Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Nigeria H2'19 Outlook - Feeble feet on thorny grounds Narrow opportunity window amid easing global monetary conditions: A sense of urgency is required for Nigeria to derive optimal benefits from the sudden increase in global liquidity conditions occasioned by the switch to accommodative monetary policy by central banks in developed markets. IMF projections indicate, that global GDP growth could ease to 3.3% for FY’19 due to weaker growth in the...
Rising U.S. crude output to weigh on oil prices in FY'19 Amid contrasting developments in supply dynamic, oil prices recorded sharp movements and volatility through 2018. While OPEC output cuts and U.S. sanctions on Iran provided support for crude prices in H1’18, record U.S. output and subsequent waivers to Iranian oil customers by the U.S. boosted supply in H2’18, resulting in a slump in oil prices. In FY’19, we foresee a moderation in a...
Oil continues to climb despite shale production ramp-up Crude oil prices continued their upward climb with Brent crude hitting $67.22/bbl as OPEC production cuts continue to rally the market. Reports from Russian production figures indicate a 0.08 mb/d cut from October levels also supported oil prices, while US shale production has been on the rise- the Energy Information Administration (EIA) expect shale production alone to reach 8.4mb/d in March. The projec...
Summary Oando Plc (Oando) is a provider of integrated energy solutions to the oil and gas industry. Through its subsidiaries, the company explores for and produces oil and gas through the acquisition of rights in oil blocks on the Nigerian continental shelf and deep offshore. It has producing, development and exploration assets in Nigeria, and Sao Tome & Principe. It also carries out trading of crude oil, liquefied natural gas, refined oil products and petroleum products ranging from naphtha, g...
Summary Oando Plc (Oando) is a provider of integrated energy solutions to the oil and gas industry. Through its subsidiaries, the company explores for and produces oil and gas through the acquisition of rights in oil blocks on the Nigerian continental shelf and deep offshore. It has producing, development and exploration assets in Nigeria, and Sao Tome & Principe. It also carries out trading of crude oil, liquefied natural gas, refined oil products and petroleum products ranging from naphtha, g...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
OANDO reported a loss after tax of ₦8.9 billion in Q3’16, showing some improvement from the ₦31 billion loss reported in Q2. The performance was driven by improved revenue, OPEX containment, reduced interest charge and lower net FX losses. Revenue for the quarter came in at ₦111.7 billion, up from ₦88.5 billion reported in Q2 and raising the cumulative 9 months figure to ₦228 billion (after adjusting for discontinued businesses). The cumulative loss for the year now stands at ₦35.9...
OANDO reported H1’16 loss after tax of N27 billion compared to loss of N35 billion in H1’15. Amongst other operating challenges, the performance was adversely impacted by reduction in oil and gas production to 45k boed (from 55k a year ago), much in line with Vetiva estimate for the year, as militant activities continue to disrupt output in the Niger Delta. Management reported that the devaluation of the naira in June has resulted in unrealized foreign exchange losses on USD denominated liab...
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