Dec 4, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 1.45 billion shares worth N8.73 billion in 28,892 deals was recorded this week, in contrast to a total of 1.34 billion shares valued at N7.0 billion exchanged last week in 17,121 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 788.83 million shares worth N5.62 billion exchanged by investors in 16,416 deals. Volume in the Banking subsector was largely driven by activity in the shares of Fidelity Bank Plc, Skye Bank Plc and First Bank of Nigeria Plc. Trading in the shares of the three banks accounted for 270.3 million shares, representing 34.3% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Cornerstone Insurance Plc and Universal Insurance Company Plc, followed on the week’s activity chart with a turnover of 374.3 million shares valued at N282.53 million in 2,376 deals. Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement
The NSE All-Share Index appreciated by 0.74% to close on Friday at 21,374.41. The market capitalization of the 200 First -Tier equities closed higher at N5.1 trillion. Also, The NSE-30 Index rose by 0.8%% to close at 834.73.

Only one of the four sectoral indices appreciated – The NSE Banking Index rose by 3% to close at 355.32. However, The NSE Food/Beverages Index dropped by 0.15% to close at 498.41. The NSE Insurance Index dropped by 4.72% to close at 248.70. The NSE Oil/Gas Index dropped by 1.31% to close at 291.21.

Thirty – One (31) stocks appreciated in price during the week, lower than the thirty-seven (37) in the preceding week. UAC of Nigeria Plc led on the gainers’ table with a gain of N1.50 close at N39.50 per share while Skye Bank Plc followed with N1.42 to close at N6.62 per share. Other price gainers’ in the Top 10 category include:
+ PZ Cussons Nigeria Plc – N0.89
+ Cement Company of Northern Nigeria Plc – N0.85
+ United Bank for Africa Plc – N0.82
+ First Bank of Nigeria Plc – N0.77
+ Access Bank Plc – N0.63
+ Zenith Bank Plc – N0.62
+ Nigerian Breweries Plc – N0.50
+ Dangote Flour Mills Plc – N0.35

Sixty -One (61) stocks depreciated in price during the week, higher than the fifty-nine (59) of the preceding week. Total Nigeria Plc led on the price losers’ table, dropping by N3.40 to close at N151.60 per share while Conoil Plc followed with a loss of N2.58 to close at N29.08 per share. Other price lose rs in the Top 10 category include:
- Lafarge Cement WAPCO Nigeria Plc – N1.97
- Guinness Nigeria Plc – N1.97
- Nestle Nigeria Plc – N1.95
- Ecobank Nigeria Plc – N1.40
- The Okomu Oil Palm Plc – N1.19
- Flour Mills of Nigeria Plc – N0.95
- Inca Nigeria Plc – N0.89
- Eterna Oil & gas Plc – N0.76

Two equity prices were adjusted for interim dividend as recommended by the Board of Directors. Total Nigeria Plc was adjusted for interim dividend of N3.40 per share. Nestle Nigeria Plc was adjusted for interim dividend of N1.95 per share.

Company News
GUARANTY TRUST ASSURANCE PLC: Notice of interim dividend payment. The Board of Directors is recommending an interim dividend of N0.05 per share. The date of closure of register is December 7, 2009 while payment date is December 18, 2009.

OMATEK VENTURES PLC: Notice of dividend payment. The Board of Directors is recommending an interim dividend of N0.05 per share. The date of closure of register is December 14, 2009 while payment date is January 11, 2010. The 1st Annual General Meeting is scheduled to hold at Events Centre, Plot 1, Block B, NERDC Road, Central Business District, Alausa, Ikeja, Lagos on Thursday, December 17, 2009 by 11.00a.m.

NIGERIAN BREWERIES PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N118,975.55 million, as against N102,363.7 million in the comparable period of 2008. Profit after tax stood at N21,349.83 million compared with N17,711.14 million in 2008.

PORTLAND PAINTS & PRODUCTS NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N1,678.4 million, as against N1,422.8 million in the comparable period of 2008. Profit after tax and exceptional items stood at N125.3 million compared with profit after tax of N77.4 million in 2008.

ETERNA OIL & GAS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N12,025.3 million as against N4,907.54 million in 2007. Loss before tax stood at N495.2 million compared with N169.5 million in 2007. The Company obtained tax rebate of N88.54 million in 2008 (2007 = N34 million), which caused a reduction in the loss after tax to N406.64 million in 2008 against N135.5 million in 2007. The closure of register of shareholders was on November 25, 2009.

WEST AFRICAN GLASS INDUSTRY PLC: Audited result for the year ended 31st December 2008 shows Turnover of N1,689.94 million as against N1,422.5 million in 2007. Loss after tax and exceptional items stood at N150.53 million compared wi th N360.14 million in 2007. The
closure of register was on November 30, 2009. The Annual General meeting is scheduled to hold in the Company Premises, 134 Trans Amadi Industrial Layout, Port Harcourt on Monday, December 21, 2009 by 11.00a.m.

CHAMPION BREWERIES PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N911.82 million, as against N1,248.2 million in the comparable period of 2008. Loss before tax stood at N211.85 million compared with N319.43 million in 2008.

Company Forecasts
AIRLINE SERVICES & LOGISTICS PLC: The Company forecasts Turnover of N1,288.3 million and profit after tax of N239.95 million during the fourth quarter ending December 31, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 185.23 million units worth N2 09,928.9 million in 2,347 deals was recorded this week, in contrast to a total of 174.9 million units valued at N260,936.56 million exchanged in 2,356 deals during the week ended Tuesday, November 24, 2009. The most active bond (measured by turnover volume) was the 4th FGN Bond 2017 Series 9 with a traded volume of 32.05 million units valued at N34,767.32 million in 317 deals. This was followed by the 5th FGN Bond 2018 Series 2 with a traded volume of 27.4 million units valued at N31,962.1 million in 264 deals. Twenty-four (24) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to nineteen (19) in the preceding week.