Nigeria | NGX

Access Holding’s FY 2023 audited numbers showed a 99.9% y/y growth in Interest Income (18.5% higher than our forecast) driven by growth in both Interest Income on Net Loans and yields on investment securities due to a higher yield environment and growth in earnings assets. Yield on earning assets increased to 12.8% in 2023 from 9.2% in 2022. Net Loans grew 57.6% in December 2023 compared with December 2022 inclusive of the impact of devaluation on foreign currency loans.

BUA Cement Plc held a conference call on the 21st of March 2024 to discuss its recently disclosed FY'23 financial results and give updates on its strategic objectives. Below are some of the key highlights of the call.

Dangote Sugar Refinery Plc (NGSE: DANGSUGAR—TP: N65.99 – HOLD) held a conference call on 07 March 2024 to review its recently released FY'23 financial results and provide guidance on the company's strategic initiatives for the future. Below are key highlights of the call.

Seplat Energy Plc held a conference call on 29 Feb 2024 to review its recently released FY'23 financial results and provide guidance on the company's strategic initiatives for the future. Below are key highlights of the call.

In February, Nigerian equities halted its extended bullish run (its first monthly contraction in five months), with the NGX-ASI reporting a c.1.16% decline (vs +35.28% in January 2024).

We initiate coverage on Transcorp Power Plc (TPP) with a 12-month Target Price (TP) and projected market capitalisation of N323.64 and N2.4 trillion, respectively. Our TP implies a price return of 22.6% and a BUY recommendation on the stock.