23 July 2018 ( Lagos) 

Stock Watch

DANGCEM released its H1’18 results on Friday. The company recorded a 17% y/y rise in revenues, in line with Analysts estimates, and a 3% increase in PAT, 8% below Analysts estimates. The stock gained 135bps to settle at N233.10 at close of business. The company recently raised a N50 billion commercial paper to fund local projects and for working capital purposes. 

Yields trend downwards at week close 

After a brief pause on thrusday, buying resurfaced in the fixed income market as average yields declined 5bps and 6bps on T-bills and benchmark bonds respectively. Across the T-bills space, yields on the 97DTM, 132DTM, and 237DTM bills shed 63bps, 49bps, and 37bps to settle at 10.80%, 10.97%, and 13.21% respectively. Meanwhile, buying was tilted towards short-term bonds, with yield on the 14.20% FGN MAR 2024 bond shedding 16bps to settle at 13.85%. Overall buying was prevalent over last week, as average yields dropped w/w – 39bps on T-bills and 3bps for benchmark bonds. 

Despite the overall positive sentiment last week, analysts see a more cautious start to trading this week amid the release of June 2018 inflation figures and the commencement of the Monetary Policy Committee meeting. 

Analysts expect the Naira to remain stable across the various windows of the currency space as the CBN continues to intervene in the FX market. 

Company Disclosures

The Board of Directors of Seplat Petroleum Development Company Plc has notified the Nigerian Stock Exchange that the board reviewed and approved its Q2’18 financial results for the period and they will be filed with the exchange on 30 July 2018. 

The Board of Directors of Cutix Plc has notified the Nigerian Stock Exchange of the decisions taken during their board meeting held on Thursday, 19 July 2018. The board approved the draft FY’18 statements. They also recommended a dividend of 20k per ordinary share to shareholders. 

The Board of Directors of Med-View Airlines Plc has notified the general public of its recent acquisition of a Boeing 777-200ER aircraft which will be used for long haul flights to ferry passengers for Hajj from six major airports in the country. 

The Board of Directors of ABC Transport Plc has notified the general public of the appointment of some persons to its board of directors. Mr Rex Okoro, Mr Ifeany Izuka and Mr Bamidele Asije of Drolemac Farms Limited 

The Board of Directors of Newrest ASL Nigeria Plc has informed shareholders and other stakeholders that Mr. Oliver Sadran has resigned from the Board of the Company due to his other commitments. 

The Board of Directors of E-Tranzact has given notice to the general public of the scheduling of its annual general meeting for Thursday 30 August 2018. 

Reporting for EasyKobo on Monday, 23 July 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited