The NSE 30 closed at 1,214.05 points a 1.71% rise from 11,93.68 posted at the beginning of the week.

Sector News

First Bank – First Bank Plc announced changes to its board. The changes are as a result of the Bank Holding Company Structure which it adopted recently.  Mallam Bello Maccido appointed as Chief Executive Officer, FBN Holdings Plc, Mr. Dauda Lawal, Executive Director, First Bank, Public Sector, North and Mr. Gbenga Shobo, Executive Director, First Bank, Retail Banking, South. The appointment has been approved by the Shareholders of the Company. Profiles of the new members can be found here. The bank closed the week at a share price of N14.51


Access Bank Plc – announced that they have decided to divest 51.88% equity stake in Intercontinental Homes Savings and Loans Plc (IHSL) through a Share Sale Exercise. Green Trust Limited are the financial advisers for the share sale. The Bank’s share price closed at N9.49


Honeywell Flower Mills Plc –  Honeywell released its Q1 unaudited accounts posting a pre-tax profits of N696m, a 603% rise when compared to the same period last year. Top line revenue grew 15% to N10,379m (N10.3b). The rise in profits was as a result of the marginal increase in revenue which was further boosted in no small measure by strong efficiency ratios. GOP Margin was 6.5% in the first quarter compared to 0.64% at the same period last year. Their share price gained 15% in the week to close at N2.11 from N1.58 at close of the prior week.

Ashaka Cement – Released its Q1 unaudited results with pre tax profits rising 136% to N1.8b when compared to the same period last year. Revenue also grew 25% to N6,160m (N6.1b) from the N4,918m (N4.9b) posted in the same period last year. The company posted a GOP Margin of 29%, a result partly due to the 20% reduction of SG&A this quarter when compared to the same period last year. Their share price rose 12.7% to N13.78 (highest this year) during the week.


Monetary Policy –  The Monetary Policy Committee of the Central Bank held its 85 meeting and decided to hold MPR at 12%. They also voted to retain CRR (Cash Reserve Ratio) at 12% and Net Open Position at 1%.

Currency Restructuring  –  The CBN in line with the instruction of the President (GEJ) suspended the introduction of the N5,000 notes as well as the introduction of new coins in place of Naira notes.

GDP Q2 2012 – The National Bureau of Statistics released the Q2 GDP report for Nigeria showing the country’s GDP grew by 6.28% for the second quarter of the year. Nominal GDP ended at N9.8tr for the quarter. The report also showed oil production was at 2.3mbpd as against 2.45mbpd same period last year. The Non Oil sector remained the most contributor of growth to the GDP at 7.5% for the second quarter of 2012.

2013 Budget  –  The Federal Government proposed a budget of N4.92tr ($30b) for the fiscal year 2013. This is N300b higher than the N4.697tr approved budget for 2012. Details were contained in the 2013-2015 Fiscal Framework presented to the Senate by President Goodluck Jonathan. The Government plans to reduce the size of Government as overheads is expected to decreased to 4.67% of total expenditure.

PHCN Disco’s BID –  The National Council on Privatization pre-qualified 21 companies to open financial bids for the acquisition of the 10 distribution companies (discos) of the PHCN. They are;

Abuja Disco: Kann Consortium Utility Company Limited and Interstate Electrics Limited

Benin Disco: Southern Electricity Distribution Company, Rensmart Power Limited, Vigeo Power Consortium and Rockson Engineering Limited.

Eko Disco – Oando, Integrated Energy, Sepco-Pacific Energy Consortium, Honeywell Energy, Kepco/NEDC, and West Power and Gas

Enugu Disco: Rensmart Power Limited, Proglobal Power International Consortium, Interstate Electrics Limited and Eastern Electric Nigeria Limited

Ibadan Disco – Western Consortium, Integrated and Kepco/NEDC Consortium.

Ikeja Disco – Honeywell, Oando, Western Consortium, Integrated Energy, Amperion Power Distribution Company Limited, Vigeo Holdings, Gumco, African Corporation AFC & CESC, Kepco/NEDC Consortium, West Power and Gas, and Rockson Engineering Limited.

 Jos Disco:Aura Energy Limited

Kano Disco: Sahelian Power SPV Limited

Port Harcourt Disco: Power Consortium and Rockson Engineering Limited

Yola Disco: Integrated Energy


Sugar Master Plan Approved – The FEC approved the New Sugar Master Plan (NSMP) which is expected to attract $1b in both local and foreign direct investments and create 107,000 direct jobs locally in the first 10years. It is also expected to generate 400megawatts of electricity. Minister for Trade, Aganga indicated that Nigeria currently spends as much as N101 billion in importing 93 percent of sugar required while producing only 3 percent.  While Nigeria is the fourth largest importer of sugar, countries like Mali produces 28 percent of its sugar requirements while Benin produces as much as 25 percent.






Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.