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UPDC REIT Plc records a 17.43% loss in market value to lead weekly losers – Nairametrics

By Chris Ugwu

UPDC Real Estate Investment Trust (REIT) Plc one of trust funds quoted on the Nigerian Exchange Group Plc (NGX) recorded a loss of 17.43% at the end of the first trading week of July as the domestic bourse came under sell pressure.

This development highlights the low investors’ confidence for the shares of the company’s shares which concluded trading on Friday with a 17.43% or N2.535 billion decrease, bringing its market valuation down to N12.007 billion.

Analysis conducted by Nairametrics revealed that the real estate firm’s stock dropped by 17.43% to N4.50 per share at the close of weekly trading, resulting in a decrease in market capitalization from N14.542 billion to N12.007 billion compared to the opening figures for the trading week, where it stood at N5.45 per share.

UPDC REIT share price opened the week at about N5.45 and closed at N4.65 per share as investors sold more shares at a lower price. On Friday, volumes surged to 4.6 million shares compared to 286k at the start of the week. The company averages 708k trades daily average.

Nairametrics could not immediately establish why the share price fell sharply during the week, even thought the stock is still up 35% in the last one year.

The REIT also disclosed a notable net income of N789.5 million, indicating a 114% year-on-year growth compared to the N369 million reported in Q1 2023.

In terms of revenue, the trust achieved N977.2 million during the quarter reflective of a 108% year-on-year growth from the N468.8 million posted in the same quarter of the previous year.

However, despite the overall revenue growth, UPDC experienced a slight dip in rental income for the quarter, with figures sliding marginally from N354.7 million in Q1 2023 to N349.7 million.

Rental Income is one of its major revenue drivers over the years and a steady source of cash flow for the business. In Q1 2023, rental income accounted for 76% of its revenue, while in Q1 2022, it accounted for 73% of the trust’s revenue.

Additionally, UPDC realized a turnover of N410 million from the sales of some of its investment properties during the quarter, further contributing to its financial performance.

The other three top losers 

Other three notable losers included shares of Ikeja Hotels Plc, which experienced a loss of 12.03% to close at N6.95 per share from the week’s opening value of N7.90 per share.

Similarly, Lasaco Assurance Plc witnessed a 9.80% decrease to close trading at N2.30 per share from an opening figure of N2.55. Additionally, Julius Berger Nigeria Plc’s shares decreased by 9.59% to close at N88.60 per share from the opening price of N98.00 per share.

The local bourse registered a 0.04% lower week-on-week (w/w), recording a marginal loss, with the benchmark index settling at 100,022.03 points.

Overall market performance 

The NGX All-Share Index and Market Capitalization depreciated by 0.04% to close the week at 100,022.03 and N56.581 trillion respectively.

  • All other indices finished higher with the exception of NGX 30, NGX Premium, NGX MERI Value, NGX Consumer Goods, NGX Lotus II, and NGX Pension Broad which depreciated by 0.27%, 0.52%, 0.01% 0.69%, 0.56% and 0.07% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
  • A total turnover of 2.259 billion shares worth N31.166 billion in 42,851 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 2.651 billion shares valued at N49.976 billion that exchanged hands last week in 41,610 deals.
  • The Financial Services Industry (measured by volume) led the activity chart with 1.801 billion shares valued at N22.030 billion traded in 23,112 deals; thus contributing 79.75% and 70.69% to the total equity turnover volume and value respectively.
  • The Oil and Gas Industry followed with 121.001 million shares worth N1.771 billion in 3,124 deals. The third place was the Conglomerates Industry, with a turnover of 90.713 million shares worth N1.081 billion in 2,277 deals.
  • Trading in the top three equities namely Fidelity Bank Plc, Universal Insurance Plc, and Guaranty Trust Holding Company Plc (measured by volume) accounted for 909.821 million shares worth N12.057 billion in 4,798 deals, contributing 40.28% and 38.69% to the total equity turnover volume and value respectively.
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