The Company notified The Exchange that at its Extra-Ordinary General Meeting held on Tuesday, December 16, 2014 at the Lagoon Restaurant, Victoria Island, Lagos, the Shareholders of the Company unanimously approved the change in the name of the Company from UBA Capital to United Capital Plc.
Nigeria Breweries (NB or the Company) released its unaudited 9M -2014 result for the period ended September, 20 2014, on the 22nd of October 2014. The Company reported a 2.3% rise in revenue to N194.74billion ($1.18B) from N190.30billion ($1.15B) YoY, while net income improved by 11.3% to N29.82billion ($180.76M) from N26.80billion ($162.43M) YoY.
Today, WAPCO closed with impressive gain of +7.20% as both investors and shareholders displayed improved bargain postures towards the stock, following a lower breakout recorded yesterday in an oversold zone- an indication of waning sell pressure, just as we have observed renewed bargain appetite on the Nigerian bourse.
Today, FLOURMILL hits 50 months low on the back of active sell-off postures. The stock closed with another plunge by -9.70%, breaking its key and long term support level at N43.00 as investors and shareholders maintained prolonged negative sentiments.
Yesterday, Nigerian stocks plunged by 2.30% to return to 29,000bpts range, recording a new 52weeks low after breaking its 24months support level at 30,093.83 recorded on January 16th 2013. Technically, the bear market mode has fully activated as market has really gone far below 20% correction threshold.
Flour Mills of Nigeria Plc (FMN) recently published its H1-15 results and held a conference call on the results. We cut our 12-month target price (TP) to N60.84 from N82.74, but maintain our BUY recommendation on the stock, following the review of our earnings forecasts.
We revise our FY-14E and FY-15E earnings forecasts for UAC of Nigeria Plc (UACN) with a new 12-month target price (TP) of N47.53 (previously N74.14). We also maintain our BUY recommendation on the stock.
Last week, PZ Cussons Plc (the global company) released its trading update for H1-15. The report highlights major factors that affected PZ Cussons Nigeria Plc's performance for the period (September to November 2014). Our 12-month target price (TP) remains N30.20 while we maintain our HOLD rating on the stock.