The Nigerian Stock Exchange Index closed last week’s trading session up 0.7% week on week. Year to date, the All Share Index is up by 12.7%. Tier one banks GT Bank, Access Bank and Zenith did not release their FY 2017 earnings as expected, making them the key stocks to watch this week.
GT Bank Plc
GT Bank is one of Nigeria’s tier one banks collectively known by the acronym, FUGAZ. The bank was expected to release its earnings last week, but failed to do so, leaving it on the radar of every major investor. Likely release of the bank’s results this week could spark a mini-rally in the NSE banking index.
GT Bank closed last week’s trading session at ₦47.70, up 17.06% year to date. Results for the 9 months ended September 2017 show increase in interest income from ₦181 billion in 2016 to ₦248 billion in 2017. Profit before tax also increased from ₦137 billion in 2016 to ₦150 billion in 2017.
Zenith Bank Plc
Zenith Bank is another early flier when it comes to releasing its earnings. The bank continues to trail behind tier one peer, GT Bank, in terms of share price; expected positive results could spike a rally in its share price.
Zenith Bank closed at N30.90, up 25.1% year to date. Results for the 9 months ended September 2017 show that gross earnings increased from ₦380 billion in 2016 to ₦530 billion in 2017. Profit before tax also increased from ₦132 billion in 2016 to ₦150 billion in 2017.
Access Bank Plc
Access Bank is another stock to watch out for this week, as the expected release of its FY 2017 results last week did not materialise. Access Bank closed at ₦13, up 24.4% year to date. Results for the 9 months ended September 2017 show that interest income increased from ₦181 billion in 2016 to ₦245 billion in 2017. Profit before tax also increased from ₦68 billion in 2016 to ₦72 billion in 2017.
Japaul Oil and Maritime
Japaul topped the gainers’ chart in last week’s trading session. The stock opened at ₦0.63 and closed at ₦0.97 gaining 53.97%. Year to date, Japaul has appreciated by 97%. The price appreciation has been largely due to the company’s signing of a $350 million equity financing facility with Milost Global, a private equity firm. $250 million will be pumped as equity, while $100 million will take the form of convertible notes.