Despite growing global and domestic uncertainties ahead of Nigeria’s general elections, the Nigerian Exchange Limited (NGX) grew by 0.16% last week.
Investors in the Nigerian stock market transacted 1.241 billion shares worth N15.668 billion in 18,560 deals during the week, against a total of 1.286 billion shares valued at N29.634 billion that exchanged hands in 19,816 deals in the previous week.
Breaking down each of the sectors, Investors King discovered that the financial services industry led the activity chart with 1.010 billion shares valued at N5.924 billion traded in 9,165 deals. Therefore, contributing 81.37% and 37.81% to the total equity turnover volume and value, respectively.
The conglomerates industry followed with 46.761 million shares worth N112.918 million in 641 deals. In third place was the consumer goods industry, with a turnover of 42.121 million shares worth N2.134 billion in 2,886 deals.
Veritas Kapital Assurance Plc, Sterling Bank Plc, and Guaranty Trust Holding Company Plc were the three most traded equities during the week. The three accounted for 605.879 million shares worth N2.120 billion exchanged in 1,631 deals and contributed 48.82% and 13.53% to the total equity turnover volume and value, respectively.
The market value of all listed equities grew by 0.16% to close the week at N28.647 trillion while the NGG All-Share Index appreciated by the same 0.16% to close the week at 52,594.68 index points.
Similarly, all other indices finished higher with the exception of NGX CG, NGX Premium, NGX Banking, NGX Pension, NGX AFR Bank Value, NGX AFR Div. Yield, NGX MERI Value, NGX Consumer Goods, NGX Industrial Goods, NGX Insurance and NGX Growth indices which depreciated by 1.17%, 1.18%, 2.60%, 0.64%, 2.66%, 2.05%, 2.34%, 0.40% and 1.06% respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Thirty-nine equities appreciated in price during the week, lower than fifty-one equities in the previous week. Thirty equities depreciated in price higher than twenty-seven in the previous week, while eighty-eight equities remained unchanged, higher than seventy-nine equities recorded in the previous week.
The Exchange year-to-date returns grew to 2.62% last week. See other details below.
Otedola’s Geregu Reports 50.5% Decline in Profit to N10.2 Billion in 2022
Profit before tax also dip to N15 billion from N29 billion the year before.
Geregu Power Plc reported a profit of N10.2 billion for the financial year ended 31st December 2022.
According to the financial statement seen by Investors King, this amount shows a decline in profit by 50.5% compared to the N20.6 billion recorded in the year 2021.
Revenue also declined in value to N47.6 billion in 2022 from N71 billion in filed in the corresponding year of 2021, this represents a 33% decline for the year. This is as Energy sold and capacity charge declined to N30 billion and N17 billion from N46 billion and N25 billion, respectively.
According to the company, the decline is owing to the nationwide force majeure declared by Shell Petroleum Development Company Limited on the Trans-Forcados pipeline and its consequent effects on the Forcados oil terminal, gas supplies to the plant by Its primary gas supplier ceased from 17th of July 2022.
However, it stated that maintenance works on the pipelines were completed at the end of November 2022 and gas supplies and normal operations have since then resumed.
Also, the cost of sale declined to record N24 billion in 2022 from the N38 billion in 2021. This is as gas supply and transportation as well as plant depreciation value dipped to N22 billion and N2 billion from N33 billion and N4 billion respectively.
Operating profit was N14.8 billion in 2022 from N29.5 billion while the net finance cost was N348 million from negative N11 million in the previous year.
Profit before tax also dip to N15 billion from N29 billion the year before.
Geregu was admitted into the Mainboard of the Nigerian Exchange Limited (NGX) in the last quarter last year by way of listing by Introduction (LBI) with the admittance of 2.5 billion ordinary shares of 50 kobo each at N100 per share on the Exchange, making it the first Genco to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
Meanwhile, as at the close of market on Thursday, 2nd February, its share price closed at N219.
Stock Market Extends Decline as Selloff Continues Following Interest Rate Hike
investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.
The Nigerian Exchange Limited (NGX) sheds another N32 billion on Wednesday after posting a N25 billion decline on Tuesday immediately after the Central Bank of Nigeria-led monetary policy committee hiked interest rate by 100 basis points from 16.5% to 17.5%.
Activity level dipped as investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.
Sectorial analysis shows the banking sector lost 34 basis points (bps) on a 2.41% decline in the value of UBA and a 0.55% dip in Accessco. Wema bank and Fidelity bank posted 1.52% and 0.60% gains, respectively.
The consumer goods sector appreciated by 34bps as the value of Unilever Nigeria jumped 7% following healthy financial results that show the company grew profit after tax by 110% to almost N1 billion in 2022. Intbrew recorded 5.38% while Honey Flour and Cadbury lost 5.15% and 2.07%, respectively.
The oil and gas sector closed flat, the same as the industrial sector.
The NGX All-Share Index depreciated by 0.02% from 52,612.55 index points closed on Tuesday to settle at 52,599.65 index points.
The market value of listed equities stood at N28.649 trillion, a N32 billion decline from N28.681 trillion it closed on Tuesday. The year-to-date return moderated to 2.63%. See top gainers and losers below.
Top Fiver Gainers
|RTBRISCOE||N 0.30||N 0.33||0.03||10.00 %|
|TRIPPLEG||N 0.80||N 0.88||0.08||10.00 %|
|CHELLARAM||N 1.50||N 1.65||0.15||10.00 %|
|OKOMUOIL||N 165.00||N 181.10||16.10||9.76 %|
|CAVERTON||N 0.95||N 1.03||0.08||8.42 %|
Top Five Losers
|THOMASWY||N 1.45||N 1.31||-0.14||-9.66 %|
|CORNERST||N 0.58||N 0.54||-0.04||-6.90 %|
|GEREGU||N 142.40||N 134.00||-8.40||-5.90 %|
|HONYFLOUR||N 2.33||N 2.21||-0.12||-5.15 %|
|CWG||N 0.94||N 0.90||-0.04||-4.26 %|
Top Five Trades
Unilever Nigeria Grows Profit by 310% in Q4, 2022 as Cost of Sales Moderated Significantly
Revenue grew by 14.88% to N23.952 billion from N20.850 billion recorded in Q4 2021
Unilever Nigeria, a leading nutrition, hygiene and personal care company, reported stronger-than-expected fourth quarter (Q4) financial results for 2022 as the company made a series of adjustments to key areas.
Revenue grew by 14.88% to N23.952 billion from N20.850 billion recorded in Q4 2021. Cost of sales moderated by 30.51% to N9.652 billion, down from N13.890 billion spent on sales in Q4 2021.
Similarly, gross profit increased by 105.47% from N6.959 billion reported in Q4 2021 to N14.301 billion in the quarter under review.
Impairment loss on trade and intercompany receivables also declined to N3.596 million, a 97.69% decrease when compared to N156.264 million achieved in Q4 2021.
The company disclosed this in its unaudited financial statement released on Tuesday and obtained by Investors King.
Operating profit stood at N8.034 billion in the quarter, up from N2.319 billion posted in the same quarter of 2021.
Profit after tax for the quarter grew by 310% from N1.546 billion to N6.341 billion.
However, a critical analysis of the entire 2022 financial statement shows that despite the strong Q4 result, weak Q1, Q2 and not-so-good Q3 dragged on the company’s overall performance in the year.
Cost of sales rose by 14.12% to N57.238 billion from N50.162 billion in 2021, against the decline recorded in the fourth quarter.
Marketing and administrative expenses grew to N18.282 billion, an increase of 20.90% from N15.121 billion in 2021.
Profit after tax increased by 75.77% to N5.993 billion from N3.409 billion.
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