Dec 18, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.2 billion shares worth N10.95 billion in 31,562 deals was recorded this week, in contrast to a total of 1.56 billion shares valued at N12.14 billion exchanged last week in 31,232 deals. There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Insurance subsector was the most active during the week (measured by turnover volume), with 880.9 million shares worth N1.35 billion exchanged by investors in 5,690 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Guaranty Trust Assurance Plc and AIICO Insurance Plc. Trading in the shares of the two Insurance Companies accounted for 790.2 million shares, representing 89.7% of the subsector’s turnover.

The Banking subsector, boosted by activity in the shares of First City Monument Bank Plc and First Bank of Nigeria Plc, followed on the week’s activity chart with a turnover of 760.32 million shares valued at N6.12 billion in 14,142 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 0.31% to close on Friday at 20,722.64. The market capitalization of the 201 First -Tier equities closed higher at N4.96 trillion. Also, The NSE-30 Index appreciated by 0.46% to close at 820.63.

Two of the four sectoral indices appreciated – The NSE Food/Beverages Index appreciated by 1.21% to close at 517.53. The NSE Banking Index appreciated by 1.23% to close at 337.57. However, The NSE Insurance Index depreciated by 0.07% to close at 249.64. The NSE Oil/Gas Index remained constant at 290.55.

Thirty – One (31) stocks appreciated in price during the week, same as in the preceding week. Flour Mills of Nigeria Plc led on the gainers’ table with a gain of N5.30 to close at N39.80 per share while UACN Property Development Company Plc followed with N1.96 to close at N20.96 per share. Other price gainers’ in the Top 10 category include:
+ Union Bank of Nigeria Plc – N1.07
+ Nestle Nigeria Plc – N1.00
+ Nigerian Bottling Company Plc – N0.92
+ Julius Berger Nigeria Plc – N0.90
+ United Bank for Africa Plc – N0.70
+ Vitafoam Nigeria Plc – N0.60
+ UAC of Nigeria Plc – N0.49
+ Benue Cement Company Plc – N0.49

Fifty-Nine (59) stocks depreciated in price during the week, lower than the sixty-four (64) of the preceding week. Incar Nigeria Plc led on the price losers’ table, dropping by N1.25 to close at N5.56 per share while Nigerian Breweries Plc followed with a loss of N0.77 to close at N5 2.01 per share. Other price losers in the Top 10 category include:
- BOC Gases Plc – N0.70
- Nig. Aviation Handling Co. Plc – N0.69
- Portland Paints & Products Nig. Plc – N0.60
- Cadbury Nigeria Plc – N0.58
- Dangote Flour Mills Plc – N0.57
- Avon Crowncaps & Containers Plc – N0.40
- Ashaka Cement Plc – N0.40
- Intercontinental Bank Plc – N0.36

The price of Omatek Ventures Plc was adjusted for dividend of N0.05 per share as recommended by the Board of Directors.

New Listings
Two equities were admitted on the daily official list during the week by way of introduction. The 12,350,000,000 shares of N0.50 each in favour of Unity Kapital Assurance Plc were admitted at a price of N2.50 per share on Thursday, December 17, 2009.

The Company was l isted in the Insurance subsector. The 201,885,335 shares of N0.50 each in favour of McNichols Consolidated Plc were admitted at a price of N0.98 per share on Friday, December 18, 2009.

The Company was listed in the Emerging Market/Second Tier segment. By this action, the number of listed companies and securities increased to 216 and 301, respectively.

Delisting
Nigerian International Debt Fund Plc was delisted from the equity section and moved to Memorandum Listing on December 15, 2009. The Fund became open-ended as recommended by the Fund Manager and approved by the Council of The Nigerian Stock Exchange.

Company News
NIGERIA INTERNATIONAL DEBT FUND: The Fund Managers are recommending a coupon of $1.36 or N203.04 per Note. The closure of reg ister of Note holders was December 18, 2009 while payment date is December 31, 2009.

FLOUR MILLS OF NIGERIA PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N81,601.04 million, as against N80,865.53 million in the comparable period of 2008. Profit after tax stood at N4,886.4 million compared with N2,486.32 million in 2008.

NATIONAL SALT COMPANY OF NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N6,504.7 million, as against N5,702.84 million in the comparable period of 2008. Profit after tax stood at N1,362.2 million compared with N1,079.02 million in 2008.

NIGERIAN BOTTLING COMPANY PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N64,740 million, as against N56,474 million in the comparable period of 2008. Profit after tax and extra-ordinary items stood at N2,291 million compared with profit after tax of N974 million in 2008.

FTN COCOA PROCESSORS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N901.04 million, as against N704.73 million in the comparable period of 2008. Profit after tax stood at N205.7 million compared with N209.85 million in 2008. 18-Dec-09 3 Strategy & Business Development Directorate

CUTIX PLC: Unaudited result for the half year ended 31st October 2009 shows Turnover of N763.01 million, as against N633.45 million in the comparable period of 2008. Profit before tax stood at N139.7 million compared with N67.42 million in 2008.

BERGER PAINTS NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N1,721.44 million, as against N1,912.7 million in the comparable period of 2008. Profit after tax stood at N127.9 million compared with N127.4 million in 2008.

ACADEMY PRESS PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N1,086.5 million, as against N850.2 million in the comparable period of 2008. Profit after tax stood at N67.4 million compared with N16.74 million in 2008.

BANK PHB PLC: Unaudited result for the fifteen months ended 30th September 2009 shows Gross Earnings of N214,399.8 million, as against N87,228.42 million during the year ended 30th June 2008. Loss after tax and exceptional items stood at N387,784.14 million compared with profit after tax of N19,580.6 million during the year ended 30th June 2008. The bank recorded exceptional items of N80,732.5 million during the 15 months ending September 2009. The bank recorded loss before tax but after exceptional items of N438,647.03 million compared with profit before tax of N25,970.01 million during the year ended 30th June 2008. The bank obtained tax waiver of N50,862.9 million, which caused a reduction in the loss after tax and exceptional items to N387,784.14 million in 2009. Following the results of the CBN/NDIC special examination and CBN’s subsequent intervention thereof, the sum of N70 billion was made available to the bank (Group – N120 billion) on 14th October 2009 to support its liquidity and capital requirements.

WEMA BANK PLC: Unaudited result for the half year ended 30th September 2009 shows Gross Earnings of N25,286.5 million, as against N14,352.03 million in the comparable period of 2008. Loss before tax and after exceptional items stood at N29,433.5 million compared with profit before tax and after exceptional items of N1,412.54 million in 2008. The bank made provision for risk assets of N33,350.4 million in 2009 compared to N600 million i n 2008. The bank reported that the bold initiatives of the new Board and Management on recovery of non-performing loans have started to yield positive results, which shall be reflected in subsequent results.

Company Forecasts
HONEYWELL FLOUR MILLS PLC: The Company forecasts Turnover of N36,229.73 million and profit after tax of N1,771.8 million during the year ending March 31, 2010.

NIGERIAN BAG MANUFACTURING CO. PLC: The Company forecasts Turnover of N7,744.0 million and profit after tax of N512.04 million during the third quarter ending December 31, 2009.

INTERNATIONAL ENERGY INSURANCE PLC: The Company forecasts Gross premium of N1,952.53 million and profit after tax of N419.7 million during the first quarter ending March 31, 2010.

OASIS INSURA NCE PLC: The Company forecasts Gross premium of N550.0 million and profit after tax of N110.62 million during the first quarter ending March 31, 2010.

CHEVRON OIL NIGERIA PLC: The Company forecasts Turnover of N32,508.7 million and profit after tax of N415.81 million during the first quarter ending March 31, 2010. 18-Dec-09 4 Strategy & Business Development Directorate

UAC OF NIGERIA PLC: The Company forecasts Turnover of N15,777 million and profit after tax of N866 million during the first quarter ending March 31, 2010.

UACN PROPERTY DEVELOPMENT COMPANY PLC: The Company forecasts Turnover of N2,925.0 million and profit after tax of N437.6 million during the first quarter ending March 31, 2010.

AIRLINE SERVICES & LOGISTICS PLC: The Company forec asts Turnover of N789.13 million and profit after tax of N177.14 million during the first quarter ending March 31, 2010.

GLAXO SMITHKLINE CONSUMER (NIG) PLC: The Company forecasts Turnover of N3,938.9 million and profit after tax of N524.91 million during the first quarter ending March 31, 2010.

CHEMICAL & ALLIED PRODUCTS PLC: The Company forecasts Turnover of N729.3 million and profit before tax of N218.3 million during the first quarter ending March 31, 2010.

UNIVERSITY PRESS PLC: The Company forecasts Turnover of N1,850.3 million and profit after tax of N276.81 million during the year ending March 31, 2010.

CUTIX PLC: The Company forecasts Turnover of N495.2 million and profit before tax of N70.45 million during the fourth quarter ending April 30, 2010.

Report On The OTC Market For FGN Bonds
A turnover of 298.75 million units worth N335,700.62 million in 3,391 deals was recorded this week, in contrast to a total of 254.1 million units valued at N300,196.2 million exchanged in 3,349 deals during the week ended Thursday, December 10, 2009. The most active bond (measured by turnover volume) was the 6th FGN Bond 2029 Series 5 with a traded volume of 39.2 million units valued at N40,179.33 million in 607 deals. This was followed by the 4th FGN Bond 2010 Series 14 with a traded volume of 37.6 million units valued at N39,254.42 million in 225 deals. Twenty-Two (22) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty (20) in the preceding week.