By Nkiruka Nnorom

On the top performing stocks last week were the shares of May & Baker Nigeria Plc, UBA Capital Plc, Cadbury Nigeria Plc, NPF Microfinance Bank Plc, Fidelity Bank Plc and Cutix Plc. Others were International Energy Insurance Company, IEI Plc, FCMB Group Plc, Transnational Incorporation of Nigeria (Transcorp) Plc and Caverton Offshore Support Group Plc.

May & Baker Plc, a household name in pharmaceutical products, led the pack with 17.76 percent or N0.27 to close at N1.79 from N1.52 earlier in the week.

There have been reports of interest by foreign and local investors, including venture capitalists to buy into the company. This followed the World Health Organisation (WHO)’s certification and pre-qualification process with the issuance of General Manufacturing Practice (cGMP) to May & Baker.

The company is currently in the process of completing the pre-qualification of its products from its WHO-standard manufacturing complex at Ota, Ogun State-The Pharma Centre. The completion of the prequalification by the WHO will enable May & Baker to export its products globally and to also participate in multi-billion naira donor-funded drug manufacturing and supply contracts in Nigeria.

It will also be able to undertake global contract manufacturing for other global pharmaceutical companies. Notably, May & Baker Nigeria is one of two quoted companies that have received the high-profile certification. However, the company has had its own share of regulatory indictment following its failure to keep to the NSE, report and accounts filing calendar.

Particularly, it was flagged among listed entities operating below the Nigerian Stock Exchange, NSE, post-listing standard requirements for non-rendition of its first quarter financial reports and accounts for March 2014. It was sometime ago also fined N200,000 (two hundred thousand Naira) for non-rendition of its 2012 audited financial reports and accounts for 2012.

UBA Capital Plc followed with 12.58 percent or N0.19 price appreciation, closing at N1.70 from N1.51. Investors and shareholders taking position in the company to benefit from the 20 kobo dividend being proposed by directors of the company for the year ended December 31, 2014. The proposed date of closure of register of members is 23rd March, 2015, while payment will be made on 20th April after the annual general meeting and approval from shareholders.

The 2014 full year report and account released alongside the dividend proposition showed that it recorded marginal growth in revenue to N4.677 billion from N4.573 billion, representing 2.3 percent growth. Its profit after tax grew by 4.8 percent from N1.763 billion to N1.848 billion in the previous year.The company is one of companies to have launched online trading platform to facilitate stocks transactions in the Nigeria capital market and to enable its clients fund their investment accounts directly and instantly, without the need to go through an account officer in the option of a client-company funds lodgment.

UBA Capital was listed on the NSE on January 2013, after United Bank for Africa, UBA, divested from it, as a separate and independent company that  has five operating and unique businesses focused on investment banking, asset management, securities, trusteeship and life insurance. Cadbury Nig. Plc was the next with 8.92 percent or N3.38 increase to close at N41.28 from N37.90 per share. Cadbury is among 10 other companies commended by the Exchange for filing their 2013 year end result two weeks ahead of the stipulated timeline.

Following disappointing revenue reported by Cadbury Nigeria Plc for its half year to June 2014, analysts at Renaissance Capital had lowered their  Cadbury Nigeria Plc FY14 headline earnings per share (HEPS) forecast from N3.21 to N1.75, a 45 percent decline. They also reduced the company’s revenue forecast from 15 percent growth to a five percent decline, while its operating margin was reduced from 18.8 percent to 12.1 percent.

NPF MfB gained 8.89 percent or N0.08 to close at N0.98 from N0.90; Fidelity Bank went up by 8.63 percent or N0.12 to close at N1.51 from N1.39; Cutix advanced by 8.57 percent or N0.12 to close at N1.52 from N1.40; IEI rose by eight percent or N0.04 to close at N0.54 from N0.50; FCMB advanced by 7.92 percent or N0.19, closing at N2.59 from N2.40; Transcorp added 7.14 or N0.20 to its share price, closing at N3.00 from N2.80, while Caverton rose by 6.05 percent or N0.17 to close at N2.98 from N2.18 per share.