Nigeria | NGX

After three consecutive quarters of recording net losses, MTN Nigeria Communications PLC ("MTNN") returned to profitability in Q3'24, achieving a PAT of ₦4.13 billion.

UAC of Nigeria Plc ("UACN") has maintained steady growth both in revenue and profit lines since FY'23 despite the short-term macroeconomic impact of the current policy environment.

Aided by a stronger Net Interest Margin (NIM) (+1.0ppt YoY) and higher fair value gains on financial instruments, FBNH reported a 2.1x surge in operating income to N1.5 trillion in 9M'24.

The Afrinvest weekly sentiment strengthened to 3.3x from 2.4x the prior week. This week, we anticipate the market performance to swing southward, driven by profit-taking activities amid a shortage of sustainable catalysts.

In September, the All-Share Index staged a rebound, advancing by 2.1% to push the index to 98,558.79 points with a market capitalization of N56.6 trillion. The outing culminated in a 265bps increase in YtD return to 31.81%.

The revenue outlook for the cement sector is biased to the upside in H2’24. This view on sector sales is supported by projected improvements in public sector demand, stemming from the Renewed Hope Infrastructure Development Fund (RHIDF) and other government-led infrastructure projects.