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    Nigeria | NGX

    NGX | Nigerian Banks: Q3’21 Earnings Preview

    Provider: CardinalStone Research
    Category: Nigeria | NGX
    Published: 22 October 2021

    Ahead of banks' Q3 earnings release, we share our expectations for our coverage in this report. We expect Q3 earnings to grow vs Q2'21 and Q3'20, respectively. Our earnings expectation is premised on higher quarterly yields (following interest rate normalization from last year's weakness) and higher net fee income. However, this projected Q3 improvement is unlikely to paper over the H1'21 cracks for banks such as FCMB, GTCO and STANBIC, who, in our view, are still likely to report weaker 9M'21 earnings.

    NGX | United Capital Research Investment Views - 18th to 22nd October 2021

    Provider: United Capital Research
    Category: Nigeria | NGX
    Published: 18 October 2021

    Last week, the local bourse closed strongly in the green despite a false start. The NGXASI rose by 1.4% w/w to close at 41,438.2pts, amid sustained investor interest in FBNH (+29.6% w/w). The bourse’ YTD return improved to 2.9%, as its market capitalisation rose N329.0bn w/w to close at N21.6tn. Activity levels also improved as the average volume and value traded rose 66.3% and 119.9% w/w to 567.7m units and N6.3bn, respectively.

    NGX | United Capital Research Investment Views - 11th to 15th October 2021

    Provider: United Capital Research
    Category: Nigeria | NGX
    Published: 11 October 2021

    The Nigerian bourse saw a continuance of the bullish trend last week. The benchmark index recorded gains on all trading days, closing northwards 1.6% w/w to 40,868.4pts. The week’s performance was largely on account of two large caps, FBNH (+21.7% w/w) and AIRTELAF (+6.3% w/w). Both tickers saw buying interest as Airtel Africa disclosed plans to purchase minority interest (8.0%) in Airtel Nigeria, which could see FBNH exit its minority stake in AIRTEL. Consequently, the market’s YTD return strengthened to ...

    NGX | Afrinvest Weekly Recommendation - October 4, 2021

    Provider: Afrinvest West Africa
    Category: Nigeria | NGX
    Published: 04 October 2021

    In tandem with our expectation, the local bourse extended its positive performance last week on buying interest in DANGCEM (+14.3%), ZENITH (+2.6%), and FBNH (+7.3%). Accordingly, the All-Share Index rose 3.2% w/w to 40,221.17 points. Meanwhile, YTD loss improved to -0.1% and market capitalisation rose ₦655.9bn w/w to ₦20.9tn.

    NGX | United Capital Research Investment Views - 4th to 8th October 2021

    Provider: United Capital Research
    Category: Nigeria | NGX
    Published: 04 October 2021

    Last week, the domestic equity market closed well in positive territory amid broad-based gains, supported by large-cap names DANGCEM (+14.3% w/w) and ZENITH (+2.6% w/w). The main index NGXASI, rose sharply by 3.2% w/w to 40,221.2 points, trimming the YTD return to -0.1% and adding N655.9bn in market capitalisation to settle at N20.9tn. Trading activity also improved as the average volume and value traded rose 38.8% and 19.5% w/w to 355.7m units and N3.3bn, respectively.

    ZENITHBANK | Zenith Bank Plc Company Update : Consolidating on Retail

    Provider: CardinalStone Research
    Category: Nigeria | NGX
    Published: 20 September 2021

    Following the release of ZENITHBANK’s H1’21 audited result and the subsequent conference call, we engaged further with the bank’s management to ascertain its strategic direction. This report highlights our view on the bank’s retail strategy, key performance drivers, and long-term value proposition. Overall, we reaffirm our positive outlook for the counter with a 12-month target price of N29.83 and a BUY rating. ...

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    3. UNILEVER | Unilever Nigeria H1-2021 Earnings Update : Out of the woods?
    4. ARDOVA | Ardova Earnings Update HY-2021 : Improved margin efficiency propels bottomline
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