Wema Bank Plc, UBA Capital plc, Associated Bus Company Plc (ABC), Academy Press Plc, IHS Plc and Continental Reinsurance Plc were among the stocks that garnered enough investors’ patronage last week to emerge on the top 10 performing list.

Others were Nestle Nig. Plc, Lafarge WAPCO Plc, United Bank for Africa Plc and Vono Products Plc.
Wema Bank led with 14.04 percent or N0.16 price gain to close at N1.30 from N1.14 per share. Following a successful Tier 1 capital raising where it raised N40 billion, the bank said it would seek regulatory approval to upgrade to a national bank status. It presently operates as a full-fledged commercial bank in two contiguous geo-political zones and the Federal Capital Territory. The nine months financial statement for the period ended 30th September, 2013, showed a return to profitability. The pre-tax profit and post tax profit rose to N563.800 million and N479.230 million from loss position of N1.79 billion and N1.87 billion in equivalent period of 2012 respectively. It grew its gross earning to N26.322 billion from N21.56 billion in nine months of 2012.

The bank projects profit before tax of N1.757 billion, N2.734 billion, N4.515 billion, N11.768 billion and N24.17 billion for the years ending 31 December 2013, 2014, 2015, 2016 and 2017 in that order. 2013, 2014, 2015, 2016 and 2017 in that order.

UBA Capital, listed in the Other Financial Services sector of the Nigerian Stock Exchange, NSE, emerged second with 12.31 percent or N0.16 gains to close at N1.46 from N1.30 at the beginning of the week. UBA Capital’s four billion ordinary shares, which amounted to N4.64 billion, were earlier this year admitted in the Daily Official List of the NSE. Listed at N1.16, the stock has risen by mere 25.86 percent when compared to the closing price last week. The company recorded N2.16 billion pre-tax profit, a 337 percent increment over N49 million recorded in 2012, while profit after tax stood at N1.72 billion, representing 57 kobo earnings per share and an annualized 38.5 per cent return on average equity. It quadrupled its gross earning to N3.23 billion in the nine months period. UBA capital is a non-bank financial service firm that engages in investment banking, trusteeship, asset management, insurance and stock brokerage.

The lone listed road transport company, ABC Plc, advanced by 11.84 percent or N0.09 from N0.76 it started the week at to N0.85. The company was incorporated in Nigeria on 5th April, 1993, as a Private Limited Liability Company with the name- Associated Bus Company Limited to engage in the business of transportation and ancillary services. Presently, the company is recording declining fortune as it recorded N782.83 million gross profit for half-year to June, 2013, down from N876.69 million in the same period of 2012. However, the revenue rose to N2.23 billion from N3.16 billion, while profit for the year stood at N56.73 million.

Academy Press plc’s share price rose by 10.39 percent or N0.24 from N2.31 to N2.55. Involved in security printing, the company had in 2012 announced that it would take advantage of ban on importation of security and sensitive print materials by the Central Bank of Nigeria to upgrade its facilities to full blown security printing outfit. Telecommunications services company, IHS Plc, trailed behind with 9.96 percent or N0.24 gains from N2.41to N2.65. Only recently, the company announced that it entered into a definitive agreement with MTN Group Limited (“MTN”) (JSE: MTN) pursuant to which, it will acquire up to 931 mobile network towers from MTN Cote d’Ivoire for US$141 million and up to 827 towers from MTN Cameroon for US143 million. Following the agreement, IHS became 100 percent shareholder of the tower companies to be set up in each country to manage the towers and other passive infrastructure.

Continental Re advanced by 8.49 percent or N0.09 from N1.06 to N1.15; Nestle went up by 7.40 percent or N77.76 from N1, 051.00 to N1, 128.76; Lafarge appreciated by 6.60 percent or N6.50 from N98.50 to N105.00; UBA added 6.79 percent or N0.44 to close at N8.04 from N7.60, while Vono Products advanced by 5.66 percent or N0.09 from N1.59 to N1.68 per share.