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Q1’17: Corporate earnings drive bullish trading

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As investors’ sentiment pushes GTB to 60% YtD
GTB, Zenith in neck-to-neck industry lead

by Emeka Anaeto,

AS companies continue to turn in the first quarter 2017 (Q1’17) results to the Nigerian Stock Exchange, NSE, bullish trading is expected to trend this week in line with last week’s performance.

The local bourse rebounded 2.3% in the last trading week of the month, with gains recorded on four out of five trading sessions on account of renewed interest in bellwethers and reactions to positive earnings surprises.

The week had its fair share of positive Q1 earnings, including WAPCO (Gross Earnings up 55.1 per cent to N81.3bn, PAT at N5.2bn), STANBIC (Gross Earnings up 35.2 per cent to N47.0bn, PAT up 100.6 per cent to N16.1bn), GTB (Gross Earnings up 38.8 pe cent to N104.7bn, PAT up 61.9 per cent to N41.5bn), Ecobank (Gross Earnings up 35.8 per cent to N178.4bn, PAT up 34.0 per cent to N18.7bn),  Fidelity Bank (Gross Earnings up 18.8 per cent to N40.8bn, PAT up 20.5 per cent to N4.3bn), UBA  (Gross Earnings up 37.5 per cent to N101.2bn, PAT up 31.6 per cent to N22.4bn), Zenith Bank (Gross Earnings up 48.6 per cent to N147.7bn, PAT up 41.1 per cent to N31.7bn) and Access Bank (Gross Earnings up 38.8 per cent to N115.9bn, PAT up 34.0 per cent to N26.0bn) among others, which boosted sentiment in the market.

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