By Nkiruka Nnorom

On the top 10 performing stocks last week were the shares of Guaranty Trust Bank Plc, Okomu Oil Palm Plc, FBN Holdings Plc, Seplat Petroleum Development Co. Plc, Presco Plc and May & Baker Plc.

Nigerian Stock Exchange

The rest include National salt Company of Nigeria (NASCON), United Bank for Africa, UBA Plc, N.E.M Insurance Co. Plc and Zenith International Bank Plc.

GTB, one of the top priced banking stocks on the Nigerian Stock Exchange, NSE, came tops on the list, rising by 28.12 percent or N4.78 to close at N21.78 from N17.00 it started the week at. One of the most actives stocks in the banking sector, the bank has delivered 90.5 percent 52 week returns to investors, an indication of investors’ positive disposition towards the shares.

As its is, GTB stands as few banking stocks that have managed to maintain a two-digit price level to-date. The bank opened the year with accolades, clinching the ‘Best Corporate Governance Africa, 2015.

Just this month, GTB also emerged among four banking brands in Nigeria to have been ranked number one banking brand in Nigeria among the ‘Top 500 Banking Brands’ by The Banker magazine of the Financial Times and Brand Finance, London, in 2015. Despite the minimal increase the bank achieved in turnover in third quarter in 2014, the bank’s profit is on the decrease.

The bank’s gross earnings for the period climbed by 9.5 percent to N199.2 billion from N182 billion in the Q3 of 2013. However, its profit before tax (PBT) declined 2.0 percent to N81 billion from N82.3 billion recorded the corresponding quarter of 2013, while the profit after tax (PAT) dropped by 3.6 percent to N66.7 billion from N69.2 billion in the same period of 2013. Similarly, the fully diluted earnings per share dropped to a negative 3.7 percent from N2.44 in the Q3 of 2013 to N2.35 in the review period of 2014.

Okomu Oil followed with 21.47 percent or N6.29 price appreciation, closing at N35.58 from N29.29 per share. Two years ago, the company revealed an ambitious plan of building the biggest oil mill in Africa, which is expected to be completed last year. The mill, on completion, will position the company as one of the leading oil palm and rubber industries on the continent.

The expansion, expectedly, will double the company’s production capacity from 30t/hr to 60t/hr thereby making it the largest oil mill in Africa. Available half year financial results of the company showed that it recorded flat revenue of N4.86billion as against N4.82 billion posted in the same period in 2013. Gross profits increased 38 percent to N3.3 billion compared to N2.4 billion in the corresponding period in 2013. The increase in Gross Profits was as a result of a 37 percent drop in cost of sales. Finance cost dropped 41 percent to N71million, resulting in pre-tax profits of N1.7 billion, a 21 percent rise from N1.4 billion recorded in 2013.

FBN Holdings Plc ranked third, appreciating by 16.95 percent or N1.08 to close at N7.45 from N6.37 per share. The bank through one of its subsidiaries, FBN Life Assurance, last year, acquired majority stake in Oasis Insurance, making later a subsidiary of FBN Holdings Plc. FBN made the mandatory take-over through acquisition of1.87 billion ordinary shares of 50 kobo of Oasis Insurance from minority shareholders, having previously acquired 4.63 billion ordinary shares of 50 kobo each of Oasis from the previous core investors-Oasis Group Limited and MetroWest Investments Limited.

Seplat appreciated by 15.72 percent or N60.53 to close at N445.53 from N385.00; Presco advanced by 15.64 percent or N4.38 to close at N32.38 from N28.00; May & Baker went up by 14.81 percent or N0.20 to close at N1.55 from N1.35; NASCON advanced by 14.17 percent or N0.85 to close at N6.85 from N6.00; UBA appreciated by 13.67 percent or N0.41 to close at N3.41 from N3.00; N.E.M Insurance’s shares rose by 13.21 percent or N0.07 to close at N0.60 from N0.53.