Reuters news is reporting that Access Bank and First Bank will be adopting the International Financial Reporting Standards (IFRS).Access Bank (ACCE.LG) and First Bank (FBNP.LG) both said this week they were adopting international financial reporting standards (IFRS), joining Guaranty Trust Bank (GTB.LG) as the few Nigerian financial services firms to have done so.One of the major complaints of international investors has been the lack of openness in Nigerian institutions.

Apologies for the late post.

Prof Soludo, CBN Chief gave a presentation on March 30th and emphatically declared that no bank will be allowed to fail.He said that banks in distress may be given loans, have their management restructured or be forced to merge with another bank. he stated that Nigerian banks have among the biggest cushions against losses in the world. According to Bloomberg data, their capital adequacy ratio (measure of capital against risk-weighted assets) is at 22% compared with 18.4% for financial companies on the S&P 500.

One of FSDH’s expectations in their 2009 outlook was that the Central Bank was going to cut the interest rate to 8%. Today, teh CBN cut the key interest rate to 8% from 9.75% after a meeting of the Monetary Policy Commitee. This was done in order to boost lending.

Here are the company results released in the month of March 2009:BETA GLASS PLCUNAUDITED Q5.241458 RESULTS FOR THE PERIOD ENDED SEPTEMBER 30PERIOD20082007Absolute CHGGrowthTURNOVER (N’b)6.4915.2411.25023.9%PBT (N’b)1.1260.6660.46069.1%TAX (N’b)-0.231-0.152-5.24105.2411%PAT (N’b)5.24125.24135.24145.2415%Net Profit Margin5.2416%5.2417%JOS INTERNATIONAL BREWERIES PLCAUDITED ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2007PERIOD20072006Absolute CHGGrowthTURNOVER (N’m)5.24185.24191.25001.2501%PBT (N’m)-1.2502-1.25031.2504-1.2505%TAX (N’m)-1.25061.2507-1.25081.2509%PAT (N’m)-23.90-23.9123.92-23.93%Net Profit Margin-23.94%-23.95%FIDSON HEALTHCARE PLCUNAUDITED Q2’08 RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2008PERIOD20082007Absolute CHGGrowthTURNOVER (N’b)23.9623.9723.9823.99%PBT (N’b)1.12601.12611.12621.1263%TAX (N’b)-1.1264-1.1265-1.12661.1267%PAT (N’b)1.12681.12690.66600.6661%Net Profit Margin0.6662%0.6663%GLAXOSMITHKLINE CONSUMER NIGERIA PLCAUDITED ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2008PERIOD20082007Absolute CHGGrowthTURNOVER (N’b)0.66640.66650.66660.6667%PBT (N’b)0.66680.66690.46000.4601%TAX (N’b)-0.4602-0.4603-0.46040.4605%PAT (N’b)0.46060.46070.46080.4609%Net Profit Margin69.10%69.11%VITAFOAM PLCUNAUDITED Q23.984 RESULTS FOR PERIOD ENDED DECEMBER 31PERIOD20082007Absolute CHGGrowthTURNOVER (N’b)69.1269.1369.1469.15%PBT (N’m)69.1669.17-69.18-69.19%TAX (N’m)-0.2310-0.23110.2312-0.2313%PAT (N’m)0.23140.2315-0.2316-0.2317%Net Profit Margin0.2318%0.2319%NIGERIAN BOTTLING COMPANY PLCUNAUDITED Q3’09 RESULTS FOR PERIOD ENDED SEPTEMBER 30PERIOD20082007Absolute CHGGrowthTURNOVER (N’b)0.15200.15210.15220.1523%PBT (N’b)0.15240.1525-0.1526-0.1527%TAX (N’b)-0.1528-0.1529-5.241005.24101%PAT (N’b)5.24102MYREP-1.25055-5.24104-5.24105%Net Profit Margin5.24106%5.24107%SCOA NIGERIA PLCAUDITED ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2007PERIOD20072006Absolute CHGGrowthTURNOVER (N’b)5.241085.241095.241105.24111%EXCEPTIONAL ITEM (N’b)5.241125.24113-5.24114-5.24115%PBT & EXC’NAL ITEM (N’b)5.241165.241175.241185.24119%TAX (N’b)-5.24120-5.24121-5.241225.24123%PAT (N’b)5.241245.241255.241265.24127%Net Profit Margin5.24128%5.24129%R.

FSDH Securities recently released their 2009 outlook. I must commend them for a well written analysis of the economy. You can download it here:FSDH 2009 Outlook (660)Their recommendation is:While we advise investors to take medium to long term positions in the market, we observe that there are opportunities for short-term trading in the market. In a period like this; full of uncertainties, we strongly advise investors in the capital market to invest only in stocks of companies with sound management and good products that can generate and sustain its cashflows.

Courtesy of Forte Assets, here is the market report for the week ended April 3rd 2009:A review of the week’s performance indicators chart shows a steady climb all through the week except for Monday. The ASI and Market Capitalisation decreased by 11.40 basis points (0.06%) and N3 billion (0.07%) on Monday to close at 19,825.08 points and  N4.477 trillion. Tuesday’s indices increased by 26.81 points (0.14%) and N7 billion (0.16%) to record 19,851.89 points and N4.484 trillion.

The report below by Bloomberg on the NSE is not encouraging at all. Here are some of the highlights:- The NSE was the world’s worst performing in Q1 2009 falling 37%- Index fell for 23 days straight in the last quarter- There is no good sign and as a result of the lack of disclosure, investors might be hesitant to return- As much as $10billion of toxic assets (about half of banks’ capital) might be held by banks who have privided at least N1trillion of margin loans to buy shares.