The month of October was a fascinating one for Nigeria and the stock market, where the Nigerian youth took the mantle of nationhood in questioning their leaders. The month also posted an impressive upside in the stock market – closed with 13.79% gain, the best since January 2018.
Looking at the SSN portfolio, money has been made for some of our subscribers – those who bought stocks when they were recommended from our portfolio.
Africa Prudential, GTB, Lafarge, MTN, Nestle, Stanbic IBTC, United Capital, and Zenith Bank were able to hit the target price.
Unilever – Its revenue was up by 94% to 17.9billion, mostly driven by double-digit growth in its home care division. However, the cut in interest rates has crashed finance income from N1.8 billion this time last year to just above N800m.
Nestle Plc – Its stock gained 21% last week, joining to be in the 10th position of the performing stock. Its gross margin was at 40.7%, although below its 45% average for the quarter, with a reduced operating expense. Nestle also declared a dividend of N25 per share payable November 20th.
GSK Plc – This is the only pharmaceutical company in our portfolio. It closed at 11% up last week after posting an earning per share of 4 kobo per share for the quarter, with revenue of N6 billion and strong working capital of N6.7 billion, which includes a cash balance of 8.6 billion. Even with high revenue growth, operating expenses have remained high. The operating expenses to the percentage of the gross profit was a whopping sum of 95.9%, meaning all revenue is eaten up by expenses.
Disclaimer: Stock Picking is not a science, and you cannot always be sure of making the right calls. It has not been rosy all the way, as a few of the recommended stocks are performing worse than expected. However, because we post our newsletters weekly, we can frequently evaluate our recommendation, assessing if some of our fundamentals are still as solid as they were when we first selected the stock.
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Reactivate your dormant Stanbic IBTC account to enjoy juicy benefits
Reactivating a dormant Stanbic IBTC account today will earn you juicy benefits as you enjoy improved services.
Stanbic IBTC Bank PLC has launched a reactivation campaign aimed at welcoming all its customers with dormant accounts “back home” to relish the best financial solutions.
To enjoy several benefits, customers will have to reactivate their inactive and dormant accounts with the Bank and enjoy improved services and digitised channels.
The incentives include zero charges on local transfers for one month, free debit card for Sole trader account holders and remote access to your account always.
Reactivating a dormant Stanbic IBTC account is easy and convenient. Customers can recover an inactive account with their mobile phone using the Bank’s newly upgraded Super App by initiating a transaction or visit www.stanbicibtcbank.com and click on “Reactivate” then follow the prompts.
Thereafter, customers can begin to enjoy improved capabilities while transacting.
The dormant account reactivation requires zero minimum balance.
This campaign is another demonstration of the Bank’s unwavering dedication to serving its esteemed customers better, especially, during this period when a contracting economy would negatively impact a sizeable number of Nigerians.
Ecobank is “Agric Lender of the Year 2020” – BAFI Awards
Ecobank Nigeria has been awarded the “Agric Lender of the Year” at the Bank and other Financial Institutions Awards.
Ecobank Nigeria has emerged the winner of “Agric Lender of the Year” award at the prestigious Business Day’s Bank and other Financial Institutions Awards (BAFI). The bank was winner among other strong contenders to clinch the coveted award over the weekend. According to Publisher of Business Day Newspapers, organisers of the event, Frank Aigbogun, Ecobank emerged winner from more than six strong nominees that were vetted, from which three were selected for the judges’ final choice. He stated that Business Day analysts spent over four weeks assessing the performance of Ecobank and its peers to arrive at its decision. He lauded Ecobank’s support for financing rural farmers for food sufficiency, providing employment, creating awareness to showcase the potentials in the sector and partnering government agencies, local and international development partners to develop the agric sector.
Receiving the award, Segment Head, Public Sector/AgriBusiness, Mojisola Oguntoyinbo said the award was well deserved, stating that Ecobank has been at the forefront of financing the entire value chain of agriculture thereby supporting the emergence of new entrepreneurs in the sector. According to her, “As a bank, we are glad that our efforts at developing the agriculture sector of our country are being recognised. This is an encouragement that we should step up our support for the national economy.”
According to her, “Earlier in the year, we announced Agriculture Businesses Finance Scheme which will see us commence the disbursement of agriculture loans to practitioners in different value chains in the sector within the next two years. We have Agric Schemes to support over 70,000 farmers with special loans to increase their capacity and yields in support of the CBN 2020 wet season programme with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN). We are also in partnership with the Nigeria Incentive-based Risk-Sharing System for Agricultural Lending (NIRSAL), the United States Agency for International Development (USAID), the Development Bank of Nigeria (DBN) and other developmental partners to double the amount of credit provided to the agricultural sector over the next two or three years.”
Ecobank has been actively leveraging entrepreneurship as a strategy to tackle poverty and growing unemployment in Nigeria through the creation of relevant platforms. One of such platforms is the Ecobank Xpress Point, the bank’s Agency Banking proposition which enables Agents carry out financial transactions on behalf of Ecobank and earn commission on transactions processed. Ecobank popularly referred to as the digital bank is also using its various platforms including PoS, Omnilite, Omni, ATM, Mobile banking, Ecobank Mobile app, EcobankPay and Ecobank Online, among others to facilitate ease of transactions for customers.
The BAFI Awards is adjudged the most rigorous, prestigious and transparent awards programme in the Nigerian financial industry. Since its inception, Business Day has implemented an audit based approach in the evaluation process, meticulously reviewing shortlisted company’s financial reports, commissioned customer perception surveys, and analysts’ opinions to determine winners in the different award categories.
Union Systems wins Trade Finance Software Solution Provider of the Year Award
Union Systems Limited received the Trade Finance Software Solution Provider of the Year Award at the BAFI Awards 2020.
In recognition of its innovation and Excellence in financial technology, Union Systems Limited received the Trade Finance Software Solution Provider of the Year Award at the BusinessDay Bank’s and Other Financial Institutions (BAFI) Awards 2020 held in Lagos over the weekend. The award recognizes Union Systems’ leadership in developing innovative trade finance software solutions.
While receiving the award on behalf of the company, Seun Adeleye, Union Systems’ Head of Projects said, “We are honoured to receive this award on behalf of everyone at Union Systems who work tirelessly to ensure that trade finance processing in Nigeria is fully automated and seamless. We are grateful to our clients and partners who believe in our products and trust us to help them meet their current and evolving needs in trade operations.”
Union Systems commenced the development of indigenous trade finance software solutions because of the challenges banks were facing trying to adapt generic international software to solve peculiar Nigerian trade processes. The company launched Trade-X in 2017 which automated the unique Nigerian trade processes missing in international trade systems. Earlier in the year, Union Systems launched Optimus Trade Portal, Nigeria’s first multibank corporate trade portal to empower corporates to initiate, process and manage all their trade transactions across all their banks on a single portal from anywhere in the world.
Last week, the company’s CEO, Chuks Onyebuchi was conferred with the Professional Fellowship of the Nigeria Computer Society at the National Information Technology Merit Awards 2020 (NITMA) for his contribution to the growth of the IT profession in Nigeria.
The BusinessDay Bank’s and Other Financial Institutions (BAFI) Awards is the most prestigious event to recognize and celebrate outstanding performance in Nigeria’s financial services industry. The Awards is organized by BusinessDay, one of West Africa’s most authoritative media organizations.
About Union Systems
Union Systems Limited (USL) is an Information Technology Company that provides financial software solutions and professional services to banks in Africa. The company provides software solutions to financial institutions to enhance their software capabilities, effectively scale processes, improve compliance, and drive operational efficiencies. With headquarters in Lagos, Nigeria, the company has a deep understanding of the African market and has a team of highly qualified consultants that have real-world experience in the delivery of complex software solutions. Top banks in Africa rely on Union Systems to deliver growth, profitability, and regulatory compliance in financial software applications. Learn more www.unionsystems.com