Here is the market report for the week ended Friday, February 13th 2009:

A turnover of 1.53 billion shares worth N9.4 billion in 42,723 deals was recorded this week, in contrast to a total of 1.8 billion shares valued at N8.71 billion exchanged last week in 34,863 deals.

There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Banking subsector was the most active during the week (measured by turnover volume), with 825.7 million shares worth N6.25 billion exchanged by investors in 25,332 deals. Volume in the Banking subsector was largely driven by activity in the shares of Acce ss Bank Plc, Oceanic Bank International Plc, Intercontinental Bank Plc and United Bank for Africa Plc.

Trading in the shares of the four banks accounted for 452.6 million shares, representing 54.8% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Investment and Allied Assurance Plc and Regency Alliance Insurance Plc, followed on the week’s activity chart with a turnover of 277.74 million shares valued at N229.5 million in 3,409 deals.

Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement
The All-Share Index dropped by 0.76% to close on Friday at 23,635.92. The market capitalization of the 199 First -Tier equities closed lower at N5.3 trillion. The NSE-30 Index rose by 0.1% to close at 634.04.

The NSE Banking Index rose by 1.3% to close at 364.59, The NSE Insurance Index rose by 1.2% to close at 534.88 and The NSE Food/Beverages Index rose by 3.2% to close at 395.02. However, The NSE Oil/Gas Index dropped by 7.7% to close at 525.00.

Fifty – Two (52) stocks appreciated in price during the week, lower than the sixty – nine ( 69) in the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N5.20 to close at N115.20 per share while Union Bank of Nigeria Plc followed with N1.90 to close at N14.33 per share. Other price gainers in the Top 10 category include:
+ Oando Plc - N1.74
+ UACN Property Dev. Co. Plc - N1.64
+ BOC Gases Plc - N1.44
+ Afribank Nigeria Plc - N1.12
+ Intercontinental Bank Plc - N1.06
+ Guinness Nigeria Plc - N0.98
+ Glaxo Smithkline Consumer Plc - N0.86
+ Presco Plc - N0.82

Fifty – Five (55) stocks depreciated in price during the week, higher than the thirty – nine (39) in the preceding week. Nigerian International Debt Fund Plc led on the price losers’ table, dropping by N197.41 to close at N5,495.33 per Note while African Petroleum Plc followed with a loss of N30.81 to close at N185.32 per share. Other price losers in the Top 10 category include:
- Total Nigeria Plc - N27.76
- Julius Berger Nigeria Plc - N5.53
- Chevron Oil Nigeria Plc - N4.01
- Benue Cement Company Plc -         N2.50
- National Sports Lottery Plc - N1.77
- Eterna Oil & Gas Plc - N1.55
- Guaranty Trust Bank Plc - N1.40
- Nig. Bottling Co. Plc - N1.08

Two equity prices were adjusted for dividend as recommended by the Board of Directors while one Managed Fund was adjusted for Coupon payment as recommended by the Fund Manager. Sterlin g Bank Plc was adjusted for dividend of N0.10 per share while Deap Capital Management and Trust Plc was adjusted for dividend of N0.15 per share. Nigerian International Debt Fund was adjusted for coupon of N197.41 per Note.

Lifting of Technical Suspension
The technical suspension on the following 19 stocks was lifted on Thursday, February 12, 2009:
- Staco Insurance Plc
- Equity Assurance Plc
- UTC Nigeria Plc
- Eterna Oil & Gas Plc
- Ikeja Hotels Plc
- Tripple Gee & Co. Plc
- Wema Bank Plc
- Ecobank Transnational Incorporated
- C & I Leasing Plc
- Crusader (Nig) Plc
- Linkage Assurance Plc
- Longman Nigeria Plc
- Royal Exchange Plc
- Oasis Insurance Plc
- Nigerian-German Chemicals Plc
- First Aluminium Nigeria Plc
- Deap Capital Management & Trust Plc
- Trans-Nationwide Express Plc and DN Meyer Plc.

Company News

1. DIAMOND BANK PLC: Unaudited result for the third quarter ended 31st January 2009 shows Gross Earnings of N72.43 billion, as against N41.71 billion in the comparable period of 2008. Profit after tax stood at N15.83 billion compared with N9.6 billion in 2008.
2. FLOUR MILLS OF NIGERIA PLC: Unaudited result for the third quarter ended 31st December 2008 shows Turnover of N112.24 billion, as against N74.54 billion in the comparable period of 2007. Profit after tax and exchange rate loss stood at N756.81 million compared with N3.65 billion in 2007.
3. NORTHERN NIGERIA FLOUR MILLS PLC: Unaudited result for the third quarter ended 31st December 2008 shows Turnover of N6.6 billion, as against N3.75 billion in the comparable period of 2007. Profit after tax stood at N99.4 million compared with N85.6 million in 2007.
4. TRIPPLE GEE & CO. PLC: Unaudited result for the third quart er ended 31st December 2008 shows Turnover of N788.61 million, as against N604.14 million in the comparable period of 2007. Profit after tax stood at N77.71million compared with N71.55 million in 2007.
5. AFPRINT NIGERIA PLC: Unaudited result for the half year ended 31st December 2008 shows Turnover of N1.63 billion, as against N1.95 billion in the comparable period of 2007. Loss after tax stood at N128.1million compared with profit after tax of N54.5 million in 2007.

Company Forecasts

1. UAC OF NIGERIA PLC: The Company forecasts Turnover of N13.714 billion and profit after tax and exceptional items of N1.22 billion during the first quarter ending March 31, 2009. The results of UACN Property Development Co. Plc are now fully consolidated in the account as if it was a subsidiary in line with the new Statement of Accounting Standard on Consolidation and Separate Financial Statements (SAS 27). UPDC Plc was previously treated as an Associated Company.
2. SOVEREIGN TRUST INSURANCE PLC: The Company forecasts Turnover of N1.5 billion and profit before tax and exceptional items of N913.1 million during the first quarter ending March 31, 2009.
3. TRIPPLE GEE & CO. PLC: The Company forecasts Turnover of N213.1 million and profit after tax of N21.02 million during the fourth quarter ending March 31, 2009.

Report on The OTC FGN Bonds
A turnover of 322.1 million units worth N320.7 billion in 1,663 deals was recorded this week, in contrast to a total of 164.84 million units valued at N168.3 billion exchanged in 1,131 deals during the week ended Thursday, February 5, 2009. The most active bond (measured by turnover volume) was the 5th FGN Bond 2013 Series 1 with a traded volume of 37.8 million units valued at N35.85 billion in 144 deals. This was followed by the 4th FGN Bond 2017 Series 9 with a traded volume of 29.85 million units valued at N28.8 billion in 80 deals. Twenty – Six (26) of the available thirty – nine (39) FGN Bonds were traded during the week compared to twenty – three (23) in the preceding week.