Nigeria Stock watch by BusinessDay

BUSINESSDAY’s

NIGERIA STOCKWATCH

Wealth-Building Stocks in 2020 and Outlook for 2021 • NSE Ytd 27.66 % • Increased liquidity drives stock investment. • Lockdown- driven data demand fuel ICT stock prices • Low priced stocks rising • Industrial stocks show strength

• Low valuation trigger entries • Agric stocks enjoying government policies •Manufacturing, trade not responding to government policies. • CBN interventions boost Healthcare stocks • Banks risk rise in NPL

Godfrey Obioma

and the resilient third quarter earnings of the big companies that are listed on the Nigerian Stock Exchange account for the big rally in November’. Further boosting interest in the equities market was the low interest rates in the money market; flight of foreign investors from the equities market and snapping of the offloaded shares by local investors; performance of public companies beyond expectations and dividend payments.

he equities market was dominated by the bulls for the greater part of 2020 with the All-share index climbing beyond 35,000 basis points. The index started the year strong closing at 29,183. 40 basis points January 31, 2020 declined to 21,330. 29 basis points March 30 at the peak of the Corona Virus. By May 29, it staged a rebound at 25,123.64 basis points, 30,530.69 points October 30 and 35,137.99 basis points on December 4, 2020 with year to date of 27.66 percent. Market capitalization followed the same trend at N14.86 trillion January 31 and N18.36 trillion on December 4, 2020. The bullish trend was fuelled by increased liquidity occasioned by the Federal Government spendings and CBN’s flexible monetary policies. With the low returns from fixed income market, illiquidity in the real estate market, depressed hospitability and manufacturing sectors, the equities market turned beautiful bride and a major beneficiary of a significant chunk of the huge funds circulating in the economy. Particularly, in November, the market recorded impressive rallies. Abiodun Keripe, Managing Director, Research, Afrinvest traced this to the low valuation and impressive Q3 results. According to Keripe, ‘the attractive valuation of the market with P/E ratio at 9.0x compared with 21.5x and 13.8x for South Africa and India respectively

MARKET DRIVERS Some of the stocks that attracted investors and helped to drive the market in 2020 are MTN Nigeria, Airtel, Dangote Cement, Lafarge Africa , Bua Cement, GTBank, Zenith Bank, Stanbic IBTC Bank, Nigerian Breweries, Dangote Sugar, Okomu Oil, Presco and Nestle. Others include Nestle, Conoil, FBN Holding, UBA, Access Bank, Flour Mills and NASCON. MTN Nigeria MTN traded at N119. 60 per share January 31, 2020, fell to N100.00 per share on March 26 at the beginning of the Corona Virus pandemic but quickly rose in May following the economic lockdown which triggered large scale data demand. By September, the stock price had risen to N124.00 per share. On December, it traded Continues on page 05

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH

Market Outl0ook in 2021

Godwin Emefiele, CBN Governor

n interplay of factors would drive market direction in 2021. Prominent among these are ability to acquire the COVID 19 virus, duration of the current recession around the globe, price of crude oil and Federal Government decision on the border closure. Others are budget implementation and ability to channel current liquidity in the economy to stimulate productivity; job creation, security, direction of exchange rate and inflation. For the individual stocks, sector of companies’ operation would constitute an additional factors. One of the major factors that drove the equities market in 2020 was government and CBN intervention and there are indications that this would continue in 2021 as government pushes for growth to tackle current recession, unemployment and poverty. Particularly, the CBN preference for a low interest regime is expected to continue benefitting equities investors. Jolomi Odonghanro, Head, Research, Cordros Capital Ltd believes with CBN interest rate theme, ‘lower for longer’ for the foreseeable future, fund managers would prefer the stock market to money market instruments, a decision that is aimed at

securing attractive returns to investors. Fixed income market is also expected to remain ‘cold’ in 2021 following government unfavorable policies. And Jolomi says migration of investors from other ends of the financial market to equities will continue in 2021. Investors are also expected to factor in the price of crude, Nigerian’s main foreign exchange earnings and flow of foreign exchange in their portfolio analysis. Currently, at about $45 per barrel following OPEC production cut, the expectation is that the price may not return to the all time low of about $9 per barrel in April 2020 during the peak of COVID 19 when global demand for oil tumbled . Large cap and growth stocks like Dangote Cement, Lafarge, MTN Nigeria, Airtel Africa, GT Bank, Zenith Bank, Stanbic IBTC, Nestle, BUA Cement, Agric and Health-care stocks are expected to continue their price uptrend in 2021 due to favorable fundamental and government interventions. Particularly, Agric and Healthcare companies are projected to continue benefitting from government and CBN interventions, leading to spike in their stock prices. Economic Headwinds There are possible headwinds

in the economy and the equities market. Nigeria, like some other countries around the globe has been in recessions. Nigeria’s case seem peculiar because of the twin problems of growth slide and stagflation. Recession endangers quality of assets for banks in particular and encodes their assets, resulting in higher risk of non performing loans for some banks. Already, many of the banks’ non performing loan ratio have exceeded the 5 percent CBN stipulated threshold. Uche Uwaleke, a Financial Economist and Professor of Capital Market at the Nassarawa State University said recession is a threat to customers’ ability to pay loan interest and could erode banks’ bottomline. It is also expected that banks that are exposed to the oil sector could be badly hit because of the slides in crude oil price. Uwaleke cautions that in the event of prolonged recession, banks net interest income could be negatively affected, leading to fall in net interest income. To remain afloat, Uwaleke suggests that banks should reduce their risk appetite, reappraise their credit policies, adopt cost cutting measures, deploy technology, grow customer base and enhance service delivery to customers. Government policies have

Zainab Shamsuna Ahmed, finance minister.

not earned the confidence of market operators who think the interventions are not making adequate impacts. For Keripe, the fiscal policy response of the government to the pandemic has been inadequate because the size of fiscal stimulus at N500.0bn is only 0.4% of the GDP compared to peer countries with larger interventions such as South Africa (6.9%). Keripe also thinks government’s interventions are not providing much help to businesses and households who have suffered as a result of the pandemic. According to him, only over 1.2 million households have been enrolled in the social register while On the monetary side, he said the CBN N50.0 billion, N100.0 billion and N1.0 trillion respectively to support house-

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holds & SMEs, the healthcare sector and the manufacturing sector is too tiny to make adequate impact compared with a GDP size of N144.0tn in 2019. The slow disbursement of the manufacturing sector fund, government foreign exchange and trade policies which have led to currency devaluation are said to be hurting consumers and the economy. The CBN appears more prepared to stimulate growth than taming inflation and fund manager say this would shift investors’ interest to stocks that beat inflation and help build real returns. Fund Managers are however optimistic that if the Federal Government opens the boarder as it has promised, price of goods and services would fall, leading to moderation in inflation.

Monday 21 December 2020

BUSINESS DAY

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH

Investors harvesting good returns from May and Baker stock Enjoy 79% returns through capital gains in 8 months

he investment community is demonstrating confidence in the stock of May and Baker, a healthcare giant of the Nigerian stock exchange. The stock which traded at N1.95 per share on March 26 and closed at N3.50 per share on November 13,2020, gaining 79.48 percent during the period. In between, it rewarded investors with impressive returns through capital appreciation. For example, between July 3 and 29, it appreciated 7.91 percent and 20.68 percent between October 2 and November 13, 2020. Confidence in May and Baker is borne out of the robust interim quarterly reports turned in by the company. For the 2020 Q3, May and Baker reported increase in revenue from N5.91 billion in 2019 Q3 to N6.43 billion. Profit after tax grew to N681.73 million from N473.57 million in the 2019 third quarter. Growth in profit after tax was helped by the cost containment strategy of the Nnamdi Okafor -led management which witnessed decline in cost of sale from N3.75 billion to N3.74 billion. The company operates with asset base of N13.88 an increase against

intervention fund of N1 billion given to the company in the 2020 first quarter came on time as it helped the company overcome the effects of the covid-19 pandemic which negatively affected corporate Nigeria. The fund was indeed a booster as the company had used the revenue it realized from its Rights offer of 745,234,886 offered on the basis of one new ordinary shares for every ordinary shared held as at September 4,2018 to pay for previous debts. The success of the Rights issue was seen by stockbrokers as a further proof of investors’ confidence in the company.

Nnamdi Okafor, MD of May & Baker Nigeria Plc

N9.5 billion in the 2019 Q3. May and Baker is also noted for robust dividend payment to shareholders. During the financial year ended December 2019, it paid total dividend of N431.31 or 25 kobo for every 50 kobo share held. This translates to 25 percent increase compared with the 20

kobo per share paid in 2018. And stockbrokers are optimistic that the company would also reward investors with good dividend at the end of the current financial year. As catalyst to the impressive performance of the May and Baker is the CBN intervention fund provided to company. The

Opportunities For Further Growth Fund managers say May and Bakers has great opportunities of expanding its growth trajectory and boost return to investors. The positive sentiment follows the realization that, of the 20 countries with the highest maternal mortality around the globe, 19 are said to be in Africa which also has the highest neonatal death in the world. The continent is also confronted with high rate of lifethreatening communicable and non-communicable diseases with

health care needs unmet. Further confirming the company’s potential for growth is the fact that South Saharan African and Nigeria health care sectors are among the most attractive in Africa. Nigeria accounts for about 30 percent of local medicine supply and many countries in SSA depend 100 percent on imports for their medicine supply. To help pharmaceutical companies tap these opportunities, pharmaceutical manufacturers in the country would want the government to expand the list of banned essential medicines in which there is capacity for local producers. If done, this is expected to create more opportunities and mitigate unfair competition from importers of foreign manufactured pharmaceutical products and guide against dumping which industry practitioners believe could hamper the intended benefits of the African Continental Free Trade Agreement (AFCFTA). Outlook For May And Baker The company is optimistic that it is capable of taking advantage of the anticipated recovery of the healthcare sector from the covid-19 pandemic. Recently, it signed a joint agreement to produce nutritional supplement with FIIRO through the ministry of Health. As part of its efforts to remain a key player, May and Baker’s three subsidiaries, Osworth Nigeria Limited, Service Nigeria Ltd, Tydipacks Nigeria Limited and Biovaccines Nigeria Limited are in collaboration with the Federal Government for the production and sale of vaccines. The bright future for May and Baker is best captured by the chairman in her 2019 statement to shareholders. According to Daisy E. Danjuma, ‘I see a great future for our company. The attraction of May and Baker as an investment haven lies not only in her long track record of robust performance but more in her future prospects’. The company is targeting the harnessing of opportunities in African healthcare sector. According to the chairman, capturing that opportunity in the task that the company must set out to accomplish. ‘Our recipe for success lies in the burning ambition to dominate our defined markets: Nigeria and the sub-savanna Africa’, she said. May and Baker Nigeria Ltd manufactures and distributes pharmaceutical products like vaccines, anti-bodies, and sera. The company also sells diagnostic, medical equipment and bottled water in Nigeria.

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH Wealth-Building Stocks... Continued from page 1

at N156.20 per share. For the 2020 Q3 , MTN reported increase in revenue from N856.55 billion in 2019 Q3 to N975.76 billion while profit after tax dropped to N144.24 billion from N149.22 billion. Listed in the ICT-Telecom sector, MTN rewarded investors with 30.60 percent returns through price appreciation between January and December 4, 2020. Between March and December, the stock appreciated by 56.20 percent. Supported by 52 weeks low of N90.00 per share and high of N162.00 per share, MTN recorded year to date (YtD) of 43.30 percent. Airtel Africa in 96.99 YtD Airtel appreciated 114.11 percent between January and December 4, 2020 and 114.76 between March, height of the covid 19 pandemic and December 4. Between September and December 4, less than 3 months, it gained 58.94 percent. Airtel recorded 52 week low of N298.90 and high of N640.00 per share. The stock was traded at N298.90 January 31, N390.20 per share in June, N480.97 per share on November 13 and N640.00 per share on December 4 with YtD of 96.99 percent. Dangote Cement’s Q3 N761b revenue excites investors Dangote reported revenue of N761.44 billion for the 2020 Q3, up from N679.79 billion in 2019 Q. Profit after tax increased from N154.35 billion to N200.69 billion. The result was 43.16 percent share price appreciation between September and December 4, 2020. From January to December 4, investors reaped 64.87 percent returns through capital gains alone. A strong divided paying company, Dangote Cement recorded price rally in 9 months with 53.95 percent gain, trading at N129.26 per share in March when the market suffered its worst general slump and N199.00 per share on December 4, 2020. The stock’s 52 weeks lowest price was N116.80 high of N205.00. Dangote Cement far outperformed the NSE All-share index, with YtD of 44.37 percent. Lafarge Africa’s 66.67 YtD, incentive to investors Trading at N9.30 per share in January, Lafarge Africa gained 147.31 percent in about 10 months to close at N23.00 per share in December 4, 2020. Between September and December, investors earned 53.23 percent in capital gain sup-

Segun Agbaje, MD of Gtbank

Ebenezer N. Onyeagwu, Group Managing Director / ceo of Zenith Bank Plc,

Modupe Kadri, MTN, Executive Director and Chief Financial Officer (Cfo)

Fidelis Ayebae, MD of Fidson Healthcare Plc

Michel Puchercos , GMD of Dangote Cement

Felix Onwuchekwa Nwabuko, CEO of Presco Plc,

Khaled El Dokani, CEO of Lafarge Africa

Demola Sogunle, Tag Managing Director of Stanbic Ibtc Bank’s

ported by the company’s 2020 Q3 results. Lafarge grew revenue from N163. 06 billion in 2019 Q3 to N179. 87 billion with increase in profit after tax from ₦20. 57 billion to 28. 19 billion. It attained 52- week low of N8.95 with N25. 10 high and YtD of 66.67 percent.

listed in the Agric Crop section of the market traded at N55. 00 per share in January and N80. 00 per share December 4, 2020, gaining 45. 32 percent January to December. The company’s 2020 Q3 result shows decline in revenue from N6.97 billion in 2019 Q3 to N5.09 billion. Profit after tax fell to N0. 99 billion from N1. 58 billion. The market however defied this as its shares gained marginal 2. 54 percent between September and December 2020.

notes 52 weeks N38. 20 high With 52 weeks high of N38. 20 per share, low of N16. 25 and YtD of 15. 03 percent, GTBank has turned one of investors’ preferred stocks. Trading at an average price of N30. 00 per share in January, 2020, N18.00 in March, N22. 05 in June, N27.00 in September and N36. 40 in November, investor’s extracted 10.83 percent capital gain- driven return between January and December 4, 2020, 84.22 percent from March to December and 23.14 percent between September and December. The tier 1 bank recorded drop in profit after tax from N146. 98 billion in 2019 Q3 to N142.28 billion in 2020 Q3.

incentives for investors to capitalize on as the price rose 38.43 percent. Between September and December, it rewarded investors with79.93 percent return through capital appreciation. Our market study shows that the stock has a 52 week high of ₦28.15 per share, low of ₦10.70 per share and year to date of 25.94 percent.

BUA Cement in 57. 14% YtD Like Dangote Cement and Lafarge Africa, BUA Cement has earned the confidence of investors with its impressive performance. In the 2020 Q3, revenue increased to N156. 55 billion from N129. 42 billion in 2019 Q3. Profit after tax also grew from N43. 25 billion to N53. 56 billion. The result was price rally from N37. 00 per share in January to N40. 30 per share in September and N55. 00 on December 4, 2020. Between September and December, after the release of its Q3 numbers, BUA appreciated by 36. 47 percent. Between January and December, it gained 48. 64 percent. With 52 week low of N29. 40 and high of N56. 00, BUA Cement has been a preferred stock coupled with its YtD of 57. 14 percent. OKOMU’S 45% price gain attracts investor’s interest With year to date (YtD) of 43. 88 percent, Okomu has outperformed the NSE all-share index at 27.66. The stock’s 52 week performance shows a low of ₦55. 05 and high of N80.00. Okomu,

Presco’s 135% capital gain excites investors Presco, another Agric-crop listed stock closed at an average of ₦48. 85 per share in January and declined to N30. 45 per share in March following the Covid 19- inspired market downturn. By June, after the economic lock down was lifted, it closed at N45. 25 per share and N53. 00 per share in September. By December 4, Presco climbed to N71. 80 per share. Less than 3 months after its Q3 result was released, it appreciated by 35.47 percent. This was largely due to the increase in revenue from ₦ 15. 19 billion in 2019 Q3 to N18. 92 billion. Profit after tax rose from N3. 22 to N5. 03 billion. With 52 week high of N79. 25 and low of N36. 45 supported by YtD of 51. 16 percent, Presco has been one of the market boosters. GT Bank’s prime investors

Zenith Bank’s N508b Q3 earnings, 25.94% YtD lure investors Demand pressure for Zenith Bank’s stock pushed its price to an all-time high. The stock which traded at an average price of N20.85 per share in January slumped to N12. 10 per share in March in response to the Covid 19 pandemic but rose to N17. 30 in September, N27. 15 on November 13 before the December 4’s N23. 91 per share correction. Its 2020 Q3 rise in revenue from N49. 26 billion in 2019 to N508. 07 billion and increase in profit after from N150. 72 billion to N159.3 billion created enough

Stanbic IBTC’s 17.07 % price leap grows demand interest Investors who took positions in Stanbic IBTC stock in January at N39.29 per share were not disappointed. Even when the price fell to N38.29 per share in March following the general market trend, it rose to N46. 00 per share on November 13 before moderating at N44.00 per share on December 4, 2020. Between January and November 13, 2020, it gained 17.07 percent. Following its 2020 Q3 impressive performance, it appreciated by 8.64 percent between September and December 4. The bank reported improvement in earnings in 2020 Q3 from N176.15 billion in 2019 Q3 to N183.28 billion while profit after tax was up from N55.55 billion to N66.16 billion. With 52 week high of 48.00 per share, low of N23.85 per share and YtD of 10.00 percent, Stanbic IBTC emerged one of the growth stocks that stimulated the market in 2020.

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH Low Priced Stocks Rising

Babatunde Obaniy MD, Investment Banking at United Capital Plc

Abubakar Suleiman MD/CEO of Sterling Bank Plc

Fidelis Ayebae, MD/CEO, FIDSON Health Care Plc

Nneka Onyeali-Ikpe, MD of Fidelity Bank PLC

Ademola Adebise, MD of Wema Bank Plc

Emeka Emuwa, Chief Executive Officer (CEO) of Union Bank Plc

Modupe Oguntade, Acting Managing Director/ Chief Executive Officer of Berger Paints

Babatunde Fajemirokun, Managing Director of AIIO Insurance Plc

UNITED CAPITAL UP 96% rading at N2. 52 per share, United Capital gained 96.42 percent in eleven months to close at N4.95 per share on November 13, 2020. Between October and November 13, it appreciated 12. 44 percent. The performance of United Capital was considered impressive by the directors who purchased the company’s shares. Stockbrokers and Fund Managers say this is a reflection of directors’ confidence in the prospect of the company. STERLING BANK GAINS 18% For the 2020 Q3, Sterling Bank reported N7. 30 billion profit after tax down from N7. 57 billion during the same period in 2019. Trading at N1. 84 per share in January, Sterling Bank’s stock gained 18. 47 percent to close at N2. 18 per share on November 13, 2020. From October 2 to November 13, it appreciated 70. 31 percent. FIDSON APPRECIATES 128% The stock of Fidson appreci-

ated by 128. 84 percent between January and November 13, 2020.

From October 2 to November 13, it gained 69.40 percent. The bullish trading is supported by the company’s encouraging results. In the third quarter of the year, Fidson reported increase in earnings from N3.10 billion 2019 Q3 to N5.44 billion. Profit after tax improved from loss of N0. 04 billion in 2019 to N0. 48 billion gain. The company recorded increase in selling and distribution expenses from N0. 47 billion to N0. 817 billion in 2020 Q3. Cost of sales also increased from N1.74 billion in 2019 Q3 to N2.25 billion in 2020 Q3. FI DELI T Y BA N K R E WARDS INVESTORS WITH 34% CAPITAL GAIN Trading at N2. 25 percent on the last trading day of January 2020, Fidelity appreciated 34. 41 percent in about 10 months to close at N2. 89 per share on November 13, 2020. In the third quarter of 2020, the bank reported drop in

earning from N57. 40 billion in 2019 to N49. 27 billion while profit after tax fell from N10. 55 billion to N9. 11 billion. Notwithstanding, the price of the stock appreciated by 56.20 percent between October 2 and November 13, 2020. WEMA BANK RISES 20% Wema Bank stock gained 20.00 percent from January to November 13, opening at N0. 70 to close at N0. 84 per share. For the 2020 Q3, Wema Banks earnings declined to N57.82 billion from N64. 82 billion in 2019 while profit after tax also dropped from N4. 08 billion to N2.64 billion. In spite of this, its stock appreciated by 45.45 percent between October 2 and November 13. UNION BANK UP 24.10% On January 31, Union Bank was traded at N 5.90 per share. By November 13, it closed at N 6.20 per share. Between October 2 and November 13, 2020, Union Bank appreciated 24.10 percent. The impressive market per-

formance could be attributed to the robust earning in its quarterly results. For example, in the 2020 Q3, Union Bank grew earnings to N 121.38 billion from N 117.15 in 2019 Q3 although profit after tax fell marginally from N 15.19 billion to N 15.06 billion. BERGER PAINTS RISES 8% Berger Paint is one of the stocks that has benefitted from the generally upward trend in price. On January 31, it traded at N6.25 per share and N7.35 per share on November 13, appreciating by 8.88 percent in about 10 months. The uptrend in price could be attributed to the increase in revenue. In 2020 Q3, Berger Paint’s revenue increased marginally from N2.40 billion in 2019 Q3 to N2.70 billion. Profit after tax was N0.023 billion as against N0.21 billion in 2019 Q3. INVESTORS HARVEST 381% FROM NEIMETH BY CAPITAL GAIN Investors who took positions in Neimeth in January 2020

and sold on November 13, were rewarded 381, 50 percent through capital appreciation. For bargain hunters who bought on October 2 and exited on November 13, 2020, they harvested 36.1 percent through the same capital gain. The price rallies followed the impressive performance aided by the CBN intervention fund. For the 2020 Q3, Neimeth recorded increase in revenue from N0.43 billion in 2019 Q3 to N0.84 billion while profit after tax also increased to N0.18 billion from N0.03 billion. AIICO 13% up. The recapitalization efforts of insurance companies may have been driving investors’ confidence in their stocks. For example, the price of AIICO staged a rally in the year. The stock traded at N0.80 per share in January and N0.90 per share at the close of business on November 13, 2020, gaining 12.50 percent in about 10 months. Between October 2 and November 13, 2020, it appreciated by 13.96 percent.

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH Stock Briefs

Kayode Adebiyi, Managing Director, PZ Cussons Nigeria Plc

Folasope ‘Fola’ Babasola Aiyesimoju Group Managing Director/CEO of UAC of Nigeria Plc.

Paul Gbededo, Group Managing Director/Chief Executive Officer of Flour Mills of Nigeria Plc

Wole Oshin, GMD, Custodian Investment PLC

Wale Tinubu, Group Chief Executive of Oando PLC

March 26 price, it gained 15.06 percent on November 13, 2020. Also, between October 2 and November 13, it appreciated by 15.06 percent. The sporadic cases of price rally was informed by its interim reports. For example, the company recorded increase in revenue in the 2020 Q3 from N56.82 billion in 2019 Q3 to N57.79 billion. Profit after tax was N1.90 billion from loss of N10.28 billion in 2019 Q3.

to N6.30 per share on November 13, 2020. From January to November, it appreciated 8.33 percent and 10.16 percent between March and November. In less than 2 months from October 2 and November 13, it gained 25.00 percent.

In the 2020 Q3, Cadbury reported fall in revenue from N28.91 billion in 2019 Q3 to N25.79 billion. Profit after tax however rose to N0.85 billion from N0.65 billion. However, the company still earned investors’ confidence as its shares gained 45 percent between October 2 and November 13, 2020.

earned 24.91 percent return through capital appreciation between October 2 and November 13, 2020.

Z industries reported revenue of N18.70 billion for the 2020 Q3, up from N15.80 in 2019 Q3. Loss after tax was N2.1 billion down from N1.09 billion loss in 2019. The improvement in Q3 revenue fired the company’s shares which gained 43.25 percent between October 2 and November 13, 2002. It also appreciated 12.70 percent between January and November. PZ has also recovered from the 2020 Q1 general market downturn, appreciating 30.68 percent between March and November. UAC UAC is one of the stocks that is yet to recover fully from the Corona Virus- inspired price depreciation. At N8.40 per share on November 13, 2020, it is still below the January 31 closing price of N8.90 per share. In between, however, it attained a new height. For example, on May 29, it closed at N9. 00 per share. Compared with its

TOP % GAINERS JAN – NOV 13 NEIMETH 381.50 LAFARGE 159.13 FIDSON 128.84 UNITED CAP 96.42 PROESCO 63.25 MAY & BAKER 61.29 DANGOTE CEM 57.48 OKOMU 45.32 BUA CEM 40.54 FLOUR MILLS 36.13 FIDELITY 34.41 GLAXO 32.11 ZENITH 30.21 MTN NIG 29.59 OANDO 29.03 IIPLC 28.46 FBN HOLD 25.95 SEPLAT 22.86 GTBANK 21.33 WEMA 20.00 TOTAL 19.17 STERLING 18.47 UBA 15.00 AXAMANSARD 15.00 NIG BREW 14.72 PZ 12.74 ALLCO 12.50 CUSTOD INVEST 8.33 BERGER PAINT 8.88

FLOUR MILLS Flour Mills of Nigeria posted impressive Q3 results with revenue of N355.11 billion, up from N276.60 billion in 2019 Q3. Profit after tax was up from N5.96 billion to N9.93 billion. The impressive report resulted in 30.21 percent price increase between October 2 and November 13. Between January and November 13, it gained 36.13 percent. CUSTODIANINVESTMENT Custodian traded at N6.00 per share in January and N5.00 per share in March before climbing

TOP GAINERS BTW MARCH & NOV 13, 2020 PRESCO 161.90 LAFARGE 159.30 DANGOTE SUG 146.66 NIG BREW 135.44 ZENITH 124.38 GTBANK 102.22 NASCON 99.41 FBN HOLD 98.79 OANDO 86.04 UBA 78.64 NEASTLE 60.22 MTN NIG 55.00 DAMGOTE CEM 48.57 OKOMU 45.32 UNILEVER 42.85 CONOIL 41.11 ACCESS 39.69 TOTAL 34.89 AXAMANSARD 31.42 P2 30.68 II PLC 29.69 STANBIC IBTC 19.82 UAC 15.06 NEM 14.58 CUSTOD. INVEST 10.16

OANDO OANDO reported decline in revenue in 2020 Q3 from N505.08 billion in 2019 Q3 to N 413.35 billion as profit after tax increased from N10.39 billion to N13.66 billion. The result of the encouraging profit was 74.09 percent price appreciation between October 2 and November 13. Eight months between March and November, it gained 86.04 percent. CADBURY Cadbury has fully recovered from the 2020 Q1 general market slump which saw its price fall from N10.75 per share in January to N6.20 per share in March. On 26 May, it traded at N8.62 per shared and N10.15 per share on November 13, 2020.

CONOIL At N20.85 per share, Conoil has 52 week low of N13.15 and high of N21.00 with YTD of 12.10 percent. The stock has fully recovered from COVID 19 related market downturn having gained 41.11 percent between March and November, 2020. In the 2020 Q3, Conoil recorded N88.10 billion revenue, down from N112.70bilion recorded in 2019 Q3. Profit after tax also came down from N1.70 billion in 2019 to N1.1 billion. The company retained N16.40 billion from its earnings, an increase from the N14.44 billion it recorded in 2019 Q3. Earnings per share declined from 245 kobo to 160 kobo. Notwithstanding investors

UBA RECOVERS 78% FROM COVID-DRIVEN DOWNTURN UBA rewarded investors with 15.00 percent capital appreciation between January and November 13 trading at N8.00 and N9.20 per share respectively. Between March during the peak of the COVID-19 and November 13, it appreciated by 78. 64 percent. The bank increased earnings in 2020 Q3 to N293.25 billion from N265.99 billion 2019 Q3. Profit after tax however dropped to N77. 13 billion from N81. 62 billion in 2019. The stock gained 47.50 per cent between October 2 and November 13, 2020. UBA grew interest income from N291.37 billion in 2019 Q to N315. 24 in 2020 Q3. Interest expense declined from N138. 98 billion to N131. 12 billion leaving net interest income of N186. 02 billion, up from the 2019 Q3 figure of N158. 9 billion.

DANGOTE CEM 38.88 ACCESS 36.56 NEIMETH 36.11 ARDOVA 36.54 TOTAL 34.61 UAC 29.23 AIRTEL 28.98 NIG BREWERIES 28.77 GTBANK 25.51 CUSTODIAN 25.00 CONOIL 24.91 BUA CEM 24.52 UBA 24.10 NESTLE 23.39 MAY & BAAKER 20.68 MTN 19.23 J. BERGER 16.92 STANBIC IBTC 14.14 ALLCO 13.96

NIGERIAN BREWERIES Nigerian Breweries traded at N55.00 per share on November 13, 2020, gaining 14.72 percent during the period. Between March and November, it rewarded investors with 135 percent return through price appreciation. The company’s revenue declined marginally from N235.67 billion in 2019 Q3 to N 234.08 billion in 2020 Q3. Profit after tax also dropped from N 12.24 billion to N 6.94 billion. Notwithstanding, its stock appreciated by 28.77 percent between October 2 and November 1e 2020.

TOP % PRICE GAINERS OCT 2 TO NOV. 13, 2020 UNITED CAP 112.44 OANDO 74.67 DANGOTE SUG 72.09 STERLING 70.31 FIDSON 69.40 NASCON 62.98 LAFARGE 59.47 FBN HOLD 58.65 ZENITH 50.41 FIDELITY 56.20 AFRICAN PRUD 48.27 WEMA 45.45 CADBURY 45.00 PZ 43.75 UBA 47.50 GUINNESS 42.85 GLAXO 44.00

TOP % LOSERS JAN – NOV 13, 2020 GUINNESS -54.34 J. BERGER -47.65 CAP -11.40 MRS -10.13 NEM -8.33 ACCESS -7.57 UAC -5.61 CADBURY -5.58 CONOIL -4.75 COENER STONE -1.69

TOP % LOSERS BTW MARCH 26 & NOV 13, 2020 SEPLAT -21.76 GUINNESS -20.63

FBN HOLDING RISES 98% The stock of FBN Holding appreciated by 25. 95 percent between January and November 13, 2020 and 98. 79 percent from March to November. In less than two months, between October 2 and November 13, 2020, it grew stronger in price by 58. 65 percent. In 2020 Q3, its profit after tax decline to N18. 70 billion from N68. 15 billion during the same period in 2019

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH

Agric, ICT resilient; manufacturing, trade, struggling – Abiodun As the Equities Market turns gold, Abiodun Keripe, Managing Director, Research, Afrinvest Limited in this interview with BusinessDay says government needs to pay closer attention to manufacturing, trade etc for the Stock Market to be a true reflection of the economy.

ould you give us your perspective on the performance of the Stock Market since the beginning of the year? The equities market kicked off the year amid stronger optimism propelled in part by the unattractive fixed income yield environment and the hunt for high dividend-yielding stocks by investors. However, the outbreak of the COVID-19 pandemic and the economic fallout swiftly put an end to the early optimism, with the resulting fear and uncertainty dictating market sentiment for the rest of the first half. The social distancing measures put in place to curb the spread of the virus led to a disruption in economic activities and a shift in investors’ confidence from high to low. This resulted in the NSEASI sliding to a year-low of 21,330.29 points. However, since the second half, the stock market has recovered supported by the discovery of a vaccine, continued low yield environment, high liquidity and resilient corporate earn- Abiodun Keripe, Managing Director of Afrinvest Investment Research ings. Stocks are up about 30.0% year-to-date. We have seen the All Share Dangote Cement, Lafarge, GDP grew by 1.6% in the third Index which slumped to Presco, MTN, Nestle and quarter relative to 1.4% in the 21, 330.29 basis points Cadbury have been on second quarter. The resilient on March 30, 2020 ris- fairly consistent rise es- performance of the sectors uning to 26, 319.34 on Sep- pecially after the COVID. derlines the appreciation in the tember 25, 2020. Then What do you attribute share price of these companies. between September and these performances to? November 13, the index These are companies that oper- It’s strange that even low rose beyond 35,000 basis ate in key sectors of the econo- priced stocks like Fidelpoints. Could you explain my that have shown resilience ity, Sterling Bank, Wema this trend? amid the pandemic and the re- Bank, Inter Breweries Yes, just as I mentioned, the sultant lockdown on economic and CAP which have been persistent contraction in fixed activities. It is interesting to weak have staged double income yields unlocked a large mention that all the three sec- digit % price gain in the chunk of liquidity in search for tors, that is, financial services, last 5 five weeks. What better returns. This, coupled ICT and Agriculture grew at could have happened to with the attractive valuation a faster pace during the sec- warrant the increases in of the market with P/E ratio ond quarter of 2020 when the such companies? at 9.0x compared with 21.5x lockdown and social distanc- With the way the large cap and 13.8x for South Africa and ing measures had the biggest stocks had recorded sharp India respectively and the re- impact on business activities recoveries within the period silient third quarter earnings and households. The financial under review, investors lookof the big companies that are services sector GDP grew by ing for bargain had to shift listed on the Nigerian Stock 3.2% in the third quarter com- appetite to the low cap stocks Exchange account for the big pared with 18.5% in the second with decent valuation. As at rally in November. quarter. Same way, ICT grew the first half of 2020, the tier by 14.6% in the third quarter two banks were valued at a Some stocks like Zenith. faster than 16.5% in the second 0.6x price-to-book ratio very GTBank, StanbicIBTC, quarter. The Agriculture sector close to the 0.5x valuation for

the tier-one banks. Looking at the policies being enunciated by the government, are you satisfied with efforts made so far to resuscitate the economy or what are your suggestions? The fiscal policy response of the government to the pandemic has been inadequate for many reasons. One, the size of fiscal stimulus at N500.0bn is only 0.4% of the GDP compared to peer countries with larger interventions such as South Africa (6.9%). Two, the government’s intervention did not provide as much help to businesses and households who have suffered as a result of the pandemic. Only over 1.2 million households have been enrolled in the social register while over 20 million households are considered poor. On the monetary side, the CBN announced intervention funds of N50.0bn, N100.0bn and N1.0tn respectively to support households & SMEs, the healthcare sector and the manufacturing sector. The intervention to households & SMEs is too tiny to matter compared with a GDP size of N144.0tn in 2019 while there has been slow disbursement of the manufacturing sector fund. Elsewhere, the policies around FX, the currency devaluation and trade are hurting consumers and the economy. These policies should be reversed to facilitate recovery in trade and provide the necessary liquidity for manufacturers to access the needed FX. It is said that an idle hand is the devil’s workshop. And for this, many say creating jobs would help address the problem of insecurity in the country. What are your suggestion for increased productivity and job creation? We believe an environment with an elevated poverty level and without economic opportunities is a breeding ground for insecurity. Nigeria must begin creating economic op-

portunities to curb poverty, reduce the risk of insecurity and reduce unemployment. About 6 in 10 Nigerians are either unemployed or underemployed with unemployment rate at 27.1% and underemployment rate at 28.6% according to data from the National Bureau of Statistics. Meanwhile, youth unemployment is high at 34.9% while underemployment rate among the youth is 28.2%. The government needs to free up resources to focus on healthcare, education & infrastructure development. The support for small businesses which are the engine room for growth and employment should be scaled-up. Establish an ecosystem that has the capabilities to attract global tech companies to incubate local talents for onward supply of intellectual content to the rest of the world and expand broadband penetration. What are your projections of global and local economies for 2021 and how would these affect the Nigerian Stock Market. Earlier this year, we had projected a 2.4% real GDP growth rate but following COVID-19 headwinds, we have revised our projections downward to -2.9%. We are more optimistic of a faster recovery than the IMF, as their forecast does not reflect better-than-expected Q3 performance. Specifically, the oil sector has contracted deeply by 6.6% and 13.9% in Q2 and Q3:2020 following around 410,000b/d in OPEC output cuts. While the nonoil sector is recovering with a moderate 2.5% contraction in Q3:2020 from 6.1% in Q2:2020, the recovery is still fragile and uneven. The agriculture and ICT sectors have been resilient sectors. The manufacturing, trade and real estate sectors are still struggling due to weak consumer spending. For the stock market, the advancement in the discovery of a vaccine and the pace of distribution of the vaccine to key economies where it is most needed would further strengthen investor confidence and deepen the recovery in equities.

BUA CEMENT

CONOIL

LAFARGE

ZENITH

GT BANK

PRESCO STANBIC

NB OKOMU

MTN

IND GDSB MAT CONS GDS FD PB ICT CONS AGRIC CROP PROD FIN SERO OTHER FIN SERO BKG IND PROD BLD MAT PET PROD& DIST

DANGOTE CEMENT DANGOTE SUGAR

9.30

37.00 35.00

20.00 13.15

9.30

20.85 12.10

30.00 18.00

48.85 30.45 39.29 38.29

119.6 100 0 55.00 26.80 55.05 55.05

120.7 129.26 0 13.80 9.00

298.9 298.9

ICT

AIRTEL

MAR

JAN

COMPANY SECTOR

38.70

21.00

10.00

16.10

22.05

45.25 30.25

36.10 77.40

40.30

15.25

15.05

17.30

27.00

53.00 40.50

41.50 78.00

124.00

12.50

12.00

117.50

139.00

380.00

SEP

127.00

390.20

JUN

PRICE

52.00

19.05

24.10

27.15

36.40

79.75 46.00

63.10 80.00

15.50

22.20

200

480.90

NOV

T/0 CUR

55.00 156.55

20.85 88.10

23.00 179.87

23.95 508.07

33.25

71.80 18.92 44.00 183.28

156.2 975.76 0 56.00 234.08 80.00 5.09

640.0 0 199.0 761.44 0 19.00 160.57

DEC 4

129.42

112.70

163.06

491.26

15.19 176.15

235.27 6.97

856.55

679.79

T/0 PREV

Q3 RESULTS(‘B)

53.56

1.1

28.19

159.31

142.28

5.03 66.16

6.94 0.99

144.24

26.63

200.69

PAT CUR

43.25

1.76

20.57

150.72

146.98

3.22 55.55

12.24 1.58

149.22

14.70

154.35

PAT PREV 588.5 0 205.0 0 22.25

25.10

29.40 56.00

13.15 21.00

8.95

10.70 28.15

16.75 38.20

36.45 79.75 23.85 48.00

90.00 162.0 0 8.50 56.00 55.05 80.00

298.9 0 116.8 0 8.90

LOW HIGH

52-WEEK PRICE

48.67 57.14

147.3 147.31 1 4.25 58.55

14.86 97.93

10.83 84.72

46.98 135.79 11.08 14.91

1.81 108.95 45.32 45.32

30.60 56.20

37.68 111.11

114.1 114.76 1 64.87 53.95

BTW BTW JAN& MAR& DEC 4 DEC 4

PRICE % CHANGE

Performance Statistics For 2020 Market Drivers

36.47

36.72

53.23

38.43

23.14

35.47 8.64

36.41 2.56

25.96

52.00

43.16

57.14

12.10

66.67

25.94

15.03

51.16 10.00

22.53 43.88

43.30

39.29

44.37

BTW SEPT YTD & DEC % 4 58.94 96.99

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH

BUSINESS DAY

STOCK MARKET ANALYSIS

NIGERIA STOCKWATCH

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH STOCK MARKET IN CHARTS SHARE PRICES OF ACCESS BANK (FROM JAN. TO NOV., 2020)

SHARE PRICES OF AFRICAN PRESIDENTIAL (FROM JAN. TO NOV., 2020)

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

SHARE PRICE (NGN)

9.90

6.55

7.10

6.55

6.35

6.40

6.70

9.15

MONTHS SHARE PRICE (NGN)

SHARE PRICE (NGN)

MAR.

4.60

MAY

3.80

JUN.

4.00

4.11

9.15

8.00

7.10

6.55

4.00

SEP.

4.20

OCT.

NOV.

4.75

6.45

4.50

6.45

6.55

3.00

4.00

2.00

1.00

4.11

4.00

3.80

4.00

6.70

6.40

6.35

4.60

5.00

6.00

0.00 JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

JAN.

NOV.

MAR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

godfreyobioma@gmail.com

SHARE PRICES OF BERGER PAINTS (FROM JAN. TO NOV., 2020)

ALL SHARE INDEX 31/01/2020 28/02/2020 30/03/2020 29/05/2020 30/06/2020 26,216.48

4.75

4.50

4.20

4.00

SHARE PRICE (NGN)

ALL SHARE 29,183.40 INDEX (Units)

AUG.

6.00

9.90

DATE

JUL.

7.00

12.00 10.00

JAN.

21,330.29

25,123.64

29/07/2020

07/08/2020

24,693.73

25,041.89

24,479.22

25/09/2020 30/10/2020 13/11/2020 24/11/2020 26,319.95

30,530.69

35,032.46

34,340.56

ALL SHARE INDEX (Units)

MONTHS SHARE PRICE (NGN)

JAN.

MAR

6.75

MAY

6.10

JUN.

7.00

JUL.

6.75

AUG.

6.10

6.05

SEP.

OCT.

NOV.

6.50

7.35

40,000.00

SHARE PRICE (NGN)

35,000.00 30,000.00

8.00

25,000.00

6.75

7.00

20,000.00

6.00

15,000.00

5.00

10,000.00

4.00

5,000.00

3.00

7.00 6.10

7.35

6.75

6.10

20/11/2020

06/11/2020

23/10/2020

09/10/2020

25/09/2020

11/09/2020

28/08/2020

14/08/2020

31/07/2020

17/07/2020

03/07/2020

19/06/2020

05/06/2020

22/05/2020

08/05/2020

24/04/2020

10/04/2020

27/03/2020

13/03/2020

28/02/2020

14/02/2020

31/01/2020

1.00 -

SHARE PRICE (NGN) JAN.

MAR

MAY

JUN.

JUL.

MAY

2.15

JUL.

SHARE PRICES OF CAP (FROM JAN. TO NOV. 2020)

6.25

6.75

OCT.

NOV.

6.60

7.00

10.15

SHARE PRICE (NGN)

JAN.

MAR. 25.00

MAY 21.50

30.00

20.65

25.00

6.75

6.60

NOV. 17.10

25.00 21.50

7.00

22.15

20.65

20.00

8.65 6.25

OCT.

SHARE PRICE (NGN) 10.15

6.00

MONTHS

AUG.

SHARE PRICE (NGN)

8.00

NOV.

godfreyobioma@gmail.com

12.00 10.00

OCT.

godfreyobioma@gmail.com

JUN.

8.65

SEP.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

SHARE PRICES OF CADBURY (FROM JUN. TO NOV., 2020) JAN.

AUG.

for Enquiry please contact 08023116461

Prepared by GOBI COMMUNICATION LTD

SHARE PRICE (NGN)

6.50

2.00

MONTHS

6.05

6.50

17.10

15.00 10.00

4.00

5.00

2.15

2.00

SHARE PRICE (NGN)

JAN.

MAY

JUN.

JUL.

AUG.

OCT.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461 godfreyobioma@gmail.com

NOV.

SHARE PRICE (NGN) JAN.

MAR.

MAY

OCT.

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461 godfreyobioma@gmail.com

22.15

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH STOCK MARKET IN CHARTS SHARE PRICES OF DANGOTE CEMENT (FROM JAN. TO NOV, 2020)

SHARE PRICES OF CUSTODIAN INVESTMENT (FROM JAN. TO NOV., 2020) MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

SHARE PRICE (NGN)

6.00

5.90

6.30

5.50

5.00

5.20

6.50

SHARE PRICE (NGN)

119.90

126.70

139.00

127.00

141.80

134.20

139.00

144.00

200.00

SHARE PRICE (NGN)

SHARE PRICE (NGN) 7.00 6.00

6.00

250.00 6.50

6.30

5.90

5.50

200.00

5.50

5.00

5.20

150.00

4.00

1.00

0.00

SHARE PRICE (NGN) JAN.

MAR.

MAY

JUN.

JUL.

JAN. AUG.

OCT.

MAR.

JAN.

JUN.

JUL.

AUG.

SEP.

OCT.

godfreyobioma@gmail.com

MAY

9.00

JUN.

12.90

JUL.

12.00

AUG.

11.95

12.50

SEP. 12.50

SHARE PRICES OF FIDELITY BANK (JAN. TO NOV., 2020) OCT. 12.90

NOV.

MONTHS

JAN.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

22.20

SHARE PRICE (NGN)

2.18

1.88

1.25

1.71

1.74

1.40

1.85

2.89

SHARE PRICE (NGN)

SHARE PRICE (NGN) 3.50

22.20

2.89

3.00

20.00

2.50

13.80

12.90

12.00

12.50

11.95

12.50

12.90

2.18

1.88

2.00

9.00

10.00

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

MAR.

13.80

MAY

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

25.00

1.85

1.74

1.71

1.50

1.40

1.25

1.00

5.00

0.50

0.00

SHARE PRICE (NGN) JAN.

MAR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

SHARE PRICE (NGN)

NOV.

JAN.

JAN. 22.00

MAR.

MAY

20.80

19.00

JUL.

AUG.

18.00

OCT.

19.70

23.00

20.80

21.00

23.00 19.00

18.00

19.70

15.00 10.00 5.00 0.00 MAR.

MAY

JUN

OCT.

NOV.

SHARE PRICES OF GUINESS (FROM JAN. TO NOV., 2020) NOV.

MONTHS

JAN.

MAR.

MAY

JUN

JUL.

AUG.

OCT.

NOV.

26.95

SHARE PRICE (NGN)

43.80

25.10

20.00

14.50

13.00

15.50

14.00

20.00

50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00

43.80

25.10 20.00 14.50

JUL.

AUG.

OCT.

NOV.

13.00

20.00

15.50

14.00

AUG.

OCT.

SHARE PRICE (NGN)

SHARE PRICE (NGN) JAN.

SEP.

SHARE PRICE (NGN) 26.95

22.00

AUG.

godfreyobioma@gmail.com

30.00

20.00

JUL.

godfreyobioma@gmail.com

SHARE PRICE (NGN) 25.00

JUN.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

JUN

21.00

MAY

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

SHARE PRICES OF FLOURMILLS (FROM JAN. TO NOV., 2020) MONTHS SHARE PRICE (NGN)

144.00

SHARE PRICE (NGN)

SHARE PRICES OF DANGOTE SUGAR (FROM JAN. TO NOV., 2020)

15.00

139.00

50.00

2.00

SHARE PRICE (NGN)

134.20

141.80

127.00

100.00

3.00

MONTHS

139.00

126.70

119.90

JAN.

MAR.

MAY

JUN

JUL.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

godfreyobioma@gmail.com

NOV.

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH STOCK MARKET IN CHARTS SHARE PRICES OF INT'L BREWERIES (FROM JAN. TO OCT., 2020) JAN.

MAR.

9.00

MAY

5.00

4.75

JUN.

JUL.

AUG.

OCT.

4.10

3.85

2.85

7.37

SHARE PRICES OF LAFARGE (FROM JAN. TO NOV., 2020) MONTHS

JAN.

SHARE PRICE (NGN)

MAR.

9.30

MAY

9.50

SHARE PRICE (NGN) 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 -

7.37

11.10

OCT.

11.75

NOV.

15.15

24.10

5.00

24.10

25.00

20.00

4.75

4.10

15.15

15.00

3.85 2.85

11.55

9.50

9.30

10.00

11.75

11.10

10.50

5.00 -

SHARE PRICE (NGN) MAR.

MAY

JUN.

JUL.

AUG.

SHARE PRICE (NGN)

OCT.

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

godfreyobioma@gmail.com

2015

2016

2017

2018

2019

PBT (₦' B)

0.127

0.337

0.875

0.849

0.894

MONTHS

JAN.

MAR

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

SHARE PRICE (NGN)

2.17

1.79

3.39

2.87

3.00

3.07

2.90

3.50

SHARE PRICE (NGN)

PBT (N'B) 0.875

NOV.

SHARE PRICES OF MAY & BAKER (FROM JAN. TO NOV. 13TH, 2020)

YEAR

4 0.849

3.50

3.39

3.5

0.894

3.00

2.87

3 2.5

3.07

3.00

2.90

2.17 1.79

2 1.5

0.337

1 0.127

0.5 0

SHARE PRICE (NGN)

PBT (₦' B) 2018

JAN.

2019

MAR

JUL.

AUG.

SEP.

OCT.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

godfreyobioma@gmail.com

2015

2016

2017

2018

2019

TURNOVER (₦' B)

7.42

8.31

7.84

8.25

7.68

TURNOVER (N'B)

30/03/2020

30/04/2020

29/05/2020

30/06/2020

29/07/2020

07/08/2020

MARKET CAP. (₦' TRN)

14.86

13.66

11.12

11.99

13.69

12.70

12.88

13.06

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461 godfreyobioma@gmail.com

13.35

30/10/2020

13/11/2020

24/11/2020

15.95

18.11

17.94

14.10

20/11/2020

13/11/2020

06/11/2020

30/10/2020

23/10/2020

16/10/2020

09/10/2020

02/10/2020

11/09/2020

04/09/2020

28/08/2020

21/08/2020

14/08/2020

07/08/2020

31/07/2020

24/07/2020

17/07/2020

10/07/2020

03/07/2020

26/06/2020

19/06/2020

12/06/2020

05/06/2020

29/05/2020

08/05/2020

01/05/2020

24/04/2020

10/04/2020

03/04/2020

27/03/2020

20/03/2020

13/03/2020

06/03/2020

2019

28/02/2020

TURNOVER (₦' B) 2018

21/10/2020

M 21/02/2020

7.00

14/02/2020

7.20

07/02/2020

7.42

2017

11/09/2020

20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 31/01/2020

7.68

2016

28/02/2020

MARKET CAP. (₦' TRN)

7.84

7.80

6.80

31/01/2020

8.25

8.20 8.00

DATE

22/05/2020

8.31

NOV.

MARKET CAPITALISATION (₦' TRN)

YEAR

2015

JUN.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

MAY & BAKER 5-YEAR TURNOVER ((₦' B)

8.40

MAY

25/09/2020

2017

18/09/2020

2016

17/04/2020

2015

7.40

10.50

AUG.

30.00

MAY & BAKER 5-YEAR PBT ((₦' B)

7.60

JUL.

SHARE PRICE (NGN)

9.00

JAN.

1.000 0.900 0.800 0.700 0.600 0.500 0.400 0.300 0.200 0.100 0.000

JUN.

11.55

15/05/2020

MONTHS SHARE PRICE (NGN)

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH STOCK MARKET IN CHARTS SHARE PRICES OF NASCON (FROM JAN. TO NOV., 2020) MONTHS SHARE PRICE (NGN)

JAN.

MAR.

15.00

MAY

8.50

JUN.

11.10

JUL.

10.50

AUG.

9.60

SEP.

10.05

10.40

SHARE PRICES OF NEIMETH (FROM JAN. TO NOV., 2020) OCT. 10.40

NOV.

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

16.95

SHARE PRICE (NGN)

0.55

0.48

1.13

1.65

1.50

1.86

1.78

1.80

2.65

SHARE PRICE (NGN)

3.00 16.95

18.00 15.00

16.00

2.65

2.50 2.00

14.00

11.10

12.00 10.00

10.50

9.60

8.50

10.40

10.05

10.40

1.65

1.50 1.00

8.00 6.00

0.50

4.00 0.00

0.55

MAR.

MAY

JUN.

JUL.

SEP.

OCT.

MAR.

MAY

JUN.

JUL.

55.80

26.80

JUN.

45.50

36.10

JUL.

AUG.

OCT.

NOV.

31.00

36.00

49.00

63.10

SHARE PRICE (NGN)

70.00 55.80

60.00

MAY

6.00 5.00

5.10

4.40

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

NOV.

5.50

6.75

4.10

7.75

7.00

5.75

7.75 6.75

7.00

7.00 5.75

5.50

5.10

4.40

4.10

4.00 3.00 2.00

10.00

1.00 -

SHARE PRICE (NGN)

SHARE PRICE (NGN) JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

JAN.

NOV.

JAN. 8.90

JUN.

JUL.

AUG.

SEP.

OCT.

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MAR.

MAY

7.30

JUN.

9.00

8.00

7.30

AUG.

OCT.

NOV.

7.10

6.50

8.40

6.50

SHARE PRICE (NGN) MAY

JUN.

JUL.

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

SHARE PRICE (NGN)

8.00

5.15

6.69

6.25

6.20

6.50

6.25

9.20

SHARE PRICE (NGN) 8.40

7.10

NOV.

SHARE PRICES OF UBA PLC (FROM JAN. TO NOV., 2020)

JUL.

9.00

8.90

MAR.

MAY

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SHARE PRICE (NGN)

JAN.

MAR.

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SHARE PRICES OF UAC (FROM JAN. TO NOV., 2020)

10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 -

MAR.

7.00

20.00

MONTHS SHARE PRICE (NGN)

JAN.

8.00

36.00

31.00

26.80

30.00

MONTHS SHARE PRICE (NGN)

9.00

49.00 36.10

40.00

SHARE PRICES OF PZ (FROM JAN. TO NOV., 2020)

SHARE PRICE (NGN) 63.10

45.50

50.00

NOV.

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SHARE PRICES OF NIG. BREWERIES (FROM JAN. TO NOV., 2020) MAR.

OCT.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

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JAN.

SEP.

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

MONTHS SHARE PRICE (NGN)

AUG.

0.48

JAN. AUG.

1.80

SHARE PRICE (NGN)

SHARE PRICE (NGN) JAN.

1.78

1.13

0.00

2.00

1.86 1.50

10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00

9.20 8.00 6.69

OCT.

6.20

6.50

6.25

5.15

SHARE PRICE (NGN) JAN.

AUG.

6.25

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

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NOV.

Monday 21 December 2020

BUSINESS DAY

NIGERIA STOCKWATCH STOCK MARKET IN CHARTS SHARE PRICES OF UNILEVER (FROM JAN. TO NOV., 2020)

SHARE PRICES OF UBN (FROM JAN. TO NOV., 2020) MONTHS

JAN.

SHARE PRICE (NGN)

MAY

5.90

JUN. 6.70

JUL.

5.40

AUG.

5.40

OCT.

NOV.

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

5.60

6.20

SHARE PRICE (NGN)

15.00

10.50

17.00

15.30

13.80

12.50

13.60

15.00

5.40

SHARE PRICE (NGN) 8.00

SHARE PRICE (NGN)

6.70

7.00

5.90

6.00

5.40

5.60

5.40

4.00

10.00

3.00

8.00

2.00

6.00

1.00

4.00

JUN.

0.00

JUL.

AUG.

OCT.

SHARE PRICE (NGN)

NOV.

SHARE PRICE (NGN)

MAR.

MAY

JUL.

godfreyobioma@gmail.com

MAR.

2.52

MAY 2.20

OCT. 2.59

MONTHS 4.95

JAN.

SHARE PRICE (NGN)

MAR.

0.70

MAY 0.82

0.90

0.61

NOV.

0.64

0.84

0.70

4.00

0.64

0.61

0.60

2.59

OCT.

0.82

0.80

4.95

2.20

NOV.

SHARE PRICE (NGN)

5.00

2.52

OCT.

SHARE PRICES OF WEMA BANK (FROM JAN. TO NOV., 2020)

NOV. 2.31

6.00

3.00

AUG.

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SHARE PRICE (NGN)

0.50

2.31

0.40

2.00

0.30

1.00

0.20

0.10

SHARE PRICE (NGN) JAN.

MAR.

MAY

OCT.

SHARE PRICE (NGN)

NOV.

JAN.

MAR.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

NOV.

SHARE PRICES OF AFRICAN PRESIDENTIAL (FROM JAN. TO NOV., 2020)

MONTHS

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

SHARE PRICE (NGN)

9.90

6.55

7.10

6.55

6.35

6.40

6.70

9.15

SHARE PRICE (NGN)

MONTHS SHARE PRICE (NGN)

JAN.

MAR.

4.60

MAY

3.80

JUN.

4.00

JUL.

4.11

AUG.

4.00

SEP.

4.20

4.50

7.00

12.00

OCT.

NOV.

4.75

6.45

6.00

9.90

9.15 6.55

7.10

6.55

6.35

6.40

4.60

5.00

3.00

4.00

2.00

1.00

4.00

3.80

4.00

6.70

6.00

4.11

0.00 MAR.

MAY

JUN.

JUL.

AUG.

OCT.

NOV.

4.20

4.00

4.50

4.75

SHARE PRICE (NGN)

SHARE PRICE (NGN) JAN.

OCT.

godfreyobioma@gmail.com

SHARE PRICES OF ACCESS BANK (FROM JAN. TO NOV., 2020)

8.00

MAY

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godfreyobioma@gmail.com

10.00

JUN.

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SHARE PRICES OF UNITED CAP (FROM JAN. TO NOV. 2020) JAN.

12.50

10.50

JAN.

MONTHS

15.00

13.60

2.00

SHARE PRICE (NGN) MAY

13.80

14.00 12.00

15.30

15.00

16.00

6.20

5.00

JAN.

17.00

18.00

JAN.

MAR.

MAY

JUN.

JUL.

AUG.

SEP.

OCT.

Prepared by GOBI COMMUNICATION LTD for Enquiry please contact 08023116461

godfreyobioma@gmail.com

NOV.