Here is the stock market report for the week ended Friday, August 29th, courtesy of Investor Delight:

A turnover of 3.36 billion shares worth N38.7 billion in 43,801 deals was recorded this week, in contrast to a total of 3.82 billion shares valued at N32.94 billion exchanged last week in 56,511 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 1.75 billion shares worth N28.91 billion exchanged by investors in 20,934 deals. Volume in the Banking subsector was largely driven by activity in the shares of Afribank Nigeria Plc, Skye Bank Plc and Fidelity Bank Plc. Trading in the shares of the three banks accounted for 839.41 million shares, representing 48% 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 1.03 billion shares valued at N1.3 billion in 5,375 deals. Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement
The All-Share Index rose by 7.74% to close on Friday at 47,789.20. The market capitalization of the 210 First -Tier equities closed higher at N9.74 trillion. Eighty – Seven (87) stocks appreciated in price during the week, higher than the eleven (11) in the preceding week. Chevron Oil Nigeria Plc led on the gainers’ table with a gain of N75.46 to close at N441.00 per share while Total Nigeria Plc followed with N15.34 to close at N221.55 per share. Other price gainers in the Top 10 category include:
+ Nestle Nigeria Plc – N8.52
+ Guinness Nigeria Plc – N5.88
+ Flour Mills of Nigeria Plc – N5.66
+ Julius Berger Nigeria Plc – N5.52
+ United Bank for Africa Plc – N4.52
+ Intercontinental Bank Plc – N3.93
+ Zenith Bank Plc – N3.87
+ Nigerian Breweries Plc – N3.79

Forty (40) stocks depreciated in price during the week, lower than the eighty – seven (87) in the preceding week. Mobil Oil Nigeria Plc led on the price losers’ table, dropping by N46.31 to close at N355.69 per share while Oando Plc followed with a loss of N7.36 to close at N127.26 per share. Other price losers in the Top 10 category include:
- Skye Shelter Fund Plc – N5.84
- Longman Nigeria Plc – N1.66
- R.T. Briscoe (Nigeria) Plc – N1.42
- Chemical & Allied Products Plc – N1.00
- John Holt Plc – N0.92
- Neimeth International Pharmaceuticals Plc – N0.86
- Nigerian Enamelware Co. Plc – N0.79
- Cutix Plc – N0.76

Ten equity prices were adjusted for dividend and or bonus as recommended by the Board of Directors. Ekocorp Plc was adjusted for dividend of N0.15 per share. National Sports Lottery Plc was adjusted for dividend of N0.10 per share. Aso Savings & Loans Plc was adjusted for dividend of N0.05 per share. Ashaka Cement Plc was adjusted for bonus of 1 for 6. PZ Cussons Nigeria Plc was adjusted for dividend of N0.62 per share. IPWA Plc was adjusted for dividend of N0.02 per share. Neimeth International Pharmaceutical Plc was adjusted for dividend of N0.12 per share and bonus of 1 for 4.

Union Homes Savings & Loans Plc was adjusted for dividend of N0.10 per share and bonus of 1 for 4. UNIC Insurance Plc was adjusted for dividend of N0.05 per share. Dangote Sugar Refinery Plc was adjusted for an interim dividend of N0.85 per share.

Supplementary Listings
A total of 284,375,000 shares were added to the shares outstanding in the name of Ashaka Cement Plc following the bonus of 1 for 6. A total of 164,315,179 shares were added to the shares outstanding in the name of Neimeth International Pharmaceutical Plc following the bonus of 1 for 4. A total of 1,562,500,000 shares were added to the shares outstanding in the name of Union Homes Savings & Loans Plc following the bonus of 1 for 4.

Memorandum Listing
The 1,613,768,846 Units of Kakawa Guaranteed Income Fund of N1.00 each at par were admitted on the Daily Official List on Friday, August 29, 2008. It was listed in the Memorandum Listing subsector. Funds granted Memorandum Listing status thus increased to 21.

Company News
CEMENT COMPANY OF NORTHERN NIGERIA PLC: Audited result for the half year ended 30th June 2008 shows Turnover of N4.4 billion as against N4.6 billion in 2007. Profit after tax stood at N610.9 million compared with N189.2 million in 2007. The Directors are recommending an interim dividend of N0.45 per share. The date of closure of register of members is September 4, 2008 while payment date is September 15, 2008.

AFRIBANK NIGERIA PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N49.2 billion as against N27.54 billion in 2007. Profit after tax stood at N10.03 billion compared with N5.2 billion in 2007. The Directors are recommending a dividend of N0.50 per share and bonus of 1 for 3. The date of closure of register of members is September 18, 2008 while payment date is September 30, 2008.

FIRST CITY MONUMENT BANK PLC: Audited result for the year ended 30th April 2008 shows Gross Earnings of N52.82 billion as against N25 billion in 2007. Profit after tax stood at N15.11 billion compared with N5.95 billion in 2007. The Directors are recommending a dividend of N0.50 per share. The date of closure of register of members is September 22, 2008 while payment date would be advised later.

UNIVERSITY PRESS PLC: Audited result for the year ended 31st March 2008 shows Turnover of N956.94 million as against N691.75 million in 2007. Profit after tax stood at N163.51 million compared with N109.42 million in 2007. The Directors are recommending a dividend of N0.35 per share. The date of closure of register of members is September 15, 2008 while payment date is September 25, 2008. The 30th Annual General Meeting (AGM) of shareholders is scheduled to hold at Jogor Centre, I Harvester Drive, Liberty Road, Off Ring Road, Ibadan, Oyo State on Thursday, September 25, 2008 by 11.00a.m

FIRST BANK OF NIGERIA PLC: Unaudited result for the first quarter ended 30th June 2008 shows Gross Earnings of N43.3 billion, as against N27.3 billion in the comparable period of 2007. Profit after tax stood at N10.7 billion compared with N5.7 billion in 2007.

AIICO INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N3.9 billion, as against N1.8 billion in the comparable period of 2007. Profit after tax stood at N581.2 million compared with N246.83 million in 2007.

MUTUAL BENEFITS ASSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N1.6 billion, as against N957.71 million in the comparable period of 2007. Profit after tax stood at N681.4 million compared with N449.51 million in 2007.

LINKAGE ASSURANCE PLC: Unaudited result for the first quarter ended 31st March 2008 shows Gross Premium of N496.53 million, as against N468.5million in the comparable period of 2007. Profit after tax stood at N167.5 million compared with N113.1 million in 2007.

VITAFOAM NIGERIA PLC: Unaudited result for the third quarter ended 30th June 2008 shows Turnover of N6 billion, as against N4.43 billion in the comparable period of 2007. Profit after tax stood at N394.5 million compared with N302.94 million in 2007.

NEIMETH INTERNATIONAL PHARMACEUTICAL PLC: Unaudited result for the first quarter ended 30th June 2008 shows Turnover of N348.9 million, as against N309.72 million in the comparable period of 2007. Profit after tax stood at N20.7 million compared with loss after tax of N58.3 million in 2007.

Report On The OTC Market For Federal Government Bonds
A turnover of 180.31 million units worth N179.14 billion in 1,614 deals was recorded this week, in contrast to a total of 127.4 million units valued at N126.85 billion exchanged in 1,156 deals during the week ended August 21, 2008. The most active bond (measured by turnover volume) was the 3rd FGN Bond 2009 Series 11 with a traded volume of 20.3 million units valued at N21.44 billion in 203 deals