Equity Market Report - 24 October, 2019 | InfoWARE Finance
Equity Market Report - 24 October, 2019
(Source: Vetiva Research, Date: 24-Oct-2019)
Daily Equity Market Report,
24th October, 2019
From the trader's desk..
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The local bourse returned to the negative region due to poor reception of diverse earnings results released today. However, the Insurance and Oil & Gas sectors were lifted by gains in FO and CONTINSURE respectively. With the recent dip in most fundamentally sound stocks, we expect investors to take position on select names tomorrow.
Stocks to Watch
On the Bid Cart: FO closed the day at its maximum intraday price of ₦17.60, gaining 10.00% above its opening price. The upward movement in the counter came on the back of positive reaction by investors on the announcement made by the company to the general public relating to the take-over of up to 500,000 units ordinary shares (representing 0.04% Equity stake) of Forte Oil Plc at ₦66.25 by Ignite Investment and Company Limited, with the qualification date of Friday, 25 October 2019.
On the Offer Cart: GUINNESS ended today's trading session as the worst performing stock, dipping 988bps to close at the limit low price for the day (₦26.45). Today's negative performance came as a result of investors reacting negatively to the company's Q3'19 results, in which revenue reduced by 4.26% while declaring a loss after tax of ₦370.43m. The counter which was fully offered after releasing its result has now declined 63.26% YTD and trades at its lowest price in five years.
Corporate Announcement
Cadbury Nigeria Plc released its Q3'19 results today, reporting a Revenue of ₦28.91 billion (+7.24% y/y) and PAT of ₦648.00 million (+276.74% y/y).
Guinness Nigeria Plc released its Q3'19 results today, reporting a Revenue of ₦26.90 billion (-4.26% y/y) and PAT of -₦370.43 million (-144.33% y/y).
11 Plc released its Q3'19 results today, reporting a Revenue of ₦141.51 billion (+13.17% y/y) and PAT of ₦6.34 billion (-19.41% y/y).
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