This is according to the result of PMI survey released by the Statistics Department of Central Bank of Nigeria (CBN) on Tuesday.

Our correspondent reports that the manufacturing PMI for the month of September was 46.9 index points.

The survey revealed that of the 14 subsectors surveyed, six recorded expansion above 50 per cent threshold.

Subsectors that reported expansion were electrical equipment, transportation, equipment, printing and related support activities, chemical and pharmaceutical products, textile, apparel and footwear, as well as cement.

The remaining eight subsectors reported contraction.

They are primary metal, petroleum and coal product, paper products, fabricate metal products, furniture and related products, nonmetallic mineral products, plastic and rubber products and food, beverage and tobacco products.

The survey indicated that in employment level in the review month two subsectors recorded stationary level of employment while the remaining nine subsectors recorded lower employment levels.

PMI for the non-manufacturing sector, however, stood at 46.8 points in October 2020, indicating contraction in nonmanufacturing PMI for the seventh consecutive month.

The survey stated, “of the 17 sub-sectors surveyed, three subsectors reported growth in the following order: electricity, gas, steam and air conditioning supply, art, entertainment and recreation and Health care and social assistance.

“Eleven subsectors reported declines in the following order: management of companies; utilities; Information and communication; construction; professional, scientific, and technical services; repair, maintenance/washing of Motor Vehicles.’’

Other declining subsectors are wholesale/retail trade; educational services; transportation and warehousing; accommodation and food services and real estate rental and leasing.

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Specifically, the market capitalisation which opened at N14.999 trillion inched higher by N42 billion or 0.28 per cent to close at N15.041 trillion.

Also, the All-Share Index increased by 80.90 points or 0.28 per cent to close at 28,777.96 compared with 28,697.06 achieved on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Flour Mills, Dangote Cement, Custodian Investment, Ecobank Transnational and Glaxo Smithkline.

This week, analysts at United Capital Plc said “We expect more earnings to come in and investors will continue to cheery picks on stocks’’.

Also, analysts at Afrinvest Ltd., expected the performance of the equities market to be dictated by the earnings’ result.

Market breadth was positive with 27 gainers against 15 losers.

Custodian Investment led the gainers’ chart in percentage terms, gaining 10 per cent to close at N5.50 per share.

NPF Microfinance Bank trailed with 9.70 per cent to close at N1.47, while eTranzact rose by 7.73 per cent to close at N1.95 per share.

ETI and Lasaco Assurance improved by 7.69 per cent each to close at N4.90 and 28k per share, respectively.

On the other hand, Morison Industries led the losers’ chart in percentage terms, losing 10 per cent to close at 54k per share.

Consolidated Hallmark Insurance lost 8.82 per cent to close at 31k, while NASCON shed 8.39 per cent to close at N13.10 per share.

Wapic Insurance dropped 7.50 per cent to close at 37k, while Livestock Feeds depreciated by 7.46 per cent to close at 62k per share.

In the same vein, the total volume of shares traded increased by 20.44 per cent as investors bought and sold 340.80 million shares worth N5.56 billion in 4,235 deals.

This was in contrast to 282.97 million shares valued at N4.43 billion exchanged in 2,942 deals on Friday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 56.79 million shares valued at N1.74 billion.

Zenith Bank followed with 47.79 million shares worth N1.01 billion, while Wapic Insurance traded 40.05 million shares valued at N14.76 million.

FBN Holdings sold 26.14 million shares worth N160.09 million, while United Bank for Africa accounted for 21.76 million shares worth N155.39 million.

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Specifically, the market capitalisation which opened at N14.979 trillion inched higher by four billion naira or 0.03 per cent to close at N14.983 trillion.

Also, the All-Share Index rose by 17.51 points or 0.03 per cent to close at 28,665.82 from 28,658.31 achieved on Monday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which include the Nigerian Breweries, Flour Mills, International Breweries, Julius Berger and UACN.

Speaking on the effects of the protests and curfew on the market, Mr Ambrose Omordion, the Chief Operating Officer of InvestData Ltd., said that the curfew would support market uptrend as players weigh earnings reports against EndSARS tension.

Omordion said that government needs to revisit economic policies, change implementation and leadership style to boost confidence.

He noted that economic meltdown caused by COVID-19 had exposed a lot of things with agitation here and there.

Market sentiment remained positive with 23 gainers and 17 losers.

International Breweries led the gainers’ chart in percentage terms, improving by 9.90 per cent to close at N6.44 per share.

United Capital followed with 8.17 per cent to close at N3.84, while Nigerian Breweries rose by 4.67 per cent to close at N51.50 per share.

Flour Mills grew by 4.55 per cent to close at N23, while UACN appreciated by 4.48 per cent to close at N7 per share.

On the other hand, Regency Alliance Insurance dominated the laggards’ chart in percentage terms, losing 8.33 per cent to close at 22k per share.

Cornerstone trailed with 4.76 per cent, to close at 60k, while PZ Cussons Nigeria shed 4.65 per cent to close at N4.10 per share.

Mobil Nigeria lost 4.60 per cent to close at N178.30, while AIICO shed 4.49 per cent to close at 85k per share.

Also, the total volume traded rose by 3.48 per cent as investors bought and sold 297.31 million shares worth N2.93 billion achieved in 4,736 deals.

This was in contrast with a total of 286.30 million shares valued at N3.39 billion exchanged in 5,132 deals on Monday.

Transactions in the shares of United Bank for Africa topped the activity chart with 72.43 million shares valued at N506.80 million.

Zenith Bank sold 27.16 million shares worth N568.21 million, while UACN traded 22.19 million shares valued at N149.44 million.

Access Bank accounted for 21.77 million shares worth N170.54 million, while Mutual Benefits Assurance transacted 19.70 million shares valued at N3.94 million.

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Specifically, the market capitalisation which opened at N14.815 trillion rose by N164 billion or 1.11 per cent to close at N14.979 trillion.

Also, the All-Share Index rose by 315.41 points or 1.11 per cent to close at 28,659.45, from 28,344.04 on Thursday.

Total led the gainers’ table growing by N10.20 to close at N112.20 per share.

Presco followed with N5.40 to close at N65.90, while Zenith Bank garnered N1.55 to close at N21.55 per share.

NASCO gained 90k to close at N13, while Guaranty Trust Bank added 85k to close at N30.35 per share.

On the other hand, Eterna topped the losers’ chart, dropping 39k to close at N4.90 per share.

Cutix trailed with 18k to close at N1.62, e Transact also dipped 18k to close at N1.73 per share.

Fidson Healthcare was down by 6k to close at N3.50, Red Star Express lost 5k to close at N3.25 per share.

In the same vein, the volume of shares traded rose by 42.52 per cent with an exchange of 489.11 million shares valued at N4.72 billion in 5,652 deals.

This was in contrast 343.19 million shares worth N5.04 billion transacted in 4,048 deals on Thursday.

United Bank for Africa was the most active stock, trading 100.23 million shares valued at N696.29 million.

Zenith Bank came second with an account of 73.93 million shares worth N1.56 billion, while FBN Holdings sold 54.22 million shares valued at N344.04 million.

Fidelity Bank traded 34.57 million shares worth N70.88 million, Access Bank exchanged 29.25 million shares valued at N229.97 million.

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Speficially, the index which opened at 26,968.79 inched 370.89 points or 1.38 per cent to close at 27,339.68.

Also, the market capitalisation rose by N180 billion to close at N13.199 trillion in contrast with N13.019 trillion on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, Flour Mills of Nigeria, Nascon Allied Industries, Guaranty Trust Bank and Dangote Sugar.

Analysts at Afrinvest Limited stated that “following the recent trend in the market, we expect the market to continue its gaining streak this week.”

FCMB Group led the gainers’ chart in percentage terms, gaining of 10 per cent, to close at N2.09 per share.

Cornerstone Insurance followed with a gain 9.43 per cent to close at 58k, while Unity Bank went up by 8.96 per cent to close at 73k per share.

Wema Bank appreciated by 8.82 per cent to close at 74k, while Courteville increased by 8.33 per cent, to close at 26k per share.

On the other hand, PZ Cussons Nigeria led the losers’ chart in percentage terms, dropping 9.73 per cent to close at N5.10 per share.

Niger Insurance and Union Diagnostic & Clinical Services followed with a decline of 9.09 per cent each, to close at 20k respectively.

Consolidated Hallmark Insurance went down by 8.33 to close at 33k per share.

Fidson Healthcare dipped 5.56 per cent to close at N2.55, while Union Bank shed five per cent to close at N5.70 per share.

The total volume traded declined by 14.52 per cent with an exchange of 520.43 million shares worth N5.35 billion traded in 5,784 deals.

This was in contrast with a turnover of 608.86 million shares valued at N3.76 billion transacted in 6,071 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 97.11 million shares worth N1.91 billion.

Universal Insurance followed with an exchange of 70 million shares worth N14 million, while United Bank for Africa traded 62.66 million shares valued at N497.65 million.

FCMB Group sold 54.86 million shares worth N109.98 million, while FBN Holdings transacted 26.39 million shares worth N182.69 million.

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The results detail revenue growth of 29% and a 6% increase in gross profit when compared to the same nine-month period in 2016. While the first half volume growth continued in the third quarter, the third quarter also benefited cycling a weak third quarter last year. Cost of sales increased by 47% in the nine months due to the challenging economic environment. Finance costs also increased significantly versus last year. As a result the financial statement released to the Nigerian Stock Exchange yesterday included a company loss after tax of N2.6 billion for the nine months under consideration.

Commenting on the results, Mr. Peter Ndegwa, the company’s Managing Director and Chief Executive Officer noted that the company’s significant revenue growth was striking in the challenging operating environment.

“We have been able to deliver strong sales growth even in a challenging operating environment marked by a significant erosion of consumer disposable income.

This encouraging result is attributable to increased volumes and the realisation of pricing benefits. We have started to see the benefit of our broader portfolio product offerings across beer and spirits and across an increased variety of formats. We have also seen resilience in the performance of our premium core brands and improving growth of our more accessible brands.”

He added, “Our gross profit continues to be impacted by the significantly higher raw material costs as a result of devaluation and the significant local input inflation, but benefitted in the quarter from supplier rebates.The company continues to make progress on its commitment to drive out costs across a number of areas as shown by distribution expenses that are down 16% compared to the previous year. Our financing costs at N6.7 billion for the year to date include N1.9 billion of unrealised foreign exchange losses on hard currency liabilities. As a result, we have reported a N2.6 billion post tax loss versus a N0.9 billion profit in the prior year.”

“While we are encouraged by the performance and results recorded this quarter, we remain realistic in our expectations for the full year. We are however confident that we have the right strategy to return to sustainable profitability and shall stay focused on its efficient implementation as we drive out costs, build out our portfolio and ensure we provide our consumers with options in the current pricing environment ”.

The company continues to consolidate its unique position as the only Total Beverage Alcohol Company in Nigeria.This position has been strengthened over the past year since Guinness Nigeria acquired the right to distribute Diageo PLC’s international premium spirits (IPS) brands, including Johnny Walker, Baileys, Ciroc Vodka and Smirnoff Vodka in Nigeria in December 2015. Investment in its position was further entrenched in November last year when Guinness Nigeria commissioned a spirits manufacturing line at its Benin plant.

These investments strengthen and capitalise on the spirits brand base of Guinness Nigeria, allowing the business to compete across all categories of the alcoholic beverage market thereby deepening its operations and creating the capacity and a strong pipeline for long term growth.

-End-

For more information about Guinness Nigeria, please visit

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