The Nigerian Stock Exchange (NSE) All Share Index closed down last week, despite the release of results by 2 tier one banks, Zenith Bank and GT Bank. Here is a look at the stocks we feel investors should keep an eye on this week.
Access bank is one of the 5 tier one banks collectively known as FUGAZ. Tier one peers, Zenith Bank and GT Bank, last week released fantastic results with both banks making over N200 billion in profits. Year to date, Access Bank has appreciated by 12.92%.
Results for the 9 months ended September 2017 show that interest income increased from N181 billion in 2016 to N245 billion in 2017. Profit before tax also increased from N68 billion in 2016 to N72 billion in 2017.
UBA is another stock to watch this week, as the market awaits its results. The stock has appreciated by 13.11%, year to date. Results for the 9 months ended September 2017 show that gross earnings increased from N265 billion in 2016 to N333 billion in 2017. Profit before tax increased from N58 billion in 2016 to N78 billion in 2017.
FBN Holdings will also be on the spotlight this week alongside other tier one banks. Year to date, the stock has returned 29.55%. Results for the 9 months ended September 2017 show that interest income moved from N278 billion in 2016 to N356 billion in 2017. Profit before tax, however, dipped slightly from N57.4 billion in 2016 to N55.1 billion in 2017.
Julius Berger Plc
Julius Berger Plc late Friday released its financial statements for the year ended December 2017. The company has bounced back to profitability with a N3.7 billion profit. The company has also declared a N1 dividend per share. Year to date, the stock is down 11.32%, but could witness price appreciation in view of the improved results.