On the top 10 performing stocks last week were shares of UAC of Nigeria Plc. Union Bank of Nigeria Plc, Julius Berger Nig. Plc, Access Bank of Nigeria Plc, Ikeja Hotels Plc, and Chemical and Allied Products, CAP Plc.

Others were Flour Mills of Nigeria Plc, Transnational Corporation of Nigeria, Transcorp Plc, Trans Nationwide express Plc and Guaranty Trust Bank Plc.

UAC of Nigeria plc, which has over the last three years involved in active acquisition of other business interests in to diversifying its business and stamping its foot in key sectors of the economy, led the pack with 18.74 percent or N6.37 price appreciation, closing at N40.37 from N34.00 at the beginning of the week. Some of the acquisitions include take-over of 51 percent majority stake in Chemical and Allied Products Plc, Portland Paints and Products Plc and Livestock Feeds Plc among others. Consequently investors’ confidence of the company has taken a turn for the better, as the share price has grown by 160.96 percent to N67.85 from N26.00 in 52 weeks.

Last year, UAC emerged the winner in conglomerates category of PEARL Awards, an annual event that has been on in the past 19 years to promote excellence and honour deserving corporates organisations listed on the Nigerian Stock Exchange (NSE). According to organizers of the award, the 2014 awards were determined  utilizing nine key performance indices namely;  turnover growth, return on equity, earning yield, share price appreciation, dividend cover, dividend yield, net asset ratio, dividend growth and profit margin ratio.

The half year financial results for period ended June showed a 7.8 percent growth in revenue to N40.3 billion from N37.3 billion in the corresponding period of 2013.

The company’s cost of sales rose by 11.3 percent from N27.9 billion to N31 billion.

Other income grew by 68 per cent from N1.362 billion to N2.28 billion, demonstrating the company’s capacity to generate income from areas other than its core business.

The profit after tax  improved from N3.31 billion to N3.481 billion, while earnings per share rose from 84 kobo to 103 kobo.

UBN ranked second with 15.76 percent or N1.34 increase, closing at N9.84 from N8.50 per share. UBN was among 10 Nigerian banks that a global rating agency, Fitch Ratings, affirmed their long-term Issuer Default Ratings (IDRs) in its latest rating report. According to Fitch, “the IDRs of Union Bank and that of FBN, UBA, Diamond Bank, Fidelity Bank and FCMB are support-driven. Available unaudited financial statement of the bank for nine months ended 30th September 2014 showed that the group’s gross earnings fell to N74.8 billion from N79.9 billion recorded in the same period in 2013. Also, its interest income declined to N56.2 billion from the N60.6 billion in the third quarter of 2013.

The group’s profit before tax, however, climbed to N8.3 billion from N6.8 billion posted in the previous year. Commenting on the bank’s third quarter activities, its Group Managing Director/CEO, Mr. Emeka Emuwa, said: “Our third quarter activities were focused on continuing and consolidating our transformation efforts to ensure we maintain strategic focus in key areas and deliver operating results according to plan.”

Julius Berger closed as the third most active, rising by 15.55 percent or N5.92 to close at N44.00 from N38.08 per share. The company was recently indicted by the Nigerian Stock Exchange, NSE, for non-disclosure of the substantial shareholding of Oasis Petroleum Company Limited, which holds 9.8 percent stake in the company, in its 2011 Annual Reports and Account. For this offense, the NSE had fined the construction company N1.47 million last year. Market watchers are of the opinion that recent rally towards the stock is in anticipation of expected cash reward as indicated by its dividend payment history. The company had in 2013 paid a cash dividend of N2.70 per share along side bonus issue of one for 10, after paying N2.50 the previous year.

Access Bank trailed behind with 14.29 percent or N0.80 gains to close at n6.40 from N5.60; Ikeja Hotels added 12.95 percent or N0.43 to close at N3.75 from N3.32; CAP Plc went up by 10.19 percent or N3.68 to close at N39.78 from N36.10; FMN advanced by 9.59 percent or N3.02 to close at N34.50 from N31.48; Transcorp’s shares rose by 9.39 percent or N0.23 to close at N2.68 from N2.45; Transnationwide Express recorded 8.99 percent or N0.08 price increase, closing at N0.97 from N0.89, while GTB added 7.90 per cent or N1.72 to its share price to close at N23.50 from N21.78 per share.