 100 people and registration is ongoing, so you’ll need to act fast.
If you are looking for a way to make money in the market as a Full-time or Part-time trader, this is your opportunity.

Dream it! Wish it! Do it! Enjoy it!

Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/11/investors-interpret-company-financials.html

AfDB Restates Support For Nigeria’s Economic Reforms, Diversification

Contrary to widely circulated report the previous day, the African Development Bank (AfDB), on Tuesday “categorically” refuted news credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott, that it has “called off loans to Nigeria.”

Expressing “full support for its continued reforms to diversify the economy and boost economic growth and development,” the group recalled that its board had in November 2016 approved a $600m loan to help Nigeria cope with macroeconomic and fiscal shocks arising from the massive decline in price of crude oil for which it depends for a significant portion of its yearly revenue.
Instead, the statement pasted on its website and signed by Dr. Victor Oladokun, said the bank could consider an additional $400m, should Nigeria request and such is approved by its board, “as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund.”

AfDB said it is encouraged by the recovery of Nigeria’s economy from recession, for which it saluted efforts of the President Muhammadu Buhari administration to diversify away from oil.
It made particular reference to the Economic and Growth Recovery Plan (ERGP) launched in February, as well as efforts to stem corruption, strengthen fiscal consolidation and enhance efficiency.

The AfDB, the statement continued, “is in consultations with the government on how best to continue its support for its laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.”

http://investdata.com.ng/2017/11/afdb-restates-support-nigerias-economic-reforms-diversification/#more

SEC Adopts Proxy Response To Sahara Reporters Allegations

Contrary to its assurance to provide official response being put together “shortly,” to the various allegations of fraud perpetrated under the leadership of Mounir Gwarzo as Director-General, the Securities & Exchange Commission (SEC), on Saturday resorted to proxy response to the various issues, raised in a story on Wednesday by Sahara Reporters, including paying himself a princely N104.8m as severance, after serving as executive commissioner for 28 months before being appointed to the current position.
According to the story which broke within the week, the action by Gwarzo was in “contravention of the Economic and Financial Crimes Commission (EFCC Act), the Criminal Code Act and the Code of Conduct for Public Officers.”

The first of the two terse statements issued by Nasif Abdussalam, head, corporate communications of the commission, on Thursday, October 26, 2017, a day after the story broke, insisted “that no relevant policy was breached.”
He assured that “as a tradition, the Commission follows laid down rules and regulations in all its activities, and in this particular case.”
The report had alleged that soon after assuming office in 2015, Gwarzo also spent N2bn on staff who voluntarily disengaged from the commission, a move that was meant to lower the commission’s overhead costs, but was not captured in the commission’s approved budget for that year, even as he soon began to hire replacements without advertising the vacancies.
The SEC DG, it is further alleged, received about N6m from the commission as payment for business class air ticket fare to travel to Hong Kong to attend the International Organizations of Securities Commission (IOSCO) Board meetings in October last year. This was in disregard of an April 2016 Federal Government directive (Vide Circular Ref. No. SGF. 6/S.2/X/545 of March 31, 2016), which explicitly states that all Chief Executives, Directors-General and other officials of similar ranks in Federal Government parastatals and agencies must undertake local and international travels in economy class.

While defending, without denying the above and other allegations, the commission had through a proxy, who simply identified himself as James Ume, on the allegation that the Director-General awarded contracts to himself and allies, through several companies, said Gwarzo had resigned from the boards of the two companies linked to him in 2012, before being appointed to the SEC board.
“Before his appointment as Executive Commissioner, Mr Gwarzo had interests in two companies owned by his family, Outbound Investment Limited and Medusa Investment Limited. He withdrew his interests in them before his appointment into the board of SEC. That was on December 12, 2012.

“As for the other companies his traducers are hinging on to blackmail him, they are companies doing business with SEC as an entity with no connections whatsoever to the D-G as a person. The Public Procurement Act empowers the D-G as the Chief Executive Office of the Commission to approve contracts within certain thresholds. However, to ensure transparency in the procurement process of the Commission, the D-G has delegated every procurement exercise of the Commission to the Minor Tenders Board, completely excluding himself from the processes,” Ume stressed.
Before now, Abdusallam had also linked the allegation to the fact that “corruption is fighting back,” due to the zero-tolerance to market infractions by the commission under Gwarzo.

READ INITIAL RESPONSE
SECOND REACTION HOURS LATER

READ UME’s UNEDITED INTERVENTION BELOW

By James Ume
Constructive criticisms are sometimes necessary for the smooth running of organisations. They help to keep the executives on their toes and call their attention to mistakes as they occur. Criticisms can also become pernicious and debilitating when they are made in bad faith. They are worse when they are based on false information and outright lies.

Mr. Mounir Haliru Gwarzo since he was appointed the Director-General (D-G) of the Securities and Exchange Commission (SEC), on May 20, 2015 by former President Goodluck Jonathan in a letter signed by the then Secretary to the Government of the Federation, Senator Anyim Pius Anyim, has had a feel of the effect of evil manipulation of information. He assumed office as D-G after serving as a member of the board of the commission for more than two years in the capacity of an Executive Commissioner having been appointed on January 2, 2013.
The Director General of the Commission is, to all intents, a political appointment that must have to pass through the Senate of the Federal Republic of Nigeria for screening and eventual approval. The candidate for the job does not necessarily have to be a career staff of the commission. With his appointment as the D-G of SEC, he left from the board of the commission as a full time member and Commissioner as soon as the appointment was made. And if he had served for a minimum of two years on the board, he was entitled to ALL his benefits. A simple arithmetic will prove that from the time Gwarzo was appointed to the board and the time he was lifted to the position of D-G, he had put in two years and six months.

The board of the commission, at a meeting held on July 11, 2002 (eleven years before he was appointed to the Board of the Commission), approved, inter alia, that a permanent commissioner who has spent a minimum of two years is entitled to full benefits which can be monetized when leaving that office. In the extracts of this board meeting, it was specifically mentioned that the benefits should accrue to permanent commissioners who have served for a minimum of two years of which the D-G was listed as one. To that extent, therefore, he is entitled to the benefits paid to him for his service as the Executive Commissioner of Operations Directorate. Mr. Gwarzo has not denied that these entitlements were duly paid to him as they were, indeed, his rights because they are attached to the office and not necessarily to the individual who occupies the office

Although a certain legal opinion was made public. But the fact is that in corporate governance, the decision of the board is binding on all. If there are contrasting views, opinions or objections and any other matter that is inconsistent with the decision of the board, the decision of the board renders those a nullity to the extent of the inconsistency. Interestingly, the position of the Acting Head of Legal department relied upon by the mischief makers were dismissed by a counter opinion proffered by the Acting Executive Commissioner Legal & Enforcement and the Executive Commissioner Corporate Services of the Commission, both of whom are seasoned and senior legal practitioners. Regrettably, these counter opinions were not made public by the chicken chasers as they make clear the true position. The mendacity of the allegation is further demonstrated by the fact that the benefits were not approved by the D-G for himself as canvassed, but approved by the Executive Commissioner Corporate Services, whose statutory duty it was. It is, therefore, a deliberate act of mischief for anyone to adjudge the payment to him as illegal or that it contravenes any known law of the land.

It is on record that Gwarzo as SEC D-G, supervised the purchase of three cars from Stallion NMN Limited, manufacturers and distributors of Nissan automobiles, as project vehicles. Once again, the mischief of the chicken chasers is exposed as records exists which shows that those vehicles were purchased in 2013 and not during Gwarzo’s time as Director General. At the time, all necessary approvals on the bidding process, purchase and other procurement guidelines in accordance with the provisions of the Public Procurement Act were obtained from the Bureau of Public Procurement. The vehicles were duly assigned to the various offices as project vehicles. They were never at any time assigned to or used by the person of the Director General or any other Executive Commissioner as private vehicles. Till date, the project vehicles assigned to the offices of Executive Commissioners which are vacant are packed in the premises of the Commission.

It is often said that a mischief maker is like someone drowning who desperately clutches to any available straw just to stay afloat. In their bid to cast slur on the excellent job the SEC D-G is doing since he assumed office, the chicken chasers (apology to Prof Chukwuemeka Ike) have been looking for tell-tale signs of abuse of office. And when one does not exist, it must be contrived somehow. Government rules are clear on what a functionary should do in relation to other business interests. The matter is considered settled when the functionary in question resigns from or withdraws his interests in those other businesses. There is nothing in the statute books stopping those businesses as corporate entities from doing business with that or any other government agency. The intendment of the law in insisting on this is to avoid any conflict of interest. Before his appointment as Executive Commissioner, Mr Gwarzo had interests in two companies owned by his family, Outbound Investment Limited and Medusa Investment Limited. He withdrew his interests in them before his appointment into the board of SEC.

That was on December 12, 2012. As for the other companies his traducers are hinging on to blackmail him, they are companies doing business with SEC as an entity with no connections whatsoever to the D-G as a person. The Public Procurement Act empowers the D-G as the Chief Executive Office of the Commission to approve contracts within certain thresholds. However, to ensure transparency in the procurement process of the Commission, the D-G has delegated every procurement exercise of the Commission to the Minor Tenders Board, completely excluding himself from the processes.

In the public service, there is a saying “if you don’t train them, don’t blame them”. It was in keeping with this aphorism that the Executive management of SEC considered the training of some its staff on some specific areas of its core operations. It is, therefore, surprising that staff training should be counted as a sin committed by the D-G. The initial plan was to assign that programme to a foreign trainer. But because of the exorbitant cost implication, the foreign trainers’ fee actually came to N700, 000 or its dollar equivalent per participant. The management, to cut cost, engaged the services of local trainers including the Lagos Business School (LBS) and were paid less for the same programme. Some received as little as N150, 000 except for LBS that got N300, 000. If updating the knowledge base of the staff is considered a sin, then it is a sufficient ground to assess the intentions of those alleging inappropriate conduct on the D-G especially with regard to what they think of SEC as a key play in the nation’s economy.

The circular restricting chief executives of government agencies to economy class in air travels was issued on November 2, 2016. Gwarzo travelled to Hong Kong for the IOSCO board meeting in October of the same year. He received payment for his airfare for that trip and travelled on Business class. Considering the time he travelled in October and when the circular was issued on November 2nd, only someone out to course mischief will allege misdemeanour on the part of the D-G. It is obvious that his trip to that Chinese city predated government restrictions on air travels and as such could not apply to that trip. This leaves me perplexed at the extent to which a person would fabricate tales to tarnish the integrity of another.

Every corporate organisation, be it public or private has its own ways of appreciating staff leaving service meritoriously. For SEC, it was called The Golden Hand Shake, a retirement scheme designed by the commission for certain categories of staff. Upon assumption of office as D-G, the Gwarzo led administration noted that the Commission was top-heavy and rolled out this scheme, to encourage staff within the cadre of Senior manager – Director to voluntarily exit the system with certain benefits. The scheme was accessed by 47 staff of the Commission within those cadres and duly approved by the board and funded from the commission’s budget. Instead of citing anonymous sources, the mischief makers should have referred to the relevant sections of the Investment and Securities Act, 2007 that empowered the board to approve the commission’s budget as well as to establish and maintain a fund the proceeds of which it may apply to meet its financial obligations. The Golden Hand Shake organised by the D-G was carried out in line with statutorily laid down rules of the commission. Till date, some staff of the Commission have expressed regrets in not assessing the scheme at that time and have at various forum agitated for the re-opening of the scheme. Interestingly, the SEC is not the only organization to have rolled out the Golden Handshake as sister organizations such as the Central bank of Nigeria implemented a similar scheme which is tagged as Operation Eagle.

As pointed out earlier, any chief executive will cherish constructive criticisms including from members of his own team. Raising false alarms on situations that does not exist can have diversionary effect that is not conducive for management practices. Gwarzo is human and like every human is susceptible to errors. When those errors are imagined, they are bound to be counterproductive. That is why they are frowned at especially in a sensitive corporate organisation like SEC.
Given that these allegations posses no merit of any sought, I would be amazed that a respectable institution such as the SEC makes any response, because in my opinion, these mischief makers do not deserve the attention of the Apex regulator of the Nigerian capital market.

http://investdata.com.ng/2017/10/sec-adopts-proxy-response-sahara-reporters-allegations/#more

Heavy T-Bills Investment By Nigerian Banks Temporary, Fitch Warns

• Says Capital Adequacy Remains Weak

International rating agency- Fitch says the party may be over sooner than expected for Nigerian banks, which have been relying heavily on investments in very high Treasury Bill yields to boost interest income and maintain margins since the second half of 2016.

A statement by Janine Dow, Senior Director, Financial Institutions – Banks, at Fitch, on Friday, warned that T-Bill yields have fallen in recent weeks to about 15.5%, just as it may drop lower from mid-year levels of over 18.5%.
According to Fitch, the high T-Bills yields are part of attempts by the Central Bank of Nigeria (CBN) to control inflation and manage demand for foreign currency, and that by “providing a remunerative, relatively low-risk, naira-denominated investment (interest payments are tax-free), they hope to encourage Naira retention and dampen demand for US dollars.”

CBN data, Dow noted, show that the volume of Naira time and savings deposits held by the banking sector fell 8.7% to N11.7tr (USD38bn at the official exchange rate in the 12-month to July 2017, as depositors switched to T-Bill investments. T-Bill yields are still considerably higher than savings deposit rates, which are capped at 30% of the monetary policy rate, currently 14%.
Large, systemically important banks are holding on to their deposits, but many second-tier and smaller banks are seeing deposit outflows and almost all banks are reporting an increase in deposit funding costs.

Investdata checks show that at least three of Nigeria’s biggest banks have reported drops in customer deposits for the second consecutive quarter this year, a situation that continues to send shockwaves their management.

The CBN recently raised the minimum T-Bill purchase amount to N50 million (USD164,000) from N5,000, a situation expected to lock out small retail depositors, but may significantly impact overall deposit flows because most Nigerian banks are majority-funded by corporate deposits.

“For now, high yields on banks’ investments in T-Bills are offsetting the rise in their funding costs and compensating for the scarcity of opportunities for profitable new lending to the private sector. Lending opportunities have been constrained by weak economic growth, continued soft oil prices and sluggish consumer demand.

“High cash reserve requirements (CRRs) on naira deposits, currently set at 22.5%, are also a constraint on lending. Naira CRRs are not remunerated. In practice, some Nigerian banks are operating with an effective CRR of about 30% because the CBN is not remitting rebates due to banks when deposits are withdrawn. Our conversations with banks suggest that the CBN is targeting the sector’s more liquid banks with this restriction,” Dow added.

This is made worse by the already stringent prudential liquidity requirements that require banks to hold liquid assets equivalent to 30% of short-term Naira liabilities, added to the fact that “the portion of excess CRR retained by the CBN and owed to the banks cannot automatically be included in liquidity ratio calculations.

“Earnings retention is important if banks are to continue to strengthen their capacity to absorb losses at a time of persistent fragility in the Nigerian operating environment. Banks tell us that impairments appear to have peaked, but we view this as far from certain, and the impairment metrics do not yet fully reflect the requirements to provide for expected credit losses under the incoming IFRS 9 international accounting standard.”

Moreso, Fitch says it considers the capital adequacy of Nigerian banks weak in general, given that oil-related loans, representing about 30% of total, has undergone extensive restructuring and borrowers’ ability to service them in line with the new terms is yet to be tested.

“Fitch-rated banks reported an average IFRS-calculated ratio of impaired loans to total loans of close to 8% in June 2017, but reporting classifications differ among the banks and regulatory forbearance is not uncommon in Nigeria.”

http://investdata.com.ng/2017/10/heavy-t-bills-investment-nigerian-banks-temporary-fitch-warns/#more

MARKET UPDATE FOR OCTOBER 30, 2017


NSE INDEX SET TO CLOSE POSITIVE IN OCTOBER AMIDST STRONG Q3 NUMBERS



Nigeria’s equity market had a very narrow up on Monday to start the week on mixed despite the increasing number of companies that released their quarterly earnings to the market during the trading session, with their numbers revealing mixed performance, as some companies posted positively surprising earnings that offered insights into the transformation activities going within these companies. These, more or less, also reflected the fact of the larger economy coming farther out of the woods, just as they confirm that the economic fundamentals being portrayed are not just on paper, but real, particularly the Nigeria’s exit from recession with its Q2 GDP growth of 0.55% after five consecutive quarters of being negative.

Nonetheless, the slow reaction to these numbers is evidence that liquidity in the market is low even at the end month that coincides with the official end of earnings reporting season.
The day started out with sell-offs in continuation of three sessions of profit taking by traders that sharply plunged the market into red at the early hours of Monday, until midday before sharply rolling over in the last minutes to marginally close green, as the index bounced back, resisting intraday pullback as the market side trend.

The CBN reviewed foreign exchange policy which led to intervention and creation of new products has beat expectations in different quarters as the impact of the Investors and exporters window of the forex market continued to reflect on every facet of the economy to drive the recovery in the system. The continued positive macro-economic data are evidence of growing national output which the recent corporate earnings are also confirming, giving insight of what the Purchasing Managers’ Index (PMI) for the month of October and Q3 GDP will look like, besides confirming the true state of the economy.

The market technicals for the day were mixed as bullish sentiments hit 97% as revealed by the buying pressure, while volume index was 0.78 for the day, and buying position at 97% and 3% selling volume of total transaction, to halt the two-day down market on a negative market breadth.
Meanwhile, the composite NSE ASI gained 22.04 basis points to close at 36,484.30 from 36,462.26 points, which represented a 0.06% growth. In the same direction, market capitalisation for the day inched up by N7.63bn to N12.63bn, representing 0.06% value gain from previous session’s N12.62tr.
The marginal upturn recorded resulted from value gain by medium and high cap stocks like UBA, Forte Oil, Dangote Cement, Zenith Bank, Guinness Nigeria, Total, ETI and Dangote Flour that impacted positively on the ASI’s year-to-date return to 35.76%, just as market capitalisation growth stood at N3.38 trillion YTD, representing a 36.55% rise above the year’s opening value.
Market breadth for the day turned negative as the number of decliners outnumbered advancers in the ratio of 21:18 on a low traded volume that was lower than previous day’s level to halt the bear transition.

Market activities, in terms of volume and value were down by 39.36% and 30.27% respectively to 174.96 million shares valued at N1.82 billion from the previous day 250.90 million units valued at N3.01bn.
Transactions in the shares of FBNH, Diamond Bank, UBA, Zenith Bank and Transcorp topped the volume chart.
At the close of Monday’s trading session, Dangote Flour Mills topped the advancers’ table, gaining 10.19%, to close at N9.08 per share, on the back of its impressive Q3 numbers; followed by Forte Oil with 7.05%, on its low price attraction and market forces.
On the flipside, Morrison Industry, shed 4.76% to close at N0.60 on market forces; followed by Livestock Feeds which lost 4.49% to close at N0.85per unit on profit taking and the fact that its Q3 numbers came below expectation.
During the trading session, 44 companies release their quarterly earnings reports, including Honeywell Flour Mill, Diamond Bank, Flour Mills Nigeria and Others.

https://investdataltd..com.ng/2017/10/market-update-for-october-30-2017.html

INVESTORS LOOK OUT FOR MORE ECONOMIC DATA, PROBE Q3 FINANCIALS FOR DIRECTION

MARKET UPDATE FOR WEEK ENDED OCTOBER 27 AND OUTLOOK FOR 30- NOV 3

The last full trading week of the Q3 earnings reporting season on the Nigeria Stock Exchange (NSE) ended Friday after gyrating seriously for most of the period to close lower in consolidation of previous week’s position, despite the torrent of nine-month financials of quoted companies released even as late as Sunday afternoon.
Companies on the NSE are required to submit their quarterly earnings reports to the investing community as part of their post-listing requirement and the deadline for the current season expires on Tuesday, October 31, 2017, after which those that are delinquent are flagged.
During the period, the influx of impressive earnings and surprises impacted positively on some stocks and the market, with over 45 listed companies making available their scorecards. The momentum was however slowed down by profit taking as selling pressure increased with cashing of capital gains by traders leaving the week with mixed performance.

The earnings surprises from fast moving consumer goods and banking sector players supported the positive economic data and recovery which was propelled largely by the continued intervention of the Central Bank of Nigeria (CBN) in the foreign exchange segment of the Inter-bank market, bringing relative relief to manufacturers and even as the high interest environment boosted earnings of banks. It must be noted that Fitch ratings at the weekend warned that the high interest earnings on Treasury Bills and government bonds may not continue for too long, as the party may end soon. The report also expressed reservation about the non-performing loans of banks, following their exposure to the volatile upstream sector of the oil industry.
Last weekend also, the Nigeria’s equity indexes is billed for retention of the MSCI (Morgan Stanley Capital Index) Frontier Index, a plus for the nation’s market as foreign funds and portfolio managers rebalance their positions to meet the index requirement, a situation likely to support price rally, going forward. Important also is the fact that the quarterly earnings continues to beat market expectation to confirm the improving economic and company fundamentals necessary to support recovery. This is expected to further boost confidence among foreign and domestic investors, as well as traders.

Market breadth for the period under review turned positive marginally on the back of impressive numbers presented by consumer goods manufacturers that strengthened the market’s momentum, despite closing lower on mixed sentiments and profit booking by traders. The week also closed on buying pressure that is supposed to influence activities in the new week positively as more companies releases their numbers in the twilight of the season. However, investors and traders should focus on stocks with strong earnings and are trending in the up direction on the quarterly and yearly timeframe, especially those Nigeria stocks in the MSCI Frontier Index.

The weekly volume index was 0.58, with buying position at 97% and 3% selling volume of the total transaction as traders to continue to trade earnings volatility season.
The All Share Index shed 125.05 points to close the week at 36,462.26 points, from an opening figure of 36,587.31 points, representing a 0.34% decline on a higher volume of transactions. The index touched intra-week high of 36,754.39 and low of 35,825.05 basis points. There was a resistant at 36,734.39 as demand for stocks increased as traders cashed out gains, while market capitalisation for the period closed higher at N12.62tr from the opening value of N12.58tr, arising from the listing of additional shares to those of Guinness Nigeria, following its just concluded right issue that achieved 120% subscription, leaving market indicator with 20% appreciation in value.
During the week, low and medium cap stocks dominated the advancers’ table for period as impressive financials from consumer goods impacted equity in the sector to record 52 weeks high on the strength of their strong fundamentals and technical patterns that attracted more buyers irrespective of profit taking.

The bear-run resulted from profit booking, as well as the wait-and-see attitude to deluge of corporate earnings, as fund managers and analyst digested the emerging numbers before jumping into the fray. This impacted negatively on the NSE ASI’s year-to-date return to 35.68%, just as market capitalisation for the period increased to N3.39tr, representing a 36% gain from the year’s opening value. Market breadth was flat with advancers slightly outweighing decliners in the ratio of 33:32 on a high volume of trades. This is an indication that investors and traders are returning to the market on the back of improving number released to the market.
Stock markets around the world were mixed over the week, as oil prices continued to oscillate, hitting $59 as projected by commodity traders expressing belief that end of the year heating period may push the price above $60 per barrel in Q1 2018.

Britain’s FTSE100 was lower for the period, while Germany‘s DAX, Japan’s Nikkei and US market indexes were up, even as U.S. market indexes moved higher, driven by strong tech earnings and robust housing market data. And also the positive Q3 GDP growth of 3% above estimate of 2.5%. In Europe, ECB took the first steps in ending its bond-buying programme by reducing purchases to Euro 30bn, from Euro 60bn monthly. In Asia, Japanese Prime Minister Shinzo Abe was re-elected with a super majority that could pave the way for the so-called “third arrow” of the Abenomics policy to jumpstart the economy.

Back home, the NSE’s benchmark Index closed on the first day negative after losing 0.48%, which was halted on the second day when it gained 0.33%, continuing at the midweek’s session with a 0.25% notch. The trend was however reversed on Thursday when the indicators closed negative with a loss of 0.29%, which continued on Friday, with the indicators shedding 0.15%, and inclosing south for the second consecutive week, after losing the week 0.34% down.
The NSE and sectoral indices closed lower for the week, except for the NSE AseM, NSE Banking, NSE Lotus and NSE Pension that closed higher.
The week’s activities, measured by aggregate volume and value, were up by 42% and 16.98% respectively as 1.38bn shares changed hands for N16.4bn, up from previous week’s 872.89m shares valued at N14.02billion.
Nascon topped the advancers’ table, gaining 22.62% to close at N15.94 per share on the back of surprise in its Q3 earnings released recently, followed by Dangote Flour Mills, its sister company, which climbed 19.42% up closing at N8.24 each on positive market sentiments and impressive Q3 numbers.

The decliners’ table on the other hand was led by Forte Oil, which closed 14.24% lower at N38.29 on market forces while Cutix followed with 14.00% drop to close at N2.02 per share on profit booking by traders.
During the week also, more than 40 companies released their quarterly reports and their Earning Per Share are already computed in the Investdata price and earnings tracking.
Also NB and Total Nigeria announced their Q3 interim dividend of N1.00 and N3.00 respectively.

Market Outlook
This week, the market volatility as a result of the earnings reporting season will continue as positioning, profit taking in expectation of more earnings reports this week as the season comes to close on October 31, 2017, ahead of Q3 GDP figure amidst year-end sentiments.
As we move into the final days of the earnings season, more numbers would likely be released, but one thing that is clear in the current market situation is that smart investors are accumulating and enhancing their positions in selected stocks.

Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are looking down amidst improving economic and market fundamentals.
It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position.

Investing in the stock market is in phases. You must know this in order to manage your trading and investment risk. For stocks that should be on your shopping list to buy in this oscillating market or pullbacks sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
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CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdataltd..com.ng/2017/10/investors-look-out-for-more-economic.html

AGAIN, ZENITH BANK RECORDS ROBUST Q3 GROWTH, REMAINS LEADS PEERS IN PROFITABILITY

Zenith Bank has continued to demonstrate its high level of corporate governance that drives confidence and supports numbers, as contained in its recently financials for the nine-month ended September 30, 2017 released to the investing public earlier than the date for the corresponding period of 2016, to allow investors plan their investment and forecast the banks performance. The scorecard revealed the bank’s commitment, aggressiveness and track record of effective risk management that had reflected in its outstanding numbers that continues to support price and dividend payout.
The bank in more than one decade of its listing on the Nigerian Stock Exchange has consistently grown its earnings and values on a quarterly and yearly basis which has also supported it dividend payout. The single-mindedness of the bank’s management in creating value for its stakeholders at all levels of operations continues to drive profitability, besides keeping it as number one in Nigerian in terms of profitability, earnings, deposit, total assets and net assets, besides being among Africa’s top 15 banks.

Actual Q3 numbers revealed remarkable performance as top and bottom lines flew northward, translating to 412 kobo Earnings Per Share on the profit of N129.24bn, which is well above market and analysts expectations.
Nevertheless, Zenith Bank's share price is yet to react to positive numbers as it continues to oscillate below the price of N26.31 per share as at released date.
Gross earnings remained robust, surpassing previous year's figure by 39.68%, from N380.35bn to N531.27bn, just as profit level for the period was up by 29.15% to N129.24bn from N100.07bn in 2016. Despite the marginal drop in earnings yield for the period, price moved by 78.37% to N26.31 as at released date from N14.75 in 2016.

The bank's cost of operation and credit loss provision for the period moved up by 22.21% and 115.23% respectively, thereby significantly eating into its bottom line as reflected in the profit margin that dropped by 7.53% to 24.33% from 26.31% in 2016. Shareholders’ funds notched 10.56% to N767.69bn from N695.65bn last year; while EPS for the period improved to 412 kobo from 319 kobo in 2016, representing a 29.15% growth that had reflected on it price movement.

Zenith Bank’s Q3 EPS of 412 kobo is at par with that of its full year earnings in 2016, while the price to earnings ratio for period is 2.13x, which is higher than the 1.54x recorded in the same quarter last year. The bank's Book Value for the period stood at N24.45 while return on equity for same period improved relatively to 16.83% from 26.31% in 2016 which is an evidence of stronger profit and net assets for the period, indicating good performance as deposits increased but loans and advances dropped amidst the need to reduce non-performing loans which was fuelled by the nation’s slip into economic recession in 2016 and high inflation rate that continues to linger despite the decline recorded so far. The high interest rate environment created by the Central Bank of Nigeria (CBN) to attract foreign and local funds has boosted securities trading income among banks.

ZENITH BANK PLC
NINE MONTHS UNAUDITED REPORT 2017

COY
2016
2016

(N)
(N)
% Chg

Date Released
October 21, 2016
October 19, 2017

Price as@ Released Date
14.75
26.31
78.37

Gross Earnings
380,352,000,000
531,266,000,000
39.54

Profit After Tax
100,074,000,000
129,235,000,000
29.15

Shareholders' Fund
695,649,000,000
767,690,000,000
10.52

ESTIMATED RATIOS
Earnings Per Share
3.19
4.12
29.15

PE Ratio
1.54
2.13
38.31

Earnings Yield
21.61
15.65
--21.17

Book Value
22.16
24.45
10.33

Price To Book
0.67
1.08
61.19

ROE (%)
14.39
16.83
16.96

Profit Margin
26.31
24.33
-7.53

Year End
Dec
Dec


Source: NSE, Company Report and Investdata Research

As the bank continues to build capacity to drive investment and profitability ratios, the actual nine months earnings of stood at N4.12 per share, with yield the of 15.65% on the market price of Zenith Bank as at released date. Retained earnings remained positive at N312.67bn from N220.3bn in 2016 a pointer to the fact that the possibility of higher dividend payment at the end of this financial year is high.
The bank’s loans to deposits ratio is currently estimated at 70.39%; and debt to equity ratio at 5.68x. The consistent growth of its book value is encouraging and exciting for investors.

Valuation
The bank's current share price is considered very attractive at 2.13x earnings. Its 2017 financial year result upgraded guidance is indicative of stronger performance that it continues to churn out, especially as it beat expectations. Meanwhile, the Book Value of N24.45 reveals an under-priced situation as the bank is fairly priced at N38 which is at a discount of 48% of the current market value.

Analysts Opinion/Recommendations
Also, we expect earnings from the corporate and Investment Banking business segments to continue driving and supporting profit, going forward.
Consequently, we maintain our projection of full year EPS of N5.20 and upgrade to a final dividend payout of N2.00 from earlier projection of N1.95.
Investors with medium and long-term goal, who desire to preserve capital, should look the way of this stock. Its Q3 result confirmed our earlier upgraded guidance after studying its quarterly results so far in the current financial year. Investment in the stock for the next 90 days will beat any form of returns from money market, treasure bills and bonds. On the dividend equalization policy of the bank with growth in payout, we expect a higher dividend yield at the end of the year and put a BUY rating on Zenith Bank


Technical View


Zenith Bank’s price action for over one year has broken out of the black downtrend line to rally the resistant level of N26.99 and pullback in July to N22 in September before retracing up to recently form a double top that supports reversal of the current trend. It is trending up within a rising channel on a positive sentiment for its financials. RSI is reading 63.34 and money flow index is looking down to signal that funds are still exit the bank as a result of profit taking by traders.

For over the past three years, the bank’s price action has formed a bullish chart pattern called inverted head and shoulder that supports continuation of uptrend, meaning that reversal of the current pullback is imminent, given that the trending ability and directional momentum are above ADX of 20 at 38.

ZENITH INT'L PLC
Share Holding Structure
Jim Ovia
9.38%
Stanbic Nominees Nig. Ltd
16.28%
Nigerian Citizens & Associations
74.34%

Other Statistics
Shares Outstanding (MN)
31,396,493,786
Opening Price (2017)
N14.75
Closing Price at October 20, 2017
N26.31
Date Listed
21/10/2004
Year End
31st Dec.
Source: NSE, Company Report and Investdata Research

The bank’s conservative nature and prudence is paying off in its efforts to build a world-class institution with steady growth in terms of profitability, dividend payout and impacting the economy through its social responsibilities. Also, the bank has demonstrated its doggedness at all levels of operations a factor that continually supports and drives profit to keep it among the top banks in Nigeria and Africa, in terms of market capitalisation, earnings, deposit, total assets and net assets. The bank’s branches within and outside the country, helped by professionalism in service delivery at all level, have demonstrated their capacity through the financials released over the past four years. Its innovations through the bank ICT platforms have contributed to making all the figures green. Investors, on the other hand, have followed the outstanding performances of Zenith Bank over time, taking strategic positions which continue to reveal value in its stock, while creating wealth as investors smile to the banks on biannual bases.

Similarly, over the years, its Book Value has grown in the same direction from N16.22 in 2013 to N22.44, investor confidence supported its price as valuation tools placed the bank's stock at N30.

ZENITH BANK FOUR YEARS FINANCIAL PERFORMANCE
2013
2014
2015
2016

Date Released
March 11, 2014
March 05, 2015
March 15, 2016
Feb 27, 2017

Price @ Released Date
21.40
19.00
13.30
14.73

Gross Earnings
351,470,000,000
403,536,000,000
432,343,000,000
507,997,000,000

Profit After Tax
95,318,000,000
99,455,000,000
105,663,000,000
129,652,000,000

Shareholders' Fund
509,251,000,000
552,638,000,000
594,353,000,000
704,465,000,000

Dividend
1.75
1.75
1.80
2.02


Four-Year Performance (2013-2016)

A review of its performance in the past four years as revealed by the numbers in the table above and below, shows that Zenith Bank has consistently, during the period under review, heightened its performance as reflected in its profitability and investment ratios for the period.
Its gross income during the period grew by 44.54% from N351.47bn in 2013 to N507bn, while the earnings power rose by 36.02% to N129.65bn from N95.32bn posted in 2013. Zenith Bank’s performance within the period has supported its share price. Profitability level has remained in an uptrend direction as surprises continue to hit the market from the first Nigerian bank to record the N100bn profit milestone. It also ranked number one in net assets and among the top two in terms of profit margin, service delivery and risk management in its industry today.

Within this period, the risk and cost management of the bank have improved tremendously, leading to enhanced value creation to all its shareholders and other stakeholders. The nature and complexity of the risks in its business requires strong and robust risk management structure to provide adequate oversight at all levels. Earnings per share remained strong and steady at 415 kobo regardless of strict regulation in the industry and the unfriendly economic situation till date with high Monetary Policy Rate (MPR), tight liquidity, ascending inflation rate, dwindling discretionary income and falling naira value at the exchange market.

Zenith Bank Earnings Per Share (EPS) rose from 304 kobo in 2013 to 317 kobo in the following year which was sustained in 2015 and 2016, despite the industry headwinds during the years.
As we have mentioned earlier in this piece, the bank’s 2016 full-year EPS of N4.13 beat analysts and market expectations as rating agencies continue to downgrade Nigerian banks due to the inherent country risk , as a result of contraction in the economy. The improvement in the bank’s Earnings Yield from 14.19% in 2013 to 28.03% attests to its quarterly and yearly earnings growth.

ZENITH BANK- ESTIMATED RATIOS
2013
2014
2015
2016

Earnings Per Share
3.04
3.17
3.37
4.13

PE Ratio
7.05
6.00
3.95
3.57

Earnings Yield (%)
14.19
16.67
25.30
28.03

Book Value
16.22
17.60
18.93
22.44

ROE (%)
19.00
18.00
17.78
18.40

Profit Margin (%)
27.12
24.66
24.43
25.52

Year End
Dec
Dec
Dec
Dec

https://investdataltd..com.ng/2017/10/again-q3-growth-remains-leads-peers-in.html

INVESTDATA PRICE AND EARNING TRACKING FOR THE WEEK ENDED OCTOBER 27, 2017


https://investdataltd..com.ng/2017/10/investdata-price-and-earning-tracking.html

C & I LEASING: SURPRISING EARNINGS THAT WILL DRIVE PRICE, DIVIDEND

Leading equipment leasing and rental service provider quoted on the Nigerian Stock Exchange (NSE), recently released its earnings report for the nine months ended September 30, 2017, with top and bottom lines pointing northward, to support price rally that made the stock one of most frequent equity on the top advancers log in the recent months.
This surprising performance is a consolidation of its quarterly numbers since the beginning of the current financial year, which is attributable to the commitment of management to deliver value for clients and shareholders, backed by aggressive product innovation and marketing. Of course, the company’s robust performance cannot be divorced, especially at this time when the leasing and outsourcing industry in Nigeria continues to wax strong; while corporations try to cut operating cost, remain in business and of necessity, remain profitable.

The company's outstanding performance since the beginning of this year has expectedly reflected in the price performance, beginning from when the full year result of 2016 hit the market in April 2017, triggering the price movement as discerning investors started taking position as the intrinsic value slowly became more and more visible.
According to the nine-month result presented by the board, gross earnings rose by 28.02% to N17.18bn from N13.42bn in 2016, which was boosted by lease rental, outsourcing, interest and other operational incomes from its core service area.

Within the period also, profitability grew at a faster 184.67% to N950.02m from N333.73m in 2016 full year, which is relatively insignificant, judging by the high cost embedded in lease financing, as provision for impairment charges grew by 41.37% to N228.29m from N161.48m.
Also, there was an increase in tax income from N40.15m in 2016 to N207.24m.
The up-trend in the company’s quarterly results so far has supported its share price which is currently at N1.87 per unit, representing more than 266% above it price of 50 kobo when the 2016 report was released.

The market price of the stock is still below the N4.76 Book Value, which means the shares are still undervalued for discerning investors, despite the significant growth recorded over the period. Also, Price to Earnings Ratio is 1.20x, even as investors' waiting period remains short, as a result of which earnings continue to look up.

C&I LEASING PLC
THIRD QUARTER REPORT FOR 2017
COY
2016
2017
% Chg
(N)
(N)
Date Released
November, 1,2016
October 26, 2017

Price as@Rel.Date
0.50
1.82
264

Gross Earnings
13,418,714,000
17,181,694,000
28.02

Profit After Tax
333,732,000
950,023,000
184.67

Shareholders' Fund
8,073,027,000
8,955,382,000
11.03

Earnings Per Share
0.18
0.50
177.78

PE Ratio
0.94
1.20
27.66

Earnings Yield
35.45
27.72
-21.81

Book Value
4.29
4.76
10.96

Price to Book Value
0.12
0.38
216.67

ROE
4.13
10.61
156.90

Profit Margin
2.49
5.53
122.09

Dec
Dec

SOURCES: COMPANY DATA & INVESTDATA RESEARCH

Valuation/Recommendations
The continued improvement in the company's earnings is a major source of attraction for investors, regardless of the poor profit margin of 5.53%. This should ordinarily begin to attract the attention of management and the need to urgently work on reducing operating cost, and in the process creating value for shareholders by enhancing top and bottom-line growth and in the process spiking a further rally.
The latest Q3 score-card is therefore an indication that the company would beat market expectation for 2017, just as 10.16% Return on Equity is the point of attraction for a company that in the last four years has paid dividend except for 2016. On the strength of its numbers for Q3, the chances for a juicier dividend payout at the end of the year are high, but as has been highlighted above, the management should deliberately work on the cost of operation, so that this positive trend will continue. On the improving profitability and investment ratios, investors and traders should look the way of the stock.

Technical View
C&I Leasing has side trended before forming a rising channel that was trendy, with different pullbacks that created buy opportunity within the channel but finally, price action is yet to break out its strong resistant level of N2.15 to the all-time high of N3.47 per share. Traders should watch out for breakout at the blue trend line for continuation up trend or reversal to first support level at N1.66, second support price of N1.42. The strength of the trend is strong above 20 ADX.


Management
It is true that the scorecard of a company is the shortest way to assess its management's competence and commitment. The earnings performance of this company reveals the calibre of its management and at the same time the strategic inputs in its products or services that are driving profitability.
The company’s impressive performance as shown in its latest result, points to the need to encourage the management to continue working on cost efficiency that will drive strong earnings needed to support its share price.
The management team should be even more proactive in capturing more market share and building top line to further boost profit in an environment where competition is daily becoming keener.


Performance Analysis
Looking at the numbers posted over the past four years, it is obvious that the business environment remains challenging but the company has remained resilient, following which it has continually posted positive numbers that have supported payment of dividend for three times. This is why its share price has consistently remained above the 50 kobo par value since April 3, 2017.
The company's performance for the four-year period (2013 to 2016) reveals that management has been focused and committed for it to produce the recent numbers that are now impacting positively on its share price.

Gross income for the period grew by 38.37% to N17.02bn from N12.3bn in 2012; a rise that was paled by the significantly profit after tax growth to N920.87m from N161.6m, representing a giant 670% leap. Profit margin for the period under review remained below the 15% standard, just as shareholders' fund moved to N8.09bn from just N5.12bn in 2013 revealing an uptrend in the last four years.

There is a greater need for management to sustain the tempo, leaning on Nigeria’s improving economic fundamentals that continues to favour the company, helping it to grow its earnings power.

C & I LEASING PLC FOUR YEARS FINANCIAL PERFORMANCE

2013
2014
2015
2016

Date Released
June 24,2014
May 6, 2015
April 4, 2016
April 3, 2017

Price @ Released Date
0.50
0.50
0.50
0.50

Gross Earnings
12,229,439,000
13,883,942,000
14,577,657,000
17,015,799,000

Profit After Tax
161,597,000
178,067,000
148,657,000
920,867,000

Shareholders' Fund
5,118,442,000
5,804,642,000
5,688,793,000
8,093,270,000

Dividend
0.04
0.08
0.04
-
SOURCES: COMPANY DATA & INVESTDATA RESEARCH

Estimated Performance Ratios
The company's financial ratio for the period under review shows that the amount earned by investors and management were better at 0.08 kobo in 2014 than 4 kobo in previous year, which was also paid in 2015. This is a reflection of the stable earning power.

Price Earnings Ratio is okay and attractive at the current estimate of 1.20% from a low of 0.12x in 2016. The last full year EPS is a yield of 97.82% of the market price as of the release date. This signifies an improvement in the stock's valuation by the market as against the posted numbers.
This was further confirmed by the Book Value that ranges between the low of N2.72 and high of N4.76. The enhanced Book Value for the period resulted from the company’s rising and retaining some of it its earnings which moved from N5.12bn in 2013 to N8.09bn, that has supported shareholders’ funds tremendously.

Putting this ratio and the market price of C&I Leasing side-by-side points to opportunities for medium and long term investors, not minding the fact that profit margin over the years remained poor.
C & I LEASING PLC ESTIMATED RATIOS

2013
2014
2015
2016

EarningsPerShare
0.09
0.09
0.08
0.49

PE Ratio
5.83
5.29
6.33
1.02

Earnings Yield
17.17
18.91
15.79
97.82

Book Value
2.72
3.08
3.02
4.30

Price To Book
0.18
0.16
0.17
0.12

ROE
3.16
3.07
2.61
11.38
Profit Margin
1.31
1.28
1.02
5.41

Year End
Dec
Dec
Dec
Dec

SOURCES: COMPANY DATA & INVESTDATA RESEARCH
https://investdataltd..com.ng/2017/10/c-i-leasing-surprising-earnings-that.html

Thanks for the comment...@ DonDiego:

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I had no idea that Investdata also has an outlet here on the Investment section of Nairaland. It is a pleasant discovery. Please keep it up and further promote it for the attention of other investment enthusiasts on Nairaland.


Thanks for the commenting...@ DonDiego:

Yeah, we are working effortlessly to spread the gospel of financial investment opportunities to investors and all business incline individual and sundries.
You can also follow Investdata on.. twitter, google+, Linkedin, facebook and through our websites (www.investdata.com.ng, investdataonline.com).

Best Reagrds

MARKET UPDATE FOR OCTOBER 26, 2017


INVESTORS UNDERTAKE MONTH-END PORTFOLIO RE-BALANCING, CRUNCH EMERGING ECONOMIC, COMPANY DATA

Nigeria’s stock market on Thursday had a sloppy, but mixed session that continued to be highly volatile owing to month-end activities as investors watch out for economic date for direction. The mixed session was also despite the influx of more impressive earnings reports, as market indicators closed lower as traders booked profit after the few day of relatively weak rally, while cashing out capital gains in some stocks that had appreciated so far in this season.
The market, nonetheless, remained within the bullish channel and above 20DMA but on a border line of breaking down the lower line of the channel and the moving average which will be a function of market forces this morning as trading opens. Should the earnings surprises continue and more of better numbers are released the bearish sentiment that reached 61% on Thursday would expectedly change.

Thursday started out with a move down right after the opening session, and then the index bounced around throughout the rest of the session in red, with the magnitude of loss only reducing in the last minutes of the day to end the trading session. The losses suffered by blue chip companies served as the force that slowdown the recovery mode of the market, as the index moved between an intraday high of 36,640.07 and low of 36,438.60 to finished lower than its opening figure.

The market’s technicals were weak and mixed as bearish sentiments approaches 61% to reveal selling pressure while volume index was 1.42 for the day, and buying position at 39% and 61% selling volume of the day’s total transaction, to halt the two day up market on a negative market breadth.
As the earnings reporting season draws to a close, it has been observed that the numbers emanating are beating market expectation, which is a signal of another bullish ascendancy ahead as market players interpret and digest the numbers to rebalance their portfolios and market revaluation, especially with the positive macro-economic data, rising oil price at the international market, which is expected to further boost Nigeria’s external reserve amidst noticeable increase in foreign exchange inflows, on the back of a relative stable exchange rate regime and implementation of Ease of Doing Business to make the country much more investor friendly, despite security challenges in some parts of the country.

It is also noteworthy that the Federal Government, on Thursday approved a Road Tax Fund (RTF), which is primarily aimed at attracting private sector investments into that critical sector of the economy, thereby easing pressure on the annual federal budget. Under the scheme, private companies, either as a single entity, or a group of companies using a Special Purpose Vehicle (SPV) can use tax that would have been paid to government to fix a road with design provided and construction supervised by the Federal Ministry of Power, Works and Housing. The project must also have a five-year guarantee (READ MORE). The Federal Executive Council, also on Thursday, approved the 2018 spending plan, which would be unveiled to the leadership of the National Assembly next Tuesday (October 31, 2017) at a dinner, as part of efforts to enhance understanding and buy-in that would facilitate easy passage of the document, thereby ensuring that it does not linger of the shelves until June, like the current one.

Meanwhile, the All Share Index shed 105.37 basis points to close at 36,517.48 from 36,622.85 points, which represented a 0.29% decline. In the same direction, market capitalisation for the day dropped by N36.47bn to N12.64bn, representing 0.29% value loss from previous session’s N12.68tr.
Price depreciation suffered by medium and high cap stocks like CCNN, PZ, NB, Guaranty Trust Bank, UBA, Forte Oil, International Breweries and Mobil impacted negatively on the ASI’s year-to-date return, as investors begin to react to their seeming lower than expected numbers. These reduced the year-to-date gain of the All-Share index to 35.88%, just as market capitalisation growth dropped to N3.4tr YTD, representing a 36.68% rise above the year’s opening value.

Market breadth for the day turned negative as the number of decliners outnumbered advancers in the ratio of 27:19 on a high traded volume that was higher than previous day’s level to short-live two day of bull run on the exchange.
Market activities, in terms of volume and value were mixed as volume rose by 10.47% to 356.81m shares from the previous day 323m units, while value for the day dropped by 9.44% to N4.22bn from N4.66bn a day earlier.
Transactions in the shares of UBA, Fidelity Bank, Custodian Allied Insurance, FCMB and Access Bank topped the volume chart.

At the close of the trading session, National Salt topped the advancers’ table, gaining 10.18%, to close at N16.77 per share, on the back of its impressive Q3 numbers, followed by Dangote Flour Mills with 10.13%, which was on market expectation of the company Q3 earnings report.
On the flipside, Forte Oil, again came under attack on it mixed numbers, losing 5.00% to close at N40.30 on market forces, while NEM Insurance shed 5.00% to close at N1.33 on profit taking; followed by International Breweries, which shed 4.99% to close at N51.78 per unit on profit taking, despite the company’s expected Q2 result even as it seems the market may have started reacting based on the numbers put forward by NB, a major competitor in the sector.

Also, during the trading session, Total Nigeria and NB announced interim dividend of N3.00 and N1.00 respectively, as Stanbic IBTC, FBNH, Dangote Sugar, Cadbury, Julius Berger and Access Bank, among others released their Q3 earnings to the market.

TODAY’S OUTLOOK
As the market opens this morning, volatility may continue in the midst of repositioning and profit taking, being the last trading day of the week at the peak of earnings reporting season, were more companies are expected to release their numbers.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.


It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
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Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467

https://investdataltd..com.ng/2017/10/market-update-for-october-26-2017.html

MARKET UPDATE FOR OCTOBER 25, 2017

INVESTORS AWAIT MORE EARNINGS REPORTS, BUT KEEP EYES ON ECONOMIC DATA

The nation’s equity market on Wednesday had a volatile session as usual, but unlike in recent times, it closed positive as more impressive earnings strengthened the momentum to keep the market within the rising channel chart pattern as its trading above the 20 day moving average on a high volume of trade and healthier market breadth. The positive technicals signal the very short term rally in the last few day of the earnings reporting season that comes to an end officially on October 31, which may likely support the current trend if the remaining companies release impressive financials.

The session started with a gap up that was sustained till the end, closing higher, despite the intraday up and down movement that broke out the recent resistant level to a high of 36,754.39 and low of 36,531.62 which was the opening point for the day. Earnings surprises in some companies and expectation from some in the banking, consumer goods, agribusiness and other sectors have triggered demand for some stocks despite the relatively low liquidity in the market at the moment. Strong and improving company fundamentals remain points of attraction as the season and year winds down.

Despite the positive technicals and high volume traded, mixed sentiment was revealed in buying and selling pressure as volume index was 1.37 for the day, while buying position was at 41% and 59% selling volume of the day’s total transaction, to extend the two day bull transition.
The naira appreciated against other currencies of the world supported by improved liquidity in the investors and exporters window of the inter-bank foreign market that continues to enjoy sustained intervention from the Central Bank of Nigeria (CBN) as part of efforts to support economic recovery from recession and thereafter put it on the path of growth.

Meanwhile, the composite NSE All Share Index gained 91.23 basis points up to close at 36,622.85 from 36,531.62 points, which represented a 0.25% growth. Market capitalisation however increased by a higher N100.26bn to close at N12.68tr, as a result of additional shares of added to those outstanding for Guinness Nigeria Plc, following its recent right issue that achieved 120% subscription that has impacted share price movement. It is worthy of note that sustainability or otherwise of this trend will be a function of the company’s earnings performance, the first test of which would be its first quarter result the market is expecting any moment from now. With the additional shares of Guinness Nigeria, the NSE’s market capitalization increased by 0.80% from previous session’s N12.57tr.

The upturn in the share prices of Zenith Bank, UACN, UBA, Seplat Petroleum Development Company, National Salt, Fidson Healthcare, FBNH, Dangote Flour, Dangote Sugar and Honeywell Flour, impacted positively on the ASI’s year-to-date return, which increased to 36.27%, just as market capitalisation has grown by N3.43tr YTD, representing a 37.09% rise above the year’s opening value.
Market breadth for the day remained positive with advancers outnumbering decliners in the ratio of 23:12 on a high traded volume that was higher than previous day’s level to sustain the bourse for its second day of bull run.

Market activities, in terms of volume and value were up by 61.62% and 157% respectively to 323.00 million shares, valued at N4.66 billion from the previous day’s 199.86 million units valued at N1.81 billion.
Transactions in the shares of UBA, Zenith Bank, Access Bank, Fidelity Bank and Guaranty Trust Bank topped the volume chart.

At the close of Wednesday trading, Fidson Healthcare topped the advancers’ log, gaining 9.82%, to close at N3.69 per share, on impressive Q3 earnings surprise, followed by C&I Leasing with 7.60%, which was on market sentiment and expected Q3 numbers.
On the flipside, Cutix again came under attack, following which it lost 9.36% to close at N2.13 on profit taking activities; followed by Forte Oil which shed 4.99% to close at N44.65 per unit on market forces, despite the company’s relatively impressive Q3 number.
Also, during the trading session, ETI, Continental Reinsurance, Multiverse and others released their Q3 earnings available to the market.

TODAY’S OUTLOOK
As the market opens this morning, volatility may continue in the midst of repositioning and profit taking, being the peak week for earnings reporting season, as more companies are expected to release their numbers.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.

It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.

Get your home study pack today and ride with the current recovery on Nigeria’s stock market and economy. By investing and trading knowledgeable
The training materials on stock Trading and Investing for Financial Independence series are Available, you can play on your mobile phone, laptop, desktop and Tv. Kindly call or send yes to 08032055467 or 08111811223.

Best regards

Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467

https://investdataltd..com.ng/2017/10/market-update-for-october-25-2017.html

UBA: EARNINGS CAPACITY WAX STRONGER TO SUPPORT PRICE AND DIVIDEND

United Bank for Africa Plc, which prides itself as “Africa’s global bank” continues its re-engineering and just as its name goes, it has continued a strategic expansion across the continent, already seeing impressive results from previous efforts as revealed by the diversification in revenue base. This much has reflected on its earnings, profitability and investment ratios, judging by the recently released nine months scorecard to the investing community. The nine-month score-card, besides giving investors the current state UBA’s financial health and direction to help investors plan their investment, has shown that the bank remains consistent in making it numbers available as at when due.

UBA’s consolidating quarterly earnings performance so far in this current financial year has boosted share price and investor confidence, veritable ingredients that have sustained the uptrend performance in price which recently had become a trendy stock for all class of investors to play in.
Growth in gross earnings and profit after tax for the period shows the healthy state of the bank which is poised to support price and dividend payout expected to ignite a share price rally as have been observed in its price movement from N4.10 between 2016 when the third quarter result was released, to N9.23 as at the released date of the 2017 numbers.
This represented 125.12% price appreciation, meaning that if you have invested in UBA Plc shares with N100,000.00, return on your investment would be N125,000.00, more than your invested capital.

Gross earnings for the 2017 nine-month was N333.91bn, compared to N265.53bn in 2016, representing 23.04% rise, while profit increased to N60.92bn, from N49.51bn in 2016. The impairment charges on financial assets for the period increased to N12.91bn from N9.1bn in 2016, as provision rose by 41.89%, thereby slowing down the bank's profitability.
The improvement in interest and similar income boosted the gross earnings that supported bottom line, as interest expenses for the period dropped by 36% from 39% in the previous year to reflect the group’s cost management efficiency, despite the risk exposure in an economy recovering from recession. Regardless of the over regulation of the industry and tightening of monetary policy by the Central Bank of Nigeria (CBN), banks in the country are enjoying the high interest rate regime which has supported the impressive numbers.

Third quarter Earnings Per Share (EPS) was up by 23.61% to N1.78 from N1.44 in 2016. The up-trend in UBA's financials as mentioned earlier has supported the share price which is currently trading at N9.00 per share as at Friday.
The stock’s price is 65% below the book value, which indicates that it is undervalued and should therefore be attractive to discerning investors, just as Book Value currently stands at N14.81 and Price/Earnings ratio is 1.73x. Investors' waiting period has slightly increased, as a result of growth in share price which is driven by stronger earnings and better future prospect.


Africa’s economy is growing as oil price is bottoming out on global economy improvement and uncertainties that have impacted the continent positively, reflecting on UBA’s quarterly and yearly performance with return on equity growing to 12.00% from 11.00%. Loans/Deposit ratio also improved slightly to 64.42% from 61.75% in 2016. Return on Assets (RoA) stood at 1.62% from 1.50% as other profitability ratios for the period closed green as testimony to real improvement in the bank’s earnings power. The improving customer service delivery, new banking products/services that are innovative and technology driven will further enhance performance by increasing deposits and profitability at the end of the day.

Technical View


UBA's price action has rallied for more than two years to form a rising channel, but recently pulled back on profit taking to create a buying opportunity as positive sentiments on strong financials to support upward reversal which is imminent. The recent strong support level of the bank is N8.55 on a weekly basis.
Traders should watch out for breakout of N9.65 for continuation of the up-trend to first resistance at N10 and second resistant at N10.40 or reversal to first support level at N8.80 and second support price of N8.44. The momentum of the trend is STRONG above ADX of 20.

Forecasts
Our FY 2017 gross earnings forecast for UBA is N386.68bn, representing a 25% improvement, relative to FY 2016, while our net income estimate for FY 2017 is N72bn, which translates to an 18% improvement over the FY 2016 numbers. This yields an EPS of N2.10 and a forward P/E of 2.17X.
The Nigerian banking sector’s high interest rate regime will support the 2017 full year numbers and we expect more loan loss provisions, as inflation rate decline remains slow and as such not making much impact especially given that the cost of living remains high and reflects the current situation and where the economy is coming from.

Our Net Book Value estimate for Q4 is N538.78bn, which brings forward Price to Book Value to 0.96x. We also expect sluggish growth in both customer deposit and loan book for FY-2017, meaning that the lender’s success at the end of the 2017 full year will be determined by the efficiency of balance sheet deployment and the potency of its risk assessment framework.

Analysts Opinion/Recommendations
The share price of UBA Plc is undervalued, judging by our FY 2017 estimates. The stock is currently trading at a 100% discount to our Fair Value estimate of N18. The bank has a book value above current market price which shows a positive intrinsic value and points a better room for future growth.

We are also impressed by the steady rise in the bank’s Book Value position over the past quarters and years. However UBA must be proactive with its Return on Equity (ROE) growth. All considered, we have a BUY recommendation on the shares of UBA Plc.



Positive scorecards will push prices higher
The bank’s management has so far demonstrated commitment to repositioning for enhanced profitability, following which the board has for the third consecutive year paid a 20 kobo interim dividend. Moreso, UBA Plc has been very proactive with its balance sheet deployment in the review period, while its defensive strategy has remained very effective, ensuring that the backlash of some regulatory policy changes is mitigated. The Naira, Nigeria’s pressured local currency is a major disincentive for UBA to sustain this venture, but offshore earnings power from its operating network has also supported bottom-line.

Four-Year Performance (2013-2016)
The bank’s numbers in the period under consideration has remained resilient, despite the tight economic conditions, especially since the crash in oil prices and the resultant pressure on disposable income of many households, which may have been the major restraining factor for creation of risk assets.

Gross earnings for the period grew by 45% to N383.65bn from N264.69bn in 2013, even as profit for the period was stable, despite the over regulation in the industry with banks having to make different set of provisions in line with Prudential Guidelines. Bottom line for same period was up by 55% to N72.26bn from N46.6bn in 2013.

Return on Capital Employed and Assets for the four-year period were 19.8%, 1.8%, 18.1%, 1.7%, 17.9%, 2.2%, 16.13% and 2.06% respectively. Return on Equity was 16.13% in FY-2016, down from 18.84% in FY-2015 while Return on Assets experienced a marginal decline for the same period to 2.06% from 2.17% year on year. It also grew Net Assets for the period by 90.64% from N235.04bn in 2013 to N448.09bn.


Ratio Analysis
The bank has sustained upward earnings trend that supports price performance as the EPS moved from N1.41 in 2013 to N1.99 in 2016 and Price to Earnings Ratio remained unstable due to the up and down movement in equity prices.

In arriving at our fair value price for the stock, we focused on its historical financial performance and our expectations for full year 2017, which was calculated using the Price to Book Value method of valuation as well as the Dividend Discount Model comprising our expected dividend estimate for the bank and to adjust for the risk of investing in the Nigerian Financial Services sector. We have placed a POSITIVE rating on the stock of UBA. The current year’s financial performance is a pointer to what investors should expected as dividend. With the projected 2017 full year EPS of N2.10, final dividend possibility in the range of 60 to 65 kobo is high.
https://investdataltd..com.ng/2017/10/uba-earnings-capacity-wax-stronger-to.html

MARKET UPDATE FOR WEEK ENDED OCTOBER 20 AND OUTLOOK FOR 23-27


INVESTORS SEEK CLEARER PICTURE OF ECONOMY, MARKET, AMIDST HOPE FOR MORE FINANCIALS
Trading activities on the Nigeria Stock Exchange (NSE) last week remained highly volatile and bearish, halting two weeks of bull transition, despite the positive economic data and increasing number of good corporate earnings released to the market during the period. This may not be unconnected to the mixed sentiments as traders and investors positioning amidst persistent profit taking, irrespective of the impressive Q3 numbers, especially from blue chips companies.

The positive Purchasing Managers Index (PMI) for the month September that was above 55 points confirmed the increasingly high productivity level in the real/manufacturing sector, added to the slow decline in inflation rate, relative stability in the Naira’s exchange rate and the 0.55% growth in the nation’s Q2 GDP rate that announce the exit of out of nation economy from recession. The corporate score-cards released have also confirmed the economic recovery and growth in the numbers been posted for the nine months of the year.

However, the ongoing geopolitical agitations, increasing attack by insurgents in the name of herdsmen, and the seemingly sluggish implementation style of the 2017 budget, despite the increasing inflow of foreign investment, among others, have remained sources of grave concern to investors. This is coming despite the sustained intervention of the Central Bank of Nigeria (CBN) in the investors and exporters window of the foreign exchange market, coupled with the improving external reserves which stood at $33.36bn on October 19, 2017 according to data available on the apex bank’s website. There is, more than ever before, the need for complementary fiscal policies to enable the CBN’s intervention achieve better results, while the economy grows at a faster rate.

Market breadth for the period under review turned negative to weaken the market’s trending ability and direction, thereby slowing down market recovery on mixed sentiments, amidst continued speculative activities and profit taking by traders and investors that dominated the week’s activities. The week also came under selling pressure that pulled back the weak rally, despite pockets of surprises in the financials released during the period.
Nevertheless, investors and traders should focus on stocks with strong earnings and are trending in the up direction on the quarterly and yearly timeframe.
The weekly volume index was 0.57, with buying position at 1% and 99% selling volume of the total transaction as volatility continued.

The composite NSE All Share Index shed 260.86 points to close at 36,587.31 points on Friday, from the week’s opening figure of 36,848.17 points, representing a 0.71% decline on a low volume of transactions. The index hit an intra-week high of 37,041.52 and low of 36,583.21 basis points. There was a breakout of the psychological line of 37,000 but was sustained to close under. Similarly, market capitalisation for the period closed at N12.59tr from the opening value of N12.68tr, representing a 0.71% value loss in investors’ portfolios.

Top performing stocks that dominated the advancers log for the week were low and medium cap stocks that had suffered decline before now, in addition to those attracting attention on the strength of their strong fundamentals and technical positions, thereby revealing buy opportunities in these stocks ahead of their second and third quarter earnings reports.
The downturn experienced during the period was as a result of profit booking on the part of speculators and smart money that are playing the quarterly earnings reporting season no at its peak. Losses suffered by low, medium and high cap stocks have impacted negatively on the NSEASI’s year-to-date return to 36.14%, just as market capitalisation for the period increased to N3.37tr, representing a 36.34% gain from the year’s opening value.Market breadth was negative as the decliners outnumbered advancers in the ratio of 34:23 on a low volume of trades which reflect that investors and traders’ wait and see the numbers before jumping into any new position.

The international stock markets were mixed over the week, after oil prices rallied and slowed down with some commodity traders expressing belief that end of the year heating period may keep the commodity’s price oscillating around the current range, before breaking out $60 in Q12018 as production cuts agreement continues to subsist.
Germany‘s DAX and Britain’s FTSE100 were lower for the week, while Japan’s Nikkei and US market indexes were up for the period, The U.S. market indexes over the period were higher, entering into record territory as the Dow Jones Industrial Average surpassed the 23,000 psychological line, despite the slower-than expected growth in the manufacturing sector. Many investors remain concerned over the market valuation that had reached 25.68x price to earnings multiple on Friday. This is the highest level since 2008 economic crises and well above the 15.68x average.
In Europe, investors have expressed concern over the slow pace of talks between Britain and the European Union ahead of Brexit.In Asia, Japan’s Nikkei 225 matched its longest winning streak ever as investors continued to buy into the country’s robust momentum.

Back home, NSE’s benchmark Index opened the week on a positive note, gaining 0.33% which was short-lived on the second trading session when it lost 0.81%, continuing at the midweek’s session with a 0.08% drop. The trend was reversed on Thursday, as the indicators closed marginally north with a gain of 0.01%, which was reversed on Friday, with the indicators recording a loss of 0.16%, bringing a total loss for the week to 0.71%, halting two preceding weeks of up market.
Cumulatively, the week ended with the All-Share Index and sectoral indices closing lower, except for the NSE Banking and NSE Pension that closed marginally higher by 0.03% and 0.02% respectively.
The week’s activities, measured by aggregate volume and value, were mixed as volume was down by 44.37% to 872.89m shares as against previous week’s 1.56bn units, while value for the period inched up by 3.85% at N14.02bn from the previous week’s N13.50 billion.

During the week International Breweries topped the advancers’ table, gaining 21.77% to close at N51.01 per share on the back of the ongoing plans to merge with its sister companies and position properly for the stiff competition in the Nigerian beer and malt market, as well as expectations for Q2 numbers. It was followed by GSK’s 14.29% notch to close at N24.00 each on market sentiments and expectations of its Q3 numbers. The decliners’ table on the other hand was led by Redstar Express, which closed 13.00% lower at N4.75 on profit taking; while AXA Mansard Insurance followed with 10.36% drop to close at N2.25 per share on profit booking by traders.
During the week also, the share price of Cutix was adjusted for dividend of 18 kobo recommended by its directors, all the earnings released during the week are already computed in the Investdata price and earnings tracking. Also notification of UACN’s the rights issue was made available to the market.

Market Outlook
As the market opens on Monday, expect volatility to continue as positioning, profit taking and more earnings reports hit the market, which would trigger more speculative activities ahead of the publication of Q3 GDP figure amidst year-end seasonality.
As we move into the final days of the earnings season, more numbers would likely be released, but one thing that is clear in the current market situation is that smart investors are accumulating and enhancing their positions in selected stocks.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are looking down amidst improving economic and market fundamentals.
It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position.

https://investdataltd..com.ng/2017/10/market-update-for-week-ended-october-20.html

MARKET UPDATE FOR OCTOBER 23, 2017


NSE INDICATORS REMAIN RED AMIDST CAUTION, UNCERTAINTY AMONG INVESTORS

Nigeria’s stock market suffered another loss on Monday to kick start the last full week of October and the peak of the third quarter earnings reporting season, which has so far failed to fuel stock prices despite financials that beat expectations which may not be divorced from the fact that many market players lack the funds needed to trade the season.
This reflected in the decline in participation by domestic players who hold 34.94% stake in the market, whereas foreign investors’ stake has risen in September to 65.06%. We all know foreign investors are selective and play in few stocks, besides the fact that they do not just increase their position or sell down until proper analysis of the latest numbers are carried out.
This is why we believe value investors and traders in strong and fundamentally sound companies should not rush for the exit door in panic, but adjust their waiting period and keep their eyes on technical indicators and tools to know when to accumulate more or exit position for protection of their capital.

Trading started on the downside, breaking down the intraday psychological line of 36,000 point before retracing back from the day low of 35,825.05 before closing lower36,411.73 as sentiment turned positive by midday with the candlestick formation signaling reversal of trend which market forces today will confirm.
Despite the fact that it was a loss across board, there are gradual increase in demand for stocks as volume traded increased as revealed by the stronger buying pressure with volume index of 1.05 for the day, while buying position was at 76% and 24% selling volume of the day’s transaction, to continue the bear transition while the market awaits fresh funds and higher demand for equity to change the current momentum.

Also, more impressive earnings were presented to investors from Fidelity Bank National Salt, Africa Prudential, Caverton and others on Monday.
Meanwhile, the composite NSE All-Share Index shed 175.58 basis points up to close at 36,411.73 from 36,587.31 points, which represented a 0.48% decline. In the same direction, market capitalisation lost N60.43bn to close at N12.53tr, from the previous session’s N12.59tr, representing 0.48% depreciation in investors’ position.
The downturn in the share prices of Lafarge Africa , Presco, , Dangote Sugar, Nascon, Guiness, NB, Nestle, Stanbic IBTC and Cutix impacted negatively on the ASI’s year-to-date return, which reduced to 35.49%, just as market capitalisation notched N3.29tr YTD, representing a 35.54% rise above the year’s opening value.
Market breadth for the day was negative with the number of decliners exceeding advancers in the ratio of 25:16 on a volume traded that was higher than previous day’s level to continue the down market.

Market activities for the day, in terms of volume and value, were up by 137.96% and 43.35% respectively to 253.54m shares, valued at N2.7bn from the previous day’s 106.52m units valued at N1.9bn.
Transactions in the shares of Access Bank, FBNH, Transcorp, Fidelity Bank and Zenith Bank topped the volume chart.
At the close of Monday’s trading, International Breweries topped the advancers’ log, chalking 10.23%, to close at N56.23 per share, on merger agreement recently reached by shareholders, which is now awaiting the approval of the Securities & Exchange Commission (SEC) to complete the deal.
It was followed by Redstar Express 4.84%, which announced its primary market activities by way of right issue, closed at N4.98 per share, besides the high hopes for its Q2 numbers.
On the flipside, Lafarge Africa lost 9.75% to close at N50.54 on profit taking activities and its seeming unimpressive numbers that showed a high gearing situation, followed by Cutix, which shed 9.62% to close at N2.35 per unit on profit booking after the markdown for dividend.
Also, during the trading session, Seplat and RT Briesco made their Q3 earnings available to the market.

TODAY’S OUTLOOK
As the market opens this morning, volatility may continue in the midst of repositioning and profit taking, being the peak week for earnings reporting season, as more companies are expected to release their quarterly results.
One thing that is clear in the current market situation is that smart investors are accumulating and enhancing their positions in selected stocks.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are looking down amidst improving economic and market fundamentals.

It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know it in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this oscillating market or pullbacks sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
Get your home study pack today and ride with the current recovery on Nigeria’s stock market and economy. By investing and trading knowledgeable

The workshop materials on Trading and Investing for Financial Independence series are Available. Kindly call or send yes to 08032055467 or 08111811223.


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N.B: At this event you'll hear real case studies and see examples of exactly how you can use these same techniques. This summit is packed with great content, but the room only has capacity for 100 people and registration is ongoing, so you’ll need to act fast.
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https://investdataltd..com.ng/2017/10/market-update-for-october-23-2017.html

Investdata Price & Earnings Tracking For Week Ended October 20, 2017

http://investdata.com.ng/2017/10/investdata-price-earnings-tracking-week-ended-october-20-2017/

STOCKS PULLBACK AMIDST IMPRESSIVE Q3 CORPORATE EARNINGS, PROFIT TAKING.

Last week was a very busy one on the Nigerian Stock Exchange (NSE), with over 15 corporate earnings reports hitting the market, many of which were impressive numbers to which the market is yet to react in the form of price performance. The rush to present quarterly financials is based on the fact that figures for third quarter earnings are statutorily expected to hit the market before end of October 31, 2017, in line with the post-listing requirements of the NSE.

The delayed response by the market may not be unconnected with the fact that this is a season of mixed sentiments as revealed by the low volume of trades, when compared to the previous week.
It is however expected that this earnings which beat market expectations will attract increased demand as investors and analysts interpret these numbers, given the importance attached to third quarter earnings score-cards, as they foretell the possible outlook for any company in equity investment and fiscal financial year as the year winds down. By third quarter, investors would have started to form opinions about whether or not to expect returns in the form of dividend/bonus shares at all, or whether the payout would be same as last year or higher, and of course capital appreciation at the full year earnings season in March of following year.

For the NSE, March is the most significant earnings reporting season because most companies have December year-end and therefore influence demand for stocks especially as factors such as the improving economic data, liquidity in the forex market and others like the hope of Nigeria reclassification into the Morgan Stanley Capital International (MSCI) emerging market index next month. This is likely to attract more foreign fund managers to look the way of Nigeria, while supporting market thereby enhancing the recovery, pushing the NSE’s benchmark All-Share index to breakout a 52-week high.

That notwithstanding, the current sentiment in the market may likely reverse up as the earnings reporting season enters its peak after the profit taking the forced share prices down in the wait for third quarter earnings reports.
Traders should know the position of stocks relative to their industry fundamental data and behavioral patterns before executing any trade at this point when the market is foot dragging in response to the positive numbers released so far.

UBA
United Bank for Africa had trended down for four years now. From a N10.56 high on June 14, 2013 after its house-keeping leading to the cleaning of cobwebs in the form of non-performing loans from its books to start afresh, the group has so far been able to sustain. This was despite different attempts at rebound that failed, before touching the low of N2.77 in February 2016, followed by a rebound to breakout the yellow down trend line in December 2016 when it formed a bullish channel on the strength of its improving profitability as well as fundamentals that attracted positive sentiment for the bank since the beginning of this year 2017. Price action has now improved into a rising channel pattern with first support level at N8.64 and second at N8.42 as it is set to offer a low risk trade entry point. But with Friday’s candlestick formation pattern, reversal of the trend is imminent as the bank’s robust balance sheet and earnings power is expected to drive price and payout.


ACCESS BANK
Access Bank’s price action was in a falling channel for a period of four years with different attempts at rebound within the channel from a high of N12.88 on February 8, 2013, before following the general market direction to a low of N3.60 on April 22, 2016, despite the bank’s strong fundamentals and impressive numbers posted within period. It rebounded on the back of positive sentiments by the investing community, arising from the bank’s high margin of safety to form a rising channel even as its share price continued to gallop on a bullish trend and strong numbers.

The recent pullback from a resistance level of N10.89 as a result of profit taking and general market decline to first find support at N9.30 and second at N8.70, it offered a low risk trade entry during the last pullback. The bank’s price action was again within the rising channel, forming a symmetrical triangle that supports continuation of trend or reversal, especially now that their financials are expected in the market within the next eight days. The trending ability and direction for daily and weekly is mixed as ADX is trading below 20 and above 50 respectively, MFI is looking down to indicate that funds are exiting the stock, while RSI is reading 55.33, an indication of relative strength, which however calls for caution among traders while investors can take position for the long-term.


ZENITH BANK
Zenith Bank’s trendy nature a situation that has made it a trader-friendly stock, hit its highest in the last last days of 2013, at N27, which has remained its resistance level for four years after dropping to an all-time low of N10.35 on April 15, 2016 with good trending movement, being a volatile stock that made money for traders. With its outstanding performance, the bank continues to grow earnings on quarterly and yearly basis, a situation that supports price oscillation, creating room for accumulation.

It bounced back to N25.45 in June 6, 2014 and N25.48 in April the following year, before finally rebounding on April 22, 2016, with price action forming a rising channel pattern. This broke-out of the yellow resistant trend line in July 21, 2017 on a positive market sentiment to 52 week high of N26.99 before pulling back on profit taking and rebounded again to N26.55 recently to form a double top that support reversal of trend. This has been helped by the bank’s profitability and investment ratios that remain attractive to drive future rally on positive sentiment on its strong numbers. Trending momentum and ability on daily and weekly time frame are strong as ADX is above 20 on both time frames. MFI is strongly looking up to indicate funds entering the stock, as RSI is reading 68.34.


TRANSCORP
Transcorp posted a four-year high at N7.60 per unit in 2014, before it slumped to N0.72 in March 2017 after various attempts to rebound that failed. it reversed from the down trend to kick-off recovery as buyers interest were on it low price, as well as ongoing reforms in Nigeria’s power sector where it plays, after posting negative earnings in recent years that pushed down it share price. The company is expanding its generation capacity to increase quantum of power released to the National Grid and power supply across the country which has started yielding result as reflected in the nine-month result recently released to the market.

The stock finally bottomed out at N1.34 in October 2017 to enter an uptrend as it broke out the yellow down trend line. This positive sentiment is driven by positive earnings as shown in the Q3 numbers and indeed the expected 2017 full-year report.
Price action has formed a cup and handle that supports an uptrend with first resistant level at N1.66 and second level at N1.78, as RSI is reading 58.25, which is RELATIVELY strong.


GUARANTY TRUST BANK
Guaranty Trust Bank’s price action has formed a double top chart pattern that supports reversal of uptrend after touching five-year high of N42 before pulling back to N38 and thereafter retracing up to N42 last week, indicating resistant level that slowed down the rally as shown in the bank’s financials released recently, which was below market expectation and might affect the positive sentiment the bank had enjoyed before now.

Pullback could reach N38 or below, which may offer a low risk buy opportunity, as Q3 earnings reporting season continues on Monday. The stock had steadily rallied from N14.10 in 2012 to a high of N31.31 on June 20, 2014, before pulling back to form a double top on April 2, 2105, at N31.88 per share and down trending to a low of N13.99 in April 2016 and then a rise that since then has been sustained till N42, despite pullbacks within the rising channel due to its strong numbers and leadership in cost management in its industry. RSI is reading 68.98 which indicate overbought region. MFI is still looking up to show that funds are entering the stock despite all momentum indicators are signaling sell.

DANGOTE CEMENT
Dangote Cement rallied to test an all-time high of N250 in June 27, 2014, from where it entered a steep downtrend that continued into the second quarter of 2017, touching low of N122.90 in February 2016 before retracing back to breakout the symmetrical triangle pattern formed earlier by the price action at N203 per share, to continue the uptrend to 52 week high at N245 before pulling back. The possibility of breakout of the resistant level at N250 is high. Traders should wait for a pullback before jumping in to take position while investors should accumulate. RSI is reading 58.81 which signal strength but MACD is bearish. At the same time MFI is looking down to show funds are leaving the stock, but with the positive Q3 earnings position, reversal is imminent. Watch Out.

https://investdataltd..com.ng/2017/10/stocks-pullback-amidst-impressive-q3.html

ADESINA TO FUND YOUNG FARMERS, AGRIPRENEURS WITH $0.25M WORLD FOOD PRIZE MONEY

President of African Development Bank (AfDB) Dr. Akinwunmi Adesina says he would devote his $250,000 2017 World Food Prize money to funding young African farmers, agripreneurs.
President of the World Food Prize Foundation, Ambassador Kenneth Quinn, paid tribute to Adesina, “whose breakthrough achievements have impacted millions of farmers and those living in rural poverty in Nigeria and throughout Africa, and whose leadership holds great promise for uplifting millions and millions more across that continent.”

Accompanied by Olusegun Obasanjo and John Mahama, former Presidents of Nigeria and Ghana respectively, receive the award – the world’s highest recognition for food and agriculture, with his wife Grace and his two children, Rotimi and Segun. Representatives of the Nigerian Government, Purdue University, his alma mater, friends, associates and Bank staff were among the well-wishers who came in out in large numbers to celebrate the African agriculture icon, known as “Africa’s Norman Borlaug.”

“And so, even though I don’t have the cash in my hand, I hereby commit my $250,000 as a cash prize for the World Food Prize award to set up a fund fully dedicated to providing financing for the youth of Africa in agriculture to feed Africa. “We will arise and feed Africa. The day is coming very soon when all its children will be well-fed, when millions of small-holder farmers will be able to send their kids to school,” Adesina said.

This, he said, would give birth to “a new song across Africa: “Thank God our lives are better at last.”
Speaking at the ceremony, the Vice-President of the United States of America, Michael Pence, commended the Laureate in a speech read on his behalf by Mark Green, Administrator of the United States Agency for International Development (USAID). “As our global food system is stretched, and the need to feed more people grows, agricultural transformation will require persistence from leaders like you in driving change and capitalizing on public- and private-sector expertise,” Pence said.

The Vice-President described Adesina’s devotion to the cause of fighting global hunger as admirable, and deeply needed, and on behalf of President Donald Trump, extended heartfelt congratulations.
“The United States is and remains committed to food security, and we will continue to work with leaders like you to find innovative ways to end global hunger,” he said.
A statement by the AfDB noted that under Adesina’s leadership, the bank “is accelerating agricultural development through its Feed Africa Strategy with planned investment of US $24 billion over the next 10 years.

“The World Food Prize also recognizes Adesina’s work over the past two decades with the Rockefeller Foundation, at the Alliance for a Green Revolution in Africa (AGRA), and as Nigeria’s Minister of Agriculture of Agriculture and Rural Development.”


http://investdata.com.ng/2017/10/adesina-fund-young-farmers-agripreneurs-0-25m-world-food-prize-money/#more

The National Bureau of Statistics (NBS) says the Nigeria earned a total of N246.303bn from Value Added Tax (VAT) in the second quarter of 2017, an amount it said represented a N59.275bn or 31.69% rise over the N187.028bn reported in the corresponding period of last year.
The figure, according to the report titled: “A sectoral distribution of Value Added Tax (Q2 2017) also represented an increase of 20.28% over the N204.77bn in the first quarter of this year.
A sectoral distribution of amount showed that non-import VAT (local), at N137.786bn, was the most significant contributor, representing 56% of the total, just as it represented 0.09% over the N126.642bn reported in the preceding quarter and the N126.061bn of the corresponding period of 2016.

VAT paid on non-import (foreign) grew the most within the period, rising to N59.831bn, an increase of N34.4bn or 135.26% from N25.431bn, just as it was better than the N31.719bn of the preceding quarter by N28.112bn or 46.98%.
VAT on import duty collected by the Nigeria Customs Service (NCS) stood at N48.684bn, up from N46.408bn in the first quarter; and N35.534bn in the corresponding second quarter of last year.
Collection on services rendered by banks and financial institutions fell to N5.672bn from N6.229bn in the 2016Q2, or the N7.174bn reported in March.

Professional services yielded N21.637bn VAT, representing an equally marginal rise from N20.64bn in the second quarter of 2016 and N20.817bn reported in the first quarter; followed by N14.939bn from oil producing activities, which increased by N5.295bn or 54.9% from N9.644bn year-on-year; and N5.013bn or 50.5% from N9.925bn within the first three months of this year.
Commercial trading contributed N12.484bn to the VAT pool, a drop from N13.15bn in the 2016Q2 and N12.898bn in March; ahead of the N8.741bn by state ministries and parastatals, up from N8.686bn in the 2016Q2; just as it was lower than the N11.211bn recorded in the preceding second quarter.

Contributions from Federal Ministries and Parastatals were lower, adding N7.354bn to total VAT revenue, a significant 31.45% decline from N10.726bn recorded Year-on-Year. The 2017Q2 figure was however N5.011bn or 87.68% higher than the N5.714bn reported in the first quarter of this year.

http://investdata.com.ng/2017/10/nigeria-earned-n246-303bn-vat-revenue-2017q2-says-nbs/#more

LAFARGE AFRICA REBOUNDS WITH N1.09BN Q3 PROFIT, SEEKS SEC APPROVAL FOR N131.7BN RIGHTS


• AshakaCem Holds Court-Ordered Meeting For Lafarge Merger Monday

Building materials making giant, Lafarge African Plc, on Friday, reported that it got out of the woods in the third quarter of 2017, while continuously being hampered by the soaring cost of sales and administration, added to the finance costs, hence the need to quickly seek for fresh capital via rights issues for which an application has been made to the Securities & Exchange Commission (SEC) for approval.
According to the result, the group earned N223.66bn from sales revenue, representing a growth of N62.617bn or 38.88% from N161.043bn in the nine-month of 2016, boosted by N177.07bn from sale of cement, up from N125.164bn; followed by income from aggregate and concrete, which fetched N42.632bn, up from N33.035bn. This was just as the company’s major business occurred in Nigeria from where N155.61bn or 69.57% was generated, while the remaining N66.057bn came from its South African operations.

Cost of sales rose 15.96% from N142.933bn in the nine-month of 2016 to N165.757bn, pushed by the N103.879bn variable costs, which increased from N87.507bn; comprising the distribution variable cost of N41.715bn, up from N32.43bn. Fuel and power cost dropped from N33.794bn to N32.237bn; while raw materials and consumables got N29.926bn, up from N21.282bn.
Production fixed cost stood at N24.139bn from N21.642bn; N14.467bn maintenance costs, as against N12.414bn; just as depreciation rose from N12.139bn to N15.915bn; leaving gross income therefore stood at N57.311bn, up from N18.11bn.
Selling and marketing expenses dropped from N3.898bn to N2.985bn, buoyed by ‘other selling and marketing expenses’ of N2.48bn, down from N3.61bn. Advertising expenses fell to N287.038m from N189.575m, just as campaign and innovation expenses rose to N216.111m from N99.024m.

Administrative expenses increased to N29.436bn from N16.307bn, with administrative expenses alone accounting for N21.938bn from N13.44bn; while technical fee for the period, representing the industrial franchise agreement with Lafarge S.A., the ultimate parent company of the group, came to N7.089bn from N2.402bn. COT and other bank charges dropped to N269.812m from N315.68m.These left operating income at N26.4191bn from just N2.096bn in 2016.
Net other operating expenses dropped drastically to N7.088bn from N30.876bn, the lion’s share of which was the net foreign exchange loss of N9.921bn, a significant improvement over the previous N31.448bn; just as gains on disposal of property, plant and equipment jumped from N205.858m to N2.416bn.

Net finance and investment income grew to N928.432m from N518.888m, comprising N532.022m interest income on bank accounts, a rise from N345.509m; and other finance income was far better at N396.41m, after rising from N42.847m.
Finance cost of N18.321bn, up from N8.192bn in the corresponding period of 2016, the lion’s share of which was the N17.949bn interest on borrowings, compared to N8.192bn in the 2016 nine-month.
Income before tax therefore stood at N1.09bn, from a loss of N40.367bn.
Exchange gain for the period was flat at N12.548bn from N12.657bn, resulting in total comprehensive income for the period of N13.653bn, compared to the loss of N24.744bn, which translated to Earnings Per Share of 10 kobo, compared to the preceding third quarter’s 827 kobo.
While the wait for the SEC approval continues, the company noted that on September 27, 2017, its board provided details of the rights issue earlier approved by shareholders, including that the offer size is N131.7bn from 3.098bn new shares offered to existing shareholders at the ratio of five new units for every nine currently held, at the price of N42.50 each, a discount to the current N56 per unit.

Proceeds of the offer expected to open by second week in November, 2017, would help the company refinance its debt, including to its parent firm LafargeHolcim, expected to partly convert its quasi-equity to equity; in addition to the issuance of a N25bn Commercial Papers on Monday under a N60bn programme, according to Reuters International.
Reuters quoted Bruno Bayet, Chief Finance Officer- Lafarge Africa Plc, as saying: “We have returned to profits and … now we are investing in energy for next year that would further improve the performance.”
Bayet said the company had gained market share in Nigeria though volumes fell 18.6%. Nigeria exited recession in the second quarter but growth remains fragile.
He said the short-term focus is on Nigeria and growth in South Africa was disappointing, leading to a management change.

http://investdata.com.ng/2017/10/lafarge-nets-marginal-n1-09bn-q3-loss-seeks-sec-approval-n131-7bn-rights/#more

MARKET UPDATE FOR OCTOBER 19, 2017



DANGCEM, ZENITH Q3 NUMBERS INSPIRE CAUTION, AS NIGERIAN BOURSE IN SEARCH OF DIRECTION

It was yet another highly volatile trading session on the Nigerian Stock Exchange on Thursday, just as activities were mixed following which the benchmark All-Share index gyrated in a north and south movement and finally closed the day marginally higher. There was however an improved buying pressure, despite the low volume traded with a flat market breadth that revealed indecision on the part of market players which slowed down the profit taking as more earnings hit the market with impressive numbers.

The day started out with a slight movement down to the support level in the mid-morning, before rallying at midday, as demand for healthcare, consumer goods and banking stocks increased after Dangote Cement and Zenith Bank released their Q3 earnings reports that beat expectations. Dangote Cement and Zenith Bank reported Q3 Earnings Per Share (EPS) of N11.30 and N4.11 respectively, improving from the 2016 levels of N8.13 and N3.03 each. The market is however yet to react to these numbers which we believe investors will do after digesting the numbers and putting the figures in proper perspective.

Thursday’s market traded volume was low with a stronger buying pressure as revealed by the volume index for the day that stood at 0.58, while buying position was at 66% and 34% selling volume of the day’s transaction. This halted previous day’s down market as the bourse continues its search for direction in the midst of mixed technicals and increasing number of corporate earnings being released ahead of Q3 GDP figures.
Meanwhile, Nigeria’s external reserves is rising steadily, amidst the sustained intervention in the foreign exchange segment of the inter-bank market by the Central Bank of Nigeria (CBN), a situation that continues to inspire investor confidence in the economy, just as crude oil price in the international market keeps rising. This is expected to boost government revenue and enhance implementation of the 2017 budget, if the needful is done by managers of the economy. We however note the Federal Government’s decision to roll part of this year’s capital spending plan into the 2018 budget, as contained in its 2018 to 2020 Medium-Term Financing Framework to the National Assembly.

At the close of Thursday’s trading, the All-Share Index survived by the whiskers, barely crawling 4.13 basis points up to close at 36,645.65 from 36,641.52 points, which represented 0.01% growth. Market capitalisation similarly inched N1.43bn up to close at N12.61tr, from the previous session’s N12.61tr, representing a 0.01% value gain.
The upturn in the share prices of Dangote Sugar, International Breweries, Nestle, Dangote Flour, Cadbury, GSK, Fidson, Stanbic IBTC, Cutix, NEM and Eterna impacted marginally on the ASI’s year-to-date return, to move up to 36.36%, just as market capitalisation notched N3.37trillion YTD, representing a 36.40% rise above the year’s opening value.
Market breadth for the day was slightly flat as the number of decliners surpassed that of advancers in the ratio of 20:19 on a volume traded that was lower than previous day’s level to halt two trading sessions of bear transition.

Market activities for the day, in terms of volume and value, were down by 33.05% and 41.89% respectively to 140.88 million shares value at N1.72 billion from the previous day’s 198.63 million units valued at N2.94 billion
Transactions in the shares of UBA, Sterling Bank, Guaranty Trust Bank, Zenith Bank and Skye Bank topped the volume chart.

At the close of Thursday’s trading, Cutix topped the advancers’ table, chalking 7.73%, to close at N2.37 per share, as investors continue to relish its offer of 18 kobo dividend per share, besides the activities of market forces. It was followed by International Breweries 4.99%, which announced some progress in its ongoing merger of sister companies in its bid to position amidst competition for market share in the Nigerian beer, stout and malt market. Interbrew closed at N46.52 per share, also amidst high hopes for its Q2 numbers.

On the flipside, AXA Mansard Insurance lost 4.84% to close at N2.36 on profit taking activities, followed by C & I Leasing, which shed 4.74% to close at N1.81 per unit on profit booking.
Also, during the trading session, Wema Bank and Great Nigeria Insurance made their Q3 earnings available to the market.

TODAY’S OUTLOOK
As the market opens this morning, volatility may continue in the midst of positioning and profit taking, being the last trading day of the week, just as more earnings releases are expected to hit the market.
One thing that is clear in the current market situation is that smart investors are accumulating and enhancing their positions in selected stocks.

Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are looking down amidst improving economic and market fundamentals.

It is time to use your technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know it in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this oscillating market or pullbacks sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
Get your home study pack today and ride with the current recovery on Nigeria’s stock market and economy. By investing and trading knowledgeable

The workshop materials on Trading and Investing for Financial Independence series are Available. Kindly call or send yes to 08032055467 or 08111811223.

Attention! Attention!! Attention!!!

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Have you ever traded Stocks?
In the coming INVEST 2018 you will learn:
· How to generate a consistent income trading stocks on your own via phone and laptop
· The power of trading full year earnings reporting season
· Our rules-based approach to trading stocks.
· How our buy & sell signal setup works
· How to take advantage of best market timing strategies to positon before Major market earnings reporting season.
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· Learn why trading less is making more
· Learn how to make use of trend identification, resistant and support to double your returns
· Learn how to follow the institutional money flow and much more
Also, it is an opportunity to know you can identify opportunities in different sectors, especially with the Federal Government's plan to spend almost N8 trillion for 2018, which if implemented will quicken ongoing economic recovery.

Discover how you can unleash your Income Potential Trading stocks.
You will also discover why trading and investing in stock is the way to go.
Trading or investing is no Rocket science - it just requires a blend of discipline, patience and knowledge of market and economic fundamental and technical analysis to pick the right stock and sell at the right time.
Is this the summit that will pays for your vacation trip, puts your kids through college and some income in your pocket?
Maybe or Maybe not...but you will be kicking yourself everyday on the way to that work place everyday if you miss this!
"70% of success in life is SHOWING UP!"
We'll take care of the rest if the 30%....
This summit is the perfect opportunity to learn from the best industry experts and to get the personal attention in the exclusive Q&A session after presentations!
Saturday December 9, 2017
To register for the coming summit Kindly call or send yes to 08032055467 or 08111811223.

Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467

N.B: At this event you'll hear real case studies and see examples of exactly how you can use these same techniques. This summit is packed with great content, but the room only has capacity for 100 people and registration is ongoing, so you’ll need to act fast.
If you are looking for a way to make money in the market as a Full-time or Part-time trader, this is your opportunity.
Dream it! Wish it! Do it! Enjoy it!

https://investdataltd..com.ng/2017/10/market-update-for-october-19-2017.html

INVESTDATA 2018 TRADERS & INVESTORS FINANCIAL SUCCESS


If you are still asking yourself why Trade Stock? We have all the answers for you in this upcoming summit! INVEST 2018 TRADERS & INVESTORS FINANCIAL SUCCESS
Are you a Forex Trader or Real Estate Investor?
You need to see the advantages of trading STOCKs - Day and weekly compared to any other market.
Have you ever traded Stocks?
In the coming INVEST 2018 you will learn:
· How to generate a consistent income trading stocks on your own via phone and laptop
· The power of trading full year earnings reporting season
· Our rules-based approach to trading stocks.
· How our buy & sell signal setup works
· How to take advantage of best market timing strategies to positon before Major market earnings reporting season.
· How to quickly and accurately "predict" the next market reaction
· Learn why trading less is making more
· Learn how to make use of trend identification, resistant and support to double your returns
· Learn how to follow the institutional money flow and much more
. Learn how to identify opportunity in different sectors as the government is budgeting almost N8 trillion for 2018, which if implemented will faster the economic recovery.
. Discover how you can unleash your Income Potential Trading stocks.
. Discover why trading and investing in stock is the way to go.

Trading and investing are not Rocket science - it is just a blend of discipline, patience and market knowledge in fundamental and technical analysis to pick the right stock and sell at the right time.
Is this the summit that will pays for your vacation trip, puts your kids through college and some income in your pocket?
Maybe or Maybe not...but you will be kicking yourself everyday on the way to that work place everyday if you miss this!
"70% of success in life is SHOWING UP!"
We'll take care of the rest if the 30%....
This summit is the perfect opportunity to learn from the best industry experts and to get the personal attention in the exclusive Q&A session after presentations!
Saturday December 9, 2017
To register for the coming summit Kindly call or send yes to 08032055467 or 08111811223.

Best regards
Ambrose Omordion
CRO | Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467

N.B: At this event you'll hear real case studies and see examples of exactly how you can use these same techniques. This summit is packed with great content, but the room only has capacity for 100 people and registration is ongoing, so you’ll need to act fast.
If you are looking for a way to make money in the market as a Full-time or Part-time trader, this is your opportunity.
Dream it! Wish it! Do it! Enjoy it!

https://investdataltd..com.ng/2017/10/investdata-2018-traders-investors.html

TUNE IN LIVE AT INVESTDATA EDUCATIONAL QUESTION AND ANSWER SESSION @ RAINBOW FM 94.1 FM


Tune in and be a part of the Investdata educational programme with Ambrose Omordion airing on Rainbow 94.1 FM every Friday @ 2:30pm to 3:30pm GMT+1, call in to ask any question on stock trading and investment

https://investdataltd..com.ng/2017/10/tune-in-live-at-investdata-question-and.html