Nov 6, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.2 billion shares worth N17.2 billion in 30,275 deals was recorded this week, in contrast to a total of 2.4 billion shares valued at N14.65 billion exchanged last week in 31,070 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 1.3 billion shares worth N10.1 billion exchanged by investors in 17,542 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, UBA Plc and First Bank of Nigeria Plc. Trading in the shares of the three banks accounted for 687.2 million shares, representing 53.44% of the subsector’s turnove r.

The Insurance subsector, boosted by activity in the shares of Cornerstone Insurance Plc and African Alliance Insurance Plc, followed on the week’s activity chart with a turnover of 284.9 million shares valued at N263.21 million in 1,956 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 dropped by 0.78% to close on Friday at 21,349.18 attributed to the decline in the prices of the highly capitalized stocks. The market capitalization of the 198 First -Tier equities closed lower at N5.04 trillion. Also, The NSE-30 Index dropped by 0.7% to close at 827.91.

One of the four sectoral indices appreciated – The NSE Banking Index rose by 0.93% to close at 349.51. However, The NSE Food/Beverages Index dropped by 0.9% to close at 489.95.The NSE Insurance Index dropped by 3.97% to close at 278.6. The NSE Oil/Ga s Index dropped by 0.9% to close at 296.34.

Thirty – Two (32) stocks appreciated in price during the week, lower than the thirty-three (33) in the preceding week. Julius Berger Nigeria Plc led on the gainers’ table with a gain of N2.07 to close at N28.91 per share while UACN Property Development Co. Plc followed with N1.42 to close at N19.42 per share. Other price gainers’ in the Top 10 category include:
+ African Petroleum Plc – N1.21
+ Dangote Flour Mills Plc – N1.13
+ UAC of Nigeria Plc – N1.06
+ Union Bank of Nigeria Plc – N0.79
+ Benue Cement Company Plc – N0.50
+ First Bank of Nigeria Plc – N0.46
+ Skye Bank Plc – N0.42
+ Vitafoam Nigeria Plc – N0.42

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 N8.00 to close at N152.00 per share while Flour Mills of Nigeria Plc followed with a loss of N1.87 to close at N32.00 per share. Other price losers in the Top 10 category include:
- Conoil Plc – N1.84
- Ecobank Nigeria Plc – N1.71
- Nigerian Breweries Plc – N1.60
- Eterna Oil & Gas Plc – N1.43
- Nigerian Bottling Co. Plc – N1.05
- Cement Co. of Northern Nigeria Plc – N1.03
- Guaranty Trust Bank Plc – N0.84
- 7-Up Bottling Co. Plc – N0.65

Company News
NESTLE NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N49,899.11 million, as against N37,736.2 million in the comparable period of 2008. Profit after tax stood at N7,222.25 million compared with N5,495 million in 2008. The Board of Directors is recommending an interim dividend of N1.95 per share. The date of closure of register is November 30, 2009 while payment date is December 7, 2009.

DANGOTE FLOUR MILLS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N47,927.3 million as against N42,153.3 million in 2007. Profit after tax stood at N2,989.56 million compared with N561.6 million in 2007. The Board of Directors is recommending a dividend of N0.20 per share. The date of closure of register is November 23, 2009 while payment date is December 16, 2009. The Annual General Meeting is scheduled to hold at Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos on Wednesday, December 9, 2009 by 11.00a.m.

DANGOTE FLOUR MILLS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N46,953.2 million, as against N34,839.01 million in the comparable period of 2008. Profit after tax stood at N7,615.2 million compared with N1,758.36 million in 2008. The Board of Directors is recommending an interim dividend of N0.30 per share. The date of closure of register is November 23, 2009 while payment date is December 16, 2009.

DANGOTE SUGAR REFINERY PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N59,440.35 million, as against N64,357.65 million in the comparable period of 2008. Profit after tax stood at N11,895.9 million compared with N18,553.42 million in 2008.

PZ CUSSONS NIGERIA PLC: Unaudited result for the first quarter ended 31st August 2009 shows Turnover of N18,996.6 million, as against N16,568.3 million in the comparable period of 2008. Profit after tax stood at N545.02 million compared with N567.4 million in 2008.

UACN PROPERTY DEVELOPMENT COMPANY PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N11,452.1 million, as against N11,155.3 million in the comparabl e period of 2008. Profit after tax stood at N2,075.84 million compared with N2,598.05 million in 2008.

RT BRISCOE (NIG) PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N11,970 million, as against N14,694.53 million in the comparable period of 2008. Profit after tax stood at N192.22 million compared with N571.3 million in 2008.

CAPITAL HOTELS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N3,273.53 million, as against N2,797.1 million in the comparable period of 2008. Profit after tax stood at N822.01 million compared with N454.56 million in 2008.

LIVESTOCK FEEDS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N1,617.22 million, as against N1,640.93 million in the comparable period of 2008. Profit after tax stood at N17.8million compared with N52.54 million in 2008.

ASO SAVINGS & LOANS PLC: Unaudited result for the half year ended 30th September 2009 shows Gross Earnings of N5,050 million, as against N5,458.21 million in the comparable period of 2008. Profit after tax stood at N369.63 million compared with N1,021.3 million in 2008.

CUTIX PLC: Unaudited result for the first quarter ended 31st July 2009 shows Turnover of N366.22 million, as against N305.24 million in the comparable period of 2008. Profit before tax stood at N69.3 million compared with N32.8 million in 2008.

UNIC INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N2,742.0 million as against N2,079.55 million in 2007. Profit after tax stood at N151.14 million compared with N265.31 million in 2007. A total of N3 million was reported as write back on doubtful investments as at the period under review (2007 = N16.8 million). The date of closure of register is November 23, 2009.The 44th Annual General Meeting is scheduled to hold on Monday, December 7, 2009 at VGC Recreational Investment Trust Limited at, Plot M-2, Road 22A, Victoria Garden City, Ajah, Lagos State by 11.00a.m.

INTERCONTINENTAL WAPIC INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N7,087.3 million as against N3,890.93 million in 2007. Profit after tax stood at N181.6 million compared with N601.81 million in 2007. Though the Insurance Company recorded loss before tax of N15.14 million in 2008 compared to profit before tax of N875.52 million in 2007, however tax rebate of N196.72 million in 2008 led to the reported profit after tax.

CUSTODIAN & ALLIED INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross premium of N4,033.56 million, as against N3,033.63 million in the comparable period of 2008. Profit after tax stood at N1,223.13 million compared with N1,068.3 million in 2008.

NEM INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross premium of N4,005.4 million, as against N3,269.34 million in the comparable period of 2008. Profit after tax stood at N812.95 million compared with N623.04 million in 2008.

PRESTIGE ASSURANCE PLC: Unaudited result for the half year ended 30th June 2009 shows Gross premium of N2,007.8 million, as against N1,755.9 million in the comparable period of 2008. Profit after tax stood at N551.02 million compared with N383.1 million in 2008.

OASIS INSURANCE PLC: Unaudited result for the third quarter ended 30t h September 2009 shows Gross Premium of N780.31 million, as against N436.8 million in the comparable period of
2008. Loss after tax stood at N96.55million compared with profit after tax of N121.5 million in 2008.

CORNERSTONE INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N3,130.71 million, as against N2,765.2 million in the comparable period of 2008. Loss after tax stood at N297.311million compared with N43.1 million in 2008.

LINKAGE ASSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N2,252.74 million as against N1,471.93 million in 2007. Loss after tax and exceptional items stood at N156.4 million compared with profit after tax of N274 million in 2007. The Company had exceptional item of N510.32 million during 2008 to cover the diminution in value of investment. The date of closure of register is December 3, 2009.The Annual General Meeting is scheduled to hold on Monday, December 14, 2009 at Protea Hotel, Oakwood Park, Lekki – Epe Expressway, Lagos by 11.00a.m.

CADBURY NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N18,937.1 million, as against N17,549.72 million in the comparable period of 2008. Loss after tax and exceptional items stood at N1,274.75 million compared with loss after tax of N1,793.95 million in 2008. Exceptional items represented severance payments to disengaged staff resulting from the restructuring exercise carried out by the Company during the first quarter of 2009.

ALUMACO PLC: Audited result for the year ended 31st December 2008 shows Turnover of N664.91 million as against N417.83 million in 2007. Loss after tax and exceptional items stood at N133 million compared with loss after tax of N39 million in 2007. The Company had exceptional item of N10.5 million during 2008 to cover the diminution in value of investment.

Company Forecasts
DANGOTE SUGAR REFINERY PLC: The Company forecasts Turnover of N29,925.0 million and profit after tax of N10,708.85 million during the fourth quarter ending December 31, 2009.

Memorandum Quotations
FSDH CORAL INCOME FUND: Unaudited result for the third quarter ended 30th September 2009 shows Net Income after tax of N41.64 million as against N22.25 million in the comparable period of 2008. The Net Assets stood at N436.24 million compared with N428.35 million in 2008.
FSDH CORAL GROWTH FUND: Unaudited result for the third quarter ended 30th September 2009 shows Net Income after tax of N72.6 million as against N45.13 million in the comparable period of 2008. The Net Assets stood at N3,393.33 million compared with N3,333.13 million in 2008.

Report On The OTC Market For FGN Bonds
A turnover of 418.22 million units worth N N521,894.9 million in 5,142 deals was recorded this week, in contrast to a total of 352.2 million units valued at N443,836.75 million exchanged in 4,710 deals during the week ended Thursday, November 5, 2009. As in the preceding week, the most active bond (measured by turnover volume) was the 5th FGN Bond 2028 Series 5 with a traded volume of 73.3 million units valued at N129,004 million in 1,421 deals. This was followed by the 4th FGN Bond 2014 Series 11 with a traded volume of 54.7 million units valued at N62,182.56 million in 976 deals. Twenty – Four (24) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty-two (22) in the preceding week.