Courtesy of Investor Delight, here is the market report for last week:

A turnover of 2.65 billion shares worth N50.3 billion in 44,357 deals was recorded this week, in contrast to a total of 2.95 billion shares valued at N31.21 billion exchanged last week in 65,943 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 1.8 billion shares worth N43 billion exchanged by investors in 20,059 deals. Volume in the Banking subsector was largely driven by activity in the shares of Afribank Nigeria Plc. Trading in the shares of the bank accounted for 1.33 billion shares, representing 74.7% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Investment & Allied Assurance Plc, followed on the week’s activity chart with a turnover of 479.72 million shares valued at N816.65 million in 6,879 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 1.8% to close on Friday at 48,738.15. The market capitalization of the 211 First -Tier equities closed lower at N10.22 trillion.

Twenty – Two (22) stocks appreciated in price during the week, lower than the ninety – one (91) in the preceding week. Oando Plc led on the gainers’ table with a gain of N20.20 to close at N170.20 per share while Conoil Plc followed with N8.71 to close at N93.82 per share. Other price gainers in the Top 10 category include:
+ Afribank Nigeria Plc – N5.61
+ Ecobank Nigeria Plc – N1.48
+ Longman Nigeria Plc – N1.32
+ International Breweries Plc – N0.52
+ Dunlop Nigeria Plc – N0.39
+ Livestock Feeds Plc – N0.36
+ UACN Plc – N0.31
+ Law Union & Rock Insurance Plc – N0.25

Seventy (70) stocks depreciated in price during the week, higher than the eleven (11) in the preceding week. Also, as in the preceding week, Chevron Oil Nigeria Plc led on the price losers’ table, dropping by N16.80 to close at N410.14 per share while Mobil Oil Nigeria Plc followed with a loss of N3.55 to close at N352.14 per share. Other price losers in the Top 10 category include:
- Nigerian Breweries Plc – N2.35
- Nestle Nigeria Plc – N2.30
- Zenith Bank Plc – N1.94
- First Bank of Nigeria Plc – N1.55
- United Bank for Africa Plc – N1.42
- Intercontinental Bank Plc – N1.38
- Lafarge WAPCO Plc – N1.21
- Guaranty Trust Bank Plc – N1.19

Two equity prices were adjusted for dividend as recommended by the Board of Directors. Cement Company of Northern Nigeria Plc was adjusted for an interim dividend of N0.45 per share. May & Baker Nigeria Plc was adjusted for dividend of N0.40 per share.

New Listing
The 2,960,948,774 shares in favour of Union Diagnostics & Clinical Services Plc were admitted to the Daily Official List at a price of N3.00 per share on Thursday, September 11, 2008 by way of Introduction. The shares were listed in the Healthcare subsector. By this action, the number of listed companies and securities increased to 227 and 320, respectively.

Supplementary Listings
A total of 20,000,000 shares were added to the shares outstanding in the name of Thomas Wyatt Nigeria Plc on Monday, September 8, 2008 following the bonus of 1 for 10.

Technical Suspension
This was imposed on DN Meyer Plc on Tuesday, September 9, 2008 having received the Company’s application to undertake supplementary share offering. Also, Longman Nigeria Plc was placed on technical suspension on Tuesday, September 9, 2008 on receiving the company’s application to undertake Placing.

Full Suspension
The following Companies were placed on FULL SUSPENSION with effect from Friday, September 12, 2008 for breaching the Post-Listing requirement of The Exchange in respect of the submission of their Quarterly and Annual Reports over time. They are: Aba Textile Mill Plc, Abplast Plc, Aviation Development Company Plc, African Paints Plc, Albarka Air Plc, Amicable Assurance Plc, Arbico Plc, Asaba Textile Mill Plc, Atlas Plc, BAICO Insurance Plc, BCN Plc, Beverages (WA) Plc, Ceramic Manufacturing Nig. Plc, Enpee Plc, Epic Dynamics Plc, Ferdinard Oil Mills Plc, Grommac Industries Plc, Intra Motors Plc, Maureen Laboratories Plc, Nigerian Textile Mills Plc, Nigerian Yeast & Alcohol Manufacturing Plc, Nigerian Lamps Industries Plc, Oluwa Glass Co. Plc, Onwuka Hi-Tek Industries Plc, Rietzcot Nig. Plc, Security Assurance Plc, Sun Insurance Plc and Tate Industries Plc.

Company News
GUINNESS NIGERIA PLC: Audited result for the year ended 30th June 2008 shows Turnover of N69.2 billion as against N62.3 billion in 2007. Profit after tax stood at N11.9 billion compared with N10.7 billion in 2007. The Directors are recommending a dividend of N6.00 per share. The date of closure of register of members is October 31st 2008 while payment date is December 1, 2008.

FTN COCOA PROCESSORS PLC: Audited result for the year ended 31st December 2007 shows Turnover of N267.1 million as against N710.32 million in 2006. Profit after tax and extra-ordinary items stood at N142.8 million compared with profit after tax of N16.3 million in 2006.
The Directors are recommending a dividend of 2.5 kobo per share and bonus of 1 for 10. The date of closure of register of members is September 18, 2008 while payment date is October 20, 2008.

FIRST CITY MONUMENT BANK PLC: Unaudited result for the first quarter ended 31st July 2008 shows Gross Earnings of N18.53 billion, as against N10 billion in the comparable period of 2007. Profit after tax stood at N4.83 billion compared with N2.7 billion in 2007.

JOHN HOLT PLC: Unaudited result for the third quarter ended 30th June 2008 shows Turnover of N16.81 billion, as against N12.53 billion in the comparable period of 2007. Profit after tax and exceptional item stood at N705 million compared with profit after tax of N12 million in 2007.

Report On The OTC Market For FGN Bonds
A turnover of 223.1 million units worth N222.75 billion in 1,983 deals was recorded this week, in contrast to a total of 304.8 million units valued at N301 billion exchanged in 2,502 deals during the week ended Thursday, September 4, 2008. The most active bond (measured by turnover volume) was the 3rd FGN Bond 2009 Series 12 with a traded volume of 29.75 million units valued at N30.83 billion in 287 deals.