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Company: GUINNESS NIG. PLC Rating: Hold Current Market Price at Earnings Release: N80.50 Intrinsic Value: N57.96 Latest Cash Div: N1.84 By: Jeariogbe Tunde Segun (Equity Analyst) Key Financial Tickers • This report considered the financial performance indices of Guinness Nigeria Plc for the full-year ended June 30, 2018, compared with figures for corresponding period of 2017. • Note the increase in shares outstanding within the two periods compared in this report. • Recall that Guinness Nigeria undertook a rights issue of 684,494,631 ordinary shares of 50k each at N58 per share on the basis of five new units for every 11 held as at the close of business on March 15, 2017. • At the end of the offer, the issue was oversubscribed by 116%. Based on this, at listing of the rights issue, the company’s share outstanding rose from 1,505,888,188 shares to 2,190,382,819 units. The new shares arising were subsequently listed on the Nigerian Stock Exchange (NSE) in October 20...

MARKET UPDATE FOR WEEK ENDED OCTOBER 27 AND OUTLOOK FOR 30- NO V 3 The last full trading week of the Q3 earnings reporting season on the Nigeria Stock Exchange (NSE) ended Friday after gyrating seriously for most of the period to close lower in consolidation of previous week’s position, despite the torrent of nine-month financials of quoted companies released even as late as Sunday afternoon. Companies on the NSE are required to submit their quarterly earnings reports to the investing community as part of their post-listing requirement and the deadline for the current season expires on Tuesday, October 31, 2017, after which those that are delinquent are flagged. During the period, the influx of impressive earnings and surprises impacted positively on some stocks and the market, with over 45 listed companies making available their scorecards. The momentum was however slowed down by profit taking as selling pressure increased with cashing of capital gains by traders leaving...

INVESTORS AWAIT MORE EARNINGS REPORTS, BUT KEEP EYES ON ECONOMIC DATA The nation’s equity market on Wednesday had a volatile session as usual, but unlike in recent times, it closed positive as more impressive earnings strengthened the momentum to keep the market within the rising channel chart pattern as its trading above the 20 day moving average on a high volume of trade and healthier market breadth. The positive technicals signal the very short term rally in the last few day of the earnings reporting season that comes to an end officially on October 31, which may likely support the current trend if the remaining companies release impressive financials. The session started with a gap up that was sustained till the end, closing higher, despite the intraday up and down movement that broke out the recent resistant level to a high of 36,754.39 and low of 36,531.62 which was the opening point for the day. Earnings surprises in some companies and expectation from some in the bank...

Nigeria’s stock market started the week weak as revealed by poor  technical  that consolidated the previous day downtrend. The pre-market open was full of mixed expectations from participants at INVESTDATA seminar held in Abuja over the weekend where investors were taught how to protect their portfolio and profit from market correction as the government is yet to make any form of economic reform policy pronouncement or action that will give support to the recovery economy as statistics figure from the NBS indicated that the nation is out recession, which investors and ordinary man on the street are expecting to see action that will propel growth, knowing that the seeming growth in Q2 was driven by CBN intervention and sustainability is shaking as the fiscal authorities had gone to sleep leaving the whole system in the state of confusion that is gradually building confidence problem again in the market and the economy as 2017 budget implementation style is poor and ...

VOLATILITY LINGERS, AMID PROFIT TAKING, PORTFOLIO REALIGNMENT ON Q2 NUMBERS, ECONOMIC DATA Nigeria’s stock market got a hit on Tuesday to continue its volatility with all the indices gapping down sharply as investorsintensified profit booking and late reaction to the global political tensions with North Korea withdrawing its threat to drop missile inUS territory. The market was up slightly in the first hour, but came down sharply by midday and afternoon, looking likean intra-day bottom was in view. An important resistance could not be taken out, while the intraday pullback was held near the trading session lows to close the day lower on high volume. The intraday high and low of the index were 37,954.43 and 37,007.13 respectively.  Going by these realities, INVESTDATA Research believes investors and traders should play the market with knowledge to protect funds and maximize profit, even as we note that doing this entails good money management when trading and investing...