Nov 20, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 3.2 billion shares worth N15.5 billion in 30,334 deals was recorded this week, in contrast to a total of 2.2 billion shares valued at N17.2 billion exchanged last week in 30,275 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 1.9 billion shares worth N11.13 billion exchanged by investors in 16,973 deals. Volume in the Banking subsector was largely driven by activity in the shares of FinBank Plc, First Bank of Nigeria Plc, Access Bank Plc and Fidelity Bank Plc. Trading in the shares of the four banks accounted for 1.33billion shares, representing 71.45% of the subsector’s turnover. Trading on FinBank Plc shares alone constituted 33.6% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Cornerstone Insurance Plc and Goldlink Insurance Plc, followed on the week’s activity chart with a turnover of 736.55 million shares valued at N530.4 million in 2,737 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 1.34% to close on Friday at 21,635.36 as the magnitude of price increases far outweighs the price declines. The market capitalization of the 199 First -Tier equities closed higher at N5.13 trillion. Also, The NSE-30 Index appreciated by 1.42% to close at 839.69.

Three of the four sectoral indices appreciated – The NSE Food/Beverages Index rose by 1.21% to close at 495.87.The NSE Banking Index rose by 2.6% to clos e at 358.58. The NSE Oil/Gas Index rose by 0.45% to close at 297.68. However, The NSE Insurance Index dropped by 4.7% to close at 265.56.

Forty – Five (45) stocks appreciated in price during the week, higher than the thirty-two (32) in the preceding week. Total Nigeria Plc led on the gainers’ table with a gain of N3.00 to close at N155.00 per share while Dangote Flour Mills Plc followed with N1.49 to close at N7.00 per share. Other price gainers’ in the Top 10 category include:
+ African Petroleum Plc – N1.31
+ First City Monument Bank Plc – N1.28
+ United Bank for Africa Plc – N1.00
+ UACN Property Dev. Co. Plc – N0.75
+ Fidelity Bank Plc – N0.56
+ PZ Cussons Nigeria Plc – N0.47
+ Zenith Bank Plc – N0.47
+ 7-Up Bottling Co. Plc – N0.45

Fifty – Four (54) stocks depreciated in price during the week, lower than the sixty-one (61) of the preceding week. Conoil Plc led on the price losers’ table, dro pping by N1.75 to close at N33.32 per share while Nigerian Bottling Company Plc followed with a loss of N1.64 to close at N18.50 per share. Other price losers in the Top 10 category include:
- RT Briscoe (Nig) Plc – N1.15
- UAC of Nigeria Plc – N0.96
- Ecobank Nigeria Plc – N0.79
- Ashaka Cement Plc – N0.75
- Cadbury Nigeria Plc – N0.67
- John Holt Plc – N0.51
- First Bank of Nigeria Plc – N0.50
- Benue Cement Company Plc – N0.50

New Listing
The 10 billion shares of N0.50 each in favour of Guaranty Trust Assurance Plc were admitted at a price of N3.00 per share on Thursday, November 19, 2009 by way of Introduction. The Company was listed in the Insurance subsector. By this action, the number of listed companies and securities increased to 214 and 298, respectively.

Technical Suspension
The technical suspension on Cadbury Nigeria Plc was removed on Tuesday, November 17, 2009 following the two weeks allowed by the Exchange after the closure of the supplementary share offering to the public.

Change of Name
The name of Dunlop Nigeria Plc was changed to DN Tyre & Rubber Plc on Wednesday, November 18, 2009 on the recommendation of the Board of Directors of the Company

Company News
TOTAL NIGERIA PLC: Notice of Interim Dividend. The Board of Directors is recommending an interim dividend of N3.40 per share. The date of closure of register is November 30, 2009 while payment date is December 14, 2009.

CONOIL PLC: Audited result for the year ended 31st December 2008 shows Turnover of N124,322.43 million as against N86,847.55 million in 2007. Profit after tax stood at N1,821.05 million compared with N 2,593.5 million in 2007. The Board of Directors is recommending a dividend of N1.00 per share. The date of closure of register is December 1, 2009 while payment date is January 4, 2010. The 39th Annual General Meeting is scheduled to hold at Ibadan on Friday, December 18, 2009.

CHEVRON OIL NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N54,345.4 million, as against N36,255.82 million in the comparable period of 2008. Profit after tax stood at N1,312.4 million compared with N314.7 million in 2008.

BETA GLASS CO. PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N7,810.43 million, as against N6,491.65 million in the comparable period of 2008. Profit after tax stood at N1,125.14 million compared with N895.9 million in 2008.

UAC OF NIGERIA PLC: Unaudit ed result for the third quarter ended 30th September 2009 shows Turnover of N41,980.9 million, as against N39,339.64 million in the comparable period of 2008. Profit after tax and exceptional items stood at N4,884.8 million compared with N5,091 million in 2008. The exceptional items represent profits from disposal of fixed assets.

AG LEVENTIS (NIG) PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N10,695.1 million, as against N8,173.2 million in the comparable period of 2008. Profit after tax stood at N919.81 million compared with N807.4 million in 2008.

CHEMICAL & ALLIED PRODUCTS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N2,090.74 million, as against N1,796.7 million in the comparable period of 2008. Profit after tax stood at N350.41 million compared with N435.54 million in 2008.

THE OKOMU OIL PALM CO. PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N3,355.84 million, as against N4,438.9 million in the comparable period of 2008. Profit after tax and exceptional items stood at N192.9 million compared with N1,755.1 million in 2008. Exceptional items represented accounting estimates adjustment

RED STAR EXPRESS PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N2,073.12 million, as against N2,007.2 million in the comparable period of 2008. Profit after tax stood at N166.1 million compared with N190.4 million in 2008.

TRIPPLE GEE & CO. PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N300.64 million, as against N463.5 million in the comparable period of 2008. Profit after tax stood at N2.1 million compared with N60 .7 million in 2008.

PRESTIGE ASSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N2,726.43 million, as against N2,289.45 million in the comparable period of 2008. Profit after tax stood at N608.11 million compared with N515.44 million in 2008.

LINKAGE ASSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N1,973.91 million, as against N1,893.53 million in the comparable period of 2008. Profit after tax and exceptional items stood at N25 million compared with profit after tax of N352.82 million in 2008.

INTERNATIONAL ENERGY INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N4,178.62 million, as against N2,408.6 million in the comparable period of 2008. Profit after tax stood at N496.9 million compared with N1,600.55 million in 2008.

NIGERIAN-GERMAN CHEMICALS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N2,845.1 million as against N2,630.94 million in 2007. Profit after tax stood at N17.94 million compared with N137.42 million in 2007. The date of closure of register
is December 1, 2009. The 45th Annual General Meeting is scheduled to hold at Sky Pavilion, Adebola House, 38, Opebi Road, Ikeja, Lagos on Tuesday, December 15, 2009 by 11.00a.m..

PHARMA DEKO PLC: Audited result for the year ended 31st December 2008 shows Turnover of N1,105.6 million as against N790.4 million in 2007. loss after tax stood at N198 million compared with N242.3 million in 2007. The Annual General Meeting is scheduled to hold at Sheraton Hotels & Towers, Mobolaji Bank-Anthony Way, Ikeja Lagos on Monday, December 14, 2009 by 12.00noon.

FIRST ALUMINIUM NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N6,465.95 million, as against N6,189.84 million in the comparable period of 2008. Loss after tax stood at N59.5million compared with N112.15 million in 2008.

UNION BANK OF NIGERIA PLC: Audited result for the year ended 31st March 2009 shows Gross Earnings of N147,319 million as against N112,988 million in 2008. Loss after tax and exceptional items stood at N72,854 million compared with profit after tax of N26,855 million in 2008. Exceptional items represent diminution in the value of investments acquired through a subsidiary, which arose as a result of the decline in quoted share prices occasioned by the worldwide economic meltdown and valued as at 14th September 2009. The loss amounting to N23,798 million had been charged to the profit and loss account as an exceptional item in accor dance with the Statement of Accounting Standards issued by NASB. The date of closure of register is November 30, 2009. The 40th Annual General Meeting is scheduled to hold at Ladi Kwali Hall, Abuja Sheraton Hotels & Towers, Maitama, Abuja on Tuesday, December 15, 2009 by 11.00a.m.

Company Forecasts
TRIPPLE GEE & CO. PLC: The Company forecasts Turnover of N227.71 million and profit after tax of N2.9 million during the third quarter ending December 31, 2009.

TRIPPLE GEE & CO. PLC: The Company forecasts Turnover of N1,065.45 million and profit after tax of N47.04 million during the full year ending March 31, 2010.

CONSOLIDATED HALLMARK INSURANCE PLC: The Company forecasts Gross Premium of N4,530.0 million and profit after tax of N703.25 million during the full year ending December 31, 2010.

Report On The OTC Market For FGN Bonds
A turnover of 417.71 million units worth N N499,774.23 million in 3,859 deals was recorded this week, in contrast to a total of 418.22 million units valued at N521,894.9 million exchanged in 5,142 deals during the week ended Thursday, November 12, 2009. The most active bond (measured by turnover volume) was the 6th FGN Bond 2012 Series 1 with a traded volume of 79.1 million units valued at N88,657.5 million in 665 deals. This was followed by the 5th FGN Bond 2028 Series 5with a traded volume of 50.3 million units valued at N76,664.6 million in 307 deals. Twenty – Five (25) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty-four (24) in the preceding week.