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GTbank pushes Q1 profit up by 2.3% as bargain hunting drives positive performance NSE

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Guaranty Trust Bank Plc, unaudited result for the first quarter of 2020 released on the floor of the Nigerian Stock Exchange on Wednesday showed that the bank’s gross earnings grew 2.3 per cent Y-o-Y to ₦112.9 billion from ₦110.2 billion in Q1:2019 while PAT rose slightly by 1.6 per cent Y-o-Y to ₦50.1 billion from ₦49.3 billion in Q1:2019.

Also Nigerian Breweries Plc reported unaudited Q1:2020 Result that showed that its revenue declined 0.1 per cent Y-o-Y to ₦83.2 billion from ₦83.3 billion in Q1:2019 while PAT also fell 0.6 per cent Y-o-Y to ₦5.50 billion from ₦5.54 billion in Q1:2019.

Meanwhile gains in ZENITH (+5.4%), WAPCO (+9.7%) and BUACEMENT (+0.9%) buoyed market performance as the All-Share Index appreciated 66bps to close at 22,780.30 points. Consequently, market capitalisation advanced ₦78.4bn to settle at ₦11.9tn while YTD loss moderated to -15.1%. Activity level weakened as volume and value traded fell 25.6% and 20.3% respectively to 186.2m units and ₦1.9bn. The top traded stocks by volume were ZENITH (40.0m units), FBNH (30.7m units) and GUARANTY (25.8m units) while GUARANTY (₦486.8m), ZENITH (₦420.5m) and WAPCO (₦192.5m) led the value chart.

Sector performance was bullish as 4 of 6 indices under our coverage gained. Bargain hunting in ZENITH (+5.4%), GUARANTY (+3.4%) and UBN (+1.2%) drove gains in the Banking (+2.8%) index to top the gainers. Likewise, buying interest in NEM (+10.0%) and WAPCO (+9.7%) spurred increases in the Insurance (+2.0%) and Industrial Goods (+1.4%) indices. The Oil & Gas index trailed, advancing marginally by 0.2% following price appreciation in OANDO (+2.2%). Conversely, sell pressure in GUINNESS (-6.4%) drove decline in the Consumer Goods (-0.2%) index to emerge as the lone laggard while the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth (advance/decline ratio) rose sharply to 6.3x from the 0.1x recorded in the previous session as 19 stocks advanced against 3 decliners. The best performing stocks were NEM (+10.0%), WAPCO (+9.7%) and LIVESTOCK (+7.7%) while UNIONDAC (-6.5%), GUINNESS (-6.4%) and CAVERTON (-4.3%) lost the most

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