currentprice:


if you believe that zenith is undervalue, access is more more undervalued

i like d FA on both too

Mpeace:
Could someone pls tell me what just happened to transcorp. I'm not just getting it. 1.22? No...

try again next time.

Agbalowomeri:
I am available o Abeg give her my address to come catch me

Wait make she catch you first.

Mpeace:
Could someone pls tell me what just happened to transcorp. I'm not just getting it. 1.22? No...

Wondjurement. What did you expect before?
It closed at 1.25 anyway.

Mcy56:

Wondjurement. What did you expect before?
It closed at 1.25 anyway.

The stock is like an overweight woman. No amount of love will make u tell her to sit on your laps.

swilo:


The stock is like an overweight woman. No amount of love will make u tell her to sit on your laps.

Hmm... nothing person no go hear.

swilo:


The stock is like an overweight woman. No amount of love will make u tell her to sit on your laps.

I carry any size o

swilo:


The stock is like an overweight woman. No amount of love will make u tell her to sit on your laps.

Meaning overweight babes don't do "horse riding"? Take time Ooooh Sir Swilo.

swilo:
The stock is like an overweight woman.

Chai!
I commot my mind for the stock since the day detecthief deepsuk run analysis on it.
I dont know why I always trust her judgement on those stocks.

mendes911:


Meaning overweight babes don't do "horse riding"? Take time Ooooh Sir Swilo.

Lol..under pressure anything is possible..

Agbalowomeri:
I carry any size o

Well done sir.

mendes911:


When Agba showed up last night, what were you thinking? His "jazz" never fails.... Janet is here!

Na BigAss and Deepsomething I go send after u

Election bear Bull loading.
https://nairametrics.com/fg-released-n460-billion-to-implement-2018-budgets/

Respite on the way for emerging markets as Trump frown at fed. rates hikes. https://www.proshareng.com/news/GLOBAL%20MARKET%20/Dow-Jones-Plunges-More-Than-800-Points--Trump-Says-The-Fed-Has---Gone-Crazy---/42168

*Daily Market Summary, October 11, 2018,*

The Nigerian Stock Exchange closed at 32,417.82 basis points, up 0.11%.
Year to date, the index is down 15.23%


*Top Gainers and Losers*

*Gainers*
Niger Insurance was the best performing stock in today’s session. The stock closed at N0.33, up 10%.

Prestige Assurance was next with an 8.33% gain to close at N0.52.

Flour Mills of Nigeria closed at N21.95, up 7.60%.

*Loser*
On the flip side, the Initiates Plc. was the worst performing stock today. The stock closed at N0.65, down 9.68%.

Continental Reinsurance closed at N1.35, down 9.40%.

MCNichols Plc. closed at N0.59, down 9.23%.



*Top trades by volume*

The top traded stocks are from the banking sector. Guaranty Trust Bank was the most actively traded stock today. 48.7 million Shares valued at N1.7 billion were traded in 237 deals.

Fidelity Bank was next with 13.8 million shares valued at N26.3 million in 136 deals.

FCMB Plc. was the third most traded with 11.1 million shares valued at N18.7 million traded in 133 deals.


This Nairametrics post is brought to you by I-Invest
Invest in treasury bills in 5 minutes by visiting http:///i-invest_ng Today
Download the app via your Playstore or Apple Store.

Infinitisi:
*Daily Market Summary, October 11, 2018,*
*Loser*
On the flip side, the Initiates Plc.

Which stock be this? Wetin dem dey sell? ...... That name is scary.

DeRuggedProf:
FCMB MM has started what I expect...

Crashing the share price to accumulate more at lower price?

Mcy56:

Crashing the share price to accumulate more at lower price?

What else do you expect?

One of the stocks I have talked about in recent times is FIDELITY BANK.
I have since said that that coy is a BUY.
It's currently the cheapest quoted banking coy amongst its peers on the NSE based on VALUATION !!
For those who still haven't seen why, I shall make an attempt to give a cursory review of their FS as at H1 2018.
A brief run down;

▪ The bank is highly leveraged. FIDELITY is about the most leveraged banking coy among its peers in the 2nd tier space. As at H1 2018, Financial laverage prints at 8.51x... up by over 25% from the corresponding H1 2017 figure of approx 6.8x.
The interpretation of this is that management have been very efficient with utilizing the banks available asset to replicate their equity.
▪ Management were also fairly efficient as the banks gross earnings to equity went up by near 9% at H12018/2017.
▪ On profitability, the bank booked a profit margin estimate of over 13.3%. ...which was about 26.5% higher than the preceding year figure of approx 10.5%
▪ RoAE and RoAA also witnessed a fine improvement. ...with the former line printing at near 6.5%, up by approx 37% from the banks H1 2017 figure of just over 4.6%.
▪ Management also performed relatively well on the banks investment line. With both P/BV and EPS showing a fine improvement from previous H1 print.
▪ Although the banks earnings line was affected by a drop in total comprehensive income, which was due largely to net loss prints on debt instruments that were made during the period under review, FIDELITY BANKS BVPS of N6.30 and P/BV of approx 0.27 as at H1 2018 still shows the immense hidden VALUE behind the current price !!
▪ Suffice to say that the bank also did better with optimizing cost as H1 2018 print showed an improvement in OPEX margin.
▪ The banks P/E ratio is also about the lowest in the industry... given one a better weighting on an adjustable time value for money !!
▪ I was also impressed by the banks relative stability with maintaining a fine line in their EM (Equity Multiplier)

Using a TTM EPS of N1.19 on a risk-adjusted input of 20% and discounting for other loss prints as at H1 2018 (including but not limited to impact from TCI), FIDELITY should sell for NO less than N3.45 !!
...even though the banks current BVPS screams of a valuation of about N6.30 !!
However at the practically zero risk adjusted value of N3.45, the bank is showing a fine 'gap' in MoS.
...which is a juicy near 79% discount from its current market price of N1.93 !!
Make of this what u will, but FIDELITY is a BUY from our end.
...buying into any price deep will SURE make a lot of sense !!
Those who know and understand, know what they need to continue to do.

But then again, due diligence SHOULD still remain ur 1st priority.
Disclosure: I currently DO NOT own a share in FIDELITY BANK... but will be looking to do so once I can implore my personal strategy therein.
My advise: Pls kindly follow ur instinct.

Regards.

Smh

The DOW is doing wonderfully...

Nigeria’s fiscal crisis - BUSINESSDAY

OCTOBER 11, 2018

Last month, the budget office of the federation released the 2017 budget implementation report. According to the report, the federal government’s revenue for 2017 was N2.7 trillion, about half of its projected revenues for the year and 36 percent or one third of its projected expenditure of N7.44 trillion. Faced with the sharp fall in revenues, the government had to cut its expenditure to N6.5 trillion in 2017.

The government spent almost a trillion naira less than it planned to spend in 2017 but the final N6.5 trillion spent was still N3.8 trillion more than the federal government’s total revenues for the year. To fund the deficit, the government had to borrow a total of N2.5 trillion to help fund its financial obligations for the year. The government borrowed N1.2 trillion from the international capital markets and borrowed the balance of N1.3 trillion from the domestic capital markets, an amount that is more than the net increase in lending to the private sector in 2017 from financial institutions. The government got about three times more money from the banks than the private sector got from the banks.

However, the N2.5 trillion that the government borrowed from the banks to fund its deficit was not enough to plug the N3.8 trillion it created spending more than it earned in revenues in the year. This has left the government with a N1.3 trillion hole that it could not close in 2017. This means that there are some contractors sitting out there that have done jobs for the federal government that have not been paid and do not know when they will be paid or if they will ever be paid. The government obviously could not raise the money to pay these contractors. It could have taken on more loans to pay these contractors but apparently felt it was already too over burdened with debts to take on more loans. Contractor debts do not attract interest rates and the government can usually take its time repaying even though the businesses owed tend to suffer, with some collapsing while waiting to be paid for jobs duly executed.

But the government has a reason to be concerned about its debts that keep piling up. As at the end of December 2017, the country’s total debt stock stood at N22 trillion, which is the equivalent of US$71 billion, data from the Budget Office show. The debt stock went up by US$4.4 billion or N1.4 trillion in 2017. A breakdown of the debt shows that US$18.9 billion is owed to external lenders while the balance of N15.9 trillion is owed to domestic creditors. Already, the federal government has exceeded its own target of ensuring that the country’s total debts do not exceed 19.39 percent of economic output or GDP in any year. When the government closed its books in 2017, country’s total debt stood at 20.12 percent of GDP.

However, what would have given the government more concern is the rising debt service burden which is beginning to eat up two thirds of government revenues. Debt service consumed a total of N1.8 trillion in 2017. This represents 75 percent of the government actual revenues in 2017. The government is spending an average of eighty kobo of every one naira it earns servicing the debts it is accumulating. The amount spent on debt service is higher than the N1.6 trillion released for capital expenditure in 2017, of which N1.4 trillion was the amount actually utilized. The country is now spending more money servicing debts than putting in place the infrastructure that will help grow the economy to repay those debts.

This is enough to set off alarm bells, but there seem to be a conspiracy of silence. Yet the government has continued to borrow. The federal government is currently seeking a fresh $6 billion from the China Exim Bank for the construction of the Ibadan-Kano rail line. At the current rate, Nigeria may be unable to service its debt in the near future and we would be fully back to the debt trap that we exited in 2005

Alepa:
Smh

Search for the right/relevant topic in biz section. Be patient too.

i don chop US oyel tire. over 500pips bank already chai!!!

Mcy56:

Search for the right/relevant topic in biz section. Be patient too.

Thank you.

currentprice:
i don chop US oyel tire. over 500pips bank already chai!!!

Twale sir.

Alepa:
Thank you.

Why did you delete it by the way? There might be one or two people that may have answer to your question, you may never know.

swilo:


The stock is like an overweight woman. No amount of love will make u tell her to sit on your laps.

Mcy56:

Why did you delete it by the way? There might be one or two people that may have answer to your question, you may never know.

I decided to try go to sleep. And mail my stockbroker in the morning , if I still don’t get it by then.
Thanks once again.

NSE all the way to south~~ Chi-bear welcome.

Alepa:
I decided to try go to sleep. And mail my stockbroker in the morning , if I still don’t get it by then. Thanks once again.

Okay. Since it's today, anything might have caused the delay, it will surely come, not enough to mention those horrible conditions. Just relax your mind.