Local Equities Close Bullish; The Okomu Oil Palm Plc Releases Impressive FY 2016 Results

The Nigerian bourse recorded an overall bullish week which resulted in the increase in overall market performance measures, NSE ASI and market capitalisation, by 90 bps to 25,746.52 points and N8.9 trillion respectively. The NSE 30 Index also increased by 111 bps to 1,148.90 points. Of the sectored gauges, the NSE Insurance Index, the NSE Consumer Goods Index, the NSE Oil and Gas Index the NSE Industrial Index increased by 1.97%, 0.80%, 4.27% and 5.15% to close at 126.26 points, 632.83 points, 304.90 points and 1,678.80 points respectively. Meanwhile, total deals, total transacted volumes and total Naira votes fell by 3.21%, 73.84% and 58.50% to 14,166 deals, 779.25 million shares and N5.78 billion respectively. On the sidelines of trading activities, The Okomu Oil Palm Plc (12 months, December 2016) recorded a 50.28% increase in Revenue to N14.364 billion and a 80.13% increase in Profit After Tax to N4.91 billion, partly due to a 575.63% increase in foreign exchange gains and interest income on fixed deposits to N291 million. This week, we expect a mix of bargain hunting and profit taking activities.