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Declining yield in instruments lift market index by N245 billon

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Nigerian Stock ExchaNge (NSE)


• NAHCO generates N7.38 billion revenue in Q3

Following declining yield in fixed income securities, the Nigerian Stock Exchange (NSE), recorded the highest gain in six months yesterday, as investors’ wealth appreciated by N245 billion.This development also caused the market capitalisation to cross N13 trillion mark, just as major sectors closed positive; especially the banking sector.
   
Specifically, the All Share Index (ASI) rose by 504.00 points or 1.91 percent to 26,843.11 points. Accordingly, investors gained N245 billion in value as market capitalisation edged to N13.067 trillion.The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Guinness Nigeria, Guaranty Trust Bank, Zenith Bank, Dangote Sugar Refinery, and Access Bank.

Capital market analysts attributed the strong bullish trend to declining yields on fixed income instruments. Analysts at Afrinvest Limited, said: “Following the marked improvement in sentiment in the equities market, we expect mixed market performance in the short term, as bulls continue to battle bears for dominance.”

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Market breadth closed strongly positive, as 34 stocks recorded gains relative to three losers. Ekocorp Plc recorded the highest price gain of 9.79 per cent to close at N3.70 per share. Caverton Offshore Support Group followed with 9.76 per cent to close at N2.70, and Guinness Nigeria by 9.70 per cent to close at N26.00, per share.
   
United Capital rose 9.66 per cent to close at N2.27, while FBN Holdings gained 9.65 per cent to close at N6.25, per share. On the other hand, Ikeja Hotel led the losers’ chart with 9.38 per cent to close at 87 kobo per share.
Champion Breweries followed with 9.09 percent to close at 90 kobo, while MTN Nigeria shed 0.12 per cent to close at N121.90, per share.
   
Total volume traded increased by 2.34 percent to 624.84 million shares worth N10.02 billion, traded in 6,426 deals. Transactions in the shares of Zenith Bank topped the activity chart with 167.92 million shares valued at N3.19 billion.
 
Access Bank followed with 99.3 million shares worth N1.06 billion, while United Bank for Africa (UBA) traded 67.78 million shares at N500.25 million. Nigerian Breweries traded 36.29 million shares valued at N1.72 billion, while Sterling Bank transacted 31.43 million shares worth N68.45 million.

Meanwhile, the Nigerian Aviation Handling Company Plc (nahco aviance) has posted a gross revenue of N7.38Billion for the nine – month period ended September 30, 2019. The Company subsequently posted a Profit Before Tax of 973.1 million for the Q3 ended September 30, 2019.

The figure is 241.3million higher than the amount for the same period last year for Nigeria’s foremost groundhandling company. This represents 32.96 percent increase over the same period last year. Profit After Tax which stood at N782 million for the nine-month period compared favourably with the N601.31 Million recorded for the same period in 2018. This translates to a positive 30 percent increase.

The performance released by the Company to the Nigerian Stock Exchange (NSE) showed that the organization was already reaping from the gains of its transformation programme which commenced at the inception of the present management.

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Earnings per share stood at 48kobo as at the end of the third quarter of 2019 compared to 37kobo as earnings per share as at the end of the third quarter of 2018. The Board appointed new management for the Company which early this year embarked on a five – year transformation plan. The Company is continuing the massive upgrade of its equipment, warehouses and other facilities at the airports.

Commenting on the results, the Group Managing Director/CEO, Mrs. Olatokunbo Fagbemi said she was delighted that the Company was making progress on all fronts. “NAHCO is in a good place. Apart from being the industry leader in ground handling in West Africa, we are also providing leadership in supporting our partners, the Cargo agents, in the important skills of packaging for export,” she said.

In the period that the new Management took over, the Company had increased the capacity of its export warehouse and is currently renovating its import warehouse.NAHCO is also taking advantage of opportunities emanating from Federal Government’s closure of the land borders as it is partnering stakeholders on proper packaging for their products for exports.NAHCO recorded an impressive revenue in excess of 9.8 Billion for the 2018 financial year.

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