NIGERIA'S HIGH PRICED QUOTED COMPANIES
A close study of the daily official list for Friday June 23, 2017 recently showed that of the 173 equities quoted on the Nigerian stock exchange, 46 or 26.6% were priced 10 times their nominal value and above.
These were the high priced equities as at last trading day and only two bank related companies; made the list: GTB and Stanbic IBTC; there were no insurance companies at all, in fact most of them were priced at par and domination was by petroleum companies and manufacturing concerns.
The top 10 included three petroleum companies; two brewing concerns; two food processing companies, one bottling company, cement manufacturing company and equity capital company.
Top of the heap was Nestle Nigeria plc priced at N900.01 per share by June 23 2017, which was 1,800.02 times its nominal value of N0.50 per share. It turned out to be the most volatile of the lot in the 12 months to that date. Its high as at then was N975 meaning it was closer to this and the low was N570 per share thus having a band of N405 per share in the last 52 weeks.
It was followed by three petroleum companies: Seplat Petroleum; Total Nigeria and Mobil oil. Seplat petroleum was the only crude oil exploration and production company on the list and by June 23 closed at N460 per share or 920 times its nominal value. It had the 3r highest band between its highest and lowest quote in the last 52 weeks. Its high was the current N460 and low was N240 per share. For a company operating in oil and gas; the industry that is only now showing signs of recovery from crude oil price depression, N220 between its high and low was remarkable and to boot, current high.
Total Nigeria, one of the major petroleum products dealers in the country, ranked 3rd with the price of N272.01 per share or 544 times its nominal value. However, its price moved within less space in the last 52 weeks having a band of N168 between its high of N245 and low of N180.
Fellow petroleum marketer, Mobil Oil, though occupying the 4th position in terms of high price actually had a range between its high and low of N223.47; that is slightly higher than that of Seplat Petroleum and much ahead of Total Nigeria.
Mobil Oil was quoted at N248 per share or some 496 times its nominal value by June 23 and it had a high of N385 and a low of N161.55 Interesting, because there is a take over bid for it right now by NIPCO ltd, a non quoted company.
At 5th place was market leader by capitalisation; Dangote Cement valued at N195.50 per share thus nearer to its year high of N213.97 than its low of N149.25 per share. The range was relatively low though at N64.22.
Low too was the range for Nigerian Breweries which had only N56 between its highest in the last 52 weeks N168.01 and its lowest N112.0 per share. However, at N151.90 by June 23, it was priced at 303.8 times its nominal value and was closer to the top too than the bottom.
The 7th ranked among the top 10 was really an odd one out: Sim Capital Alliance. Valued at N103.24 per share by June 23, it was 206.48 times its nominal value of N0.50 per share. From the daily official list it had neither high or low in the last 52 weeks. In other words, it is likely to be one of those equities forgotten by stockbrokers and investors over time for little or no activity.
On the other hand, the 8th ranked company, 7up Bottling has been active in both price shifts and deals. By June 23 it was quoted at N90 per share or 180 times its nominal value. That is, one tenth of the leader: Nestle Nigeria. It had a high of N159.90 and low of N74 per share giving a range of N85.9 which was ahead of that of Dangote cement, Nigerian Breweries and of course, zero range Sim capital.
Palm oil processing company, Presco plc, stood at the 9th position with N73 per share byJjune 23 or 146 times its nominal value. The range was lowest of the top 10 though with a low of N36.0 and a high of N73 per share thus having a range of only N40. However, Presco is not in top bracket in terms of capitalisation and so, making it to the top ten in terms high priced equities is more a reflection of how the tide has turned for agricultural products processing sector since the wisdom gained from the current recession.
Indeed, fellow quoted palm oil producer, Okomu Oil narrowly missed the top 10 itself as it closed June 23 at N61.50 per share of 123 times its nominal value.
It was beaten to the 10th place by Guinness Nigeria, the second brewery on the list. It was priced at N71.50 per share by June 23 that is 143 times its nominal value. But unlike most of the leaders by high price, it was nearer its low of N59.51 than its high of N111.80 per share within the last 52 weeks.
Thus, the top 10 priced companies at the Nigerian stock exchange were by June 23 priced above 140 times their nominal value each. But the top 25 were priced above 55 times of nominal value.
Of the 46 companies quoted at above 10 times their nominal value, the lowest 10 were E Tranzact priced at N5 per share or 10 times nominal value; Union Bank (N5.85 per share or 11.7 times); FBN Holdings (N5.89 per share or 11.78 times); Roads Nigeria (N6.60 or 13.2 times); and Transcorp Hotels priced at N6.87 per share or 13.74 times.
Others were Berger Paints valued at N7.12 or 14.24 times nominal value; Oando (N7.24 per share or 14.48 times); NCR (N7.71 per share or 15.42 times); UBA ( N8.86 per share or 17.72 times) and Van Leer quoted at N9.09 per share or 18.18 times nominal value.
These were the high priced equities as at last trading day and only two bank related companies; made the list: GTB and Stanbic IBTC; there were no insurance companies at all, in fact most of them were priced at par and domination was by petroleum companies and manufacturing concerns.
The top 10 included three petroleum companies; two brewing concerns; two food processing companies, one bottling company, cement manufacturing company and equity capital company.
Top of the heap was Nestle Nigeria plc priced at N900.01 per share by June 23 2017, which was 1,800.02 times its nominal value of N0.50 per share. It turned out to be the most volatile of the lot in the 12 months to that date. Its high as at then was N975 meaning it was closer to this and the low was N570 per share thus having a band of N405 per share in the last 52 weeks.
It was followed by three petroleum companies: Seplat Petroleum; Total Nigeria and Mobil oil. Seplat petroleum was the only crude oil exploration and production company on the list and by June 23 closed at N460 per share or 920 times its nominal value. It had the 3r highest band between its highest and lowest quote in the last 52 weeks. Its high was the current N460 and low was N240 per share. For a company operating in oil and gas; the industry that is only now showing signs of recovery from crude oil price depression, N220 between its high and low was remarkable and to boot, current high.
Total Nigeria, one of the major petroleum products dealers in the country, ranked 3rd with the price of N272.01 per share or 544 times its nominal value. However, its price moved within less space in the last 52 weeks having a band of N168 between its high of N245 and low of N180.
Fellow petroleum marketer, Mobil Oil, though occupying the 4th position in terms of high price actually had a range between its high and low of N223.47; that is slightly higher than that of Seplat Petroleum and much ahead of Total Nigeria.
Mobil Oil was quoted at N248 per share or some 496 times its nominal value by June 23 and it had a high of N385 and a low of N161.55 Interesting, because there is a take over bid for it right now by NIPCO ltd, a non quoted company.
At 5th place was market leader by capitalisation; Dangote Cement valued at N195.50 per share thus nearer to its year high of N213.97 than its low of N149.25 per share. The range was relatively low though at N64.22.
Low too was the range for Nigerian Breweries which had only N56 between its highest in the last 52 weeks N168.01 and its lowest N112.0 per share. However, at N151.90 by June 23, it was priced at 303.8 times its nominal value and was closer to the top too than the bottom.
The 7th ranked among the top 10 was really an odd one out: Sim Capital Alliance. Valued at N103.24 per share by June 23, it was 206.48 times its nominal value of N0.50 per share. From the daily official list it had neither high or low in the last 52 weeks. In other words, it is likely to be one of those equities forgotten by stockbrokers and investors over time for little or no activity.
On the other hand, the 8th ranked company, 7up Bottling has been active in both price shifts and deals. By June 23 it was quoted at N90 per share or 180 times its nominal value. That is, one tenth of the leader: Nestle Nigeria. It had a high of N159.90 and low of N74 per share giving a range of N85.9 which was ahead of that of Dangote cement, Nigerian Breweries and of course, zero range Sim capital.
Palm oil processing company, Presco plc, stood at the 9th position with N73 per share byJjune 23 or 146 times its nominal value. The range was lowest of the top 10 though with a low of N36.0 and a high of N73 per share thus having a range of only N40. However, Presco is not in top bracket in terms of capitalisation and so, making it to the top ten in terms high priced equities is more a reflection of how the tide has turned for agricultural products processing sector since the wisdom gained from the current recession.
Indeed, fellow quoted palm oil producer, Okomu Oil narrowly missed the top 10 itself as it closed June 23 at N61.50 per share of 123 times its nominal value.
It was beaten to the 10th place by Guinness Nigeria, the second brewery on the list. It was priced at N71.50 per share by June 23 that is 143 times its nominal value. But unlike most of the leaders by high price, it was nearer its low of N59.51 than its high of N111.80 per share within the last 52 weeks.
Thus, the top 10 priced companies at the Nigerian stock exchange were by June 23 priced above 140 times their nominal value each. But the top 25 were priced above 55 times of nominal value.
Of the 46 companies quoted at above 10 times their nominal value, the lowest 10 were E Tranzact priced at N5 per share or 10 times nominal value; Union Bank (N5.85 per share or 11.7 times); FBN Holdings (N5.89 per share or 11.78 times); Roads Nigeria (N6.60 or 13.2 times); and Transcorp Hotels priced at N6.87 per share or 13.74 times.
Others were Berger Paints valued at N7.12 or 14.24 times nominal value; Oando (N7.24 per share or 14.48 times); NCR (N7.71 per share or 15.42 times); UBA ( N8.86 per share or 17.72 times) and Van Leer quoted at N9.09 per share or 18.18 times nominal value.
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