September 25, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 1.42 billion shares worth N12.93 billion in 20,011 deals was recorded this week, in contrast to a total of 2.22 billion shares valued at N16.17 billion exchanged last week in 29,482 deals. The stock market opened for three days as Monday and Tuesday were declared Public Holidays in commemoration of Eid-el-Fitri. There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Pref erence Stocks sectors.

The Banking subsector was the most active during the week (measured by turnover volume), with 1.05 billion shares worth N9.7 billion exchanged by investors in 11,214 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, Zenith Bank Plc, UBA Plc and Guaranty Trust Bank Plc. Trading in the shares of the four banks accounted for 564.54 million shares, representing 54% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of International Energy Insurance Plc and Equity Assurance Plc, followed on the week’s activity chart with a turnover of 175.1 million shares valued at N132.4 million in 1,692 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 rose by 2.11% to close on Friday at 22,332.15. The market capitalization of the 196 First -Tier e quities closed higher at N5.2 trillion. Also, The NSE-30 Index rose by 1.5% to close at 850.18. Two of the four sectoral indices appreciated – The NSE Banking Index rose by 5.8% to close at 361.04. The NSE Insurance Index rose by 2.3% to close at 314.14. However, The NSE Food/Beverages Index dropped by 0.55% to close at454.767 and The NSE Oil/Gas Index dropped by 0.62% to close at 281.41.

Forty – Seven (47) stocks appreciated in price during the week, higher than the twenty-eight (28) in the preceding week. Total Nigeria Plc led on the gainers’ table with a gain of N6.50 to close at N136.50 per share while Julius Berger Nigeria Plc followed with N3.06 to close at N25.99 per share. Other price gainers’ in the Top 10 category include:
+ Glaxo Smithkline Consumer (Nig) Plc – N2.16
+ Flour Mills Nigeria Plc – N2.13
+ UBA Plc – N1.92
+ UACN Property Dev. Co. Plc – N1.74
+ PZ Cussons Nigeria Plc – N1.51
+ Chemical &am p; Allied Products Plc – N1.32
+ Diamond Bank Plc – N1.16
+ Nigerian Aviation Handling Co. Plc – N1.05

Forty – Seven (47) stocks depreciated in price during the week, lower than seventy-four (74) in the preceding week. Cement Company of Northern Nigeria Plc led on the price losers’ table, dropping by N2.10 to close at N12.88 per share while Conoil Plc followed with a loss of N1.96 to close at N37.31 per share. Other price losers in the Top 10 category include:
- Ecobank Nigeria Plc – N1.19
- Oando Plc – N1.00
- African Petroleum Plc – N1.00
- Ecobank Transnational Inc. – N0.87
- Mobil Oil Nigeria Plc – N0.78
- Eterna Oil & Gas Plc – N0.76
- Beta Glass Co. Plc – N0.75
- Dangote Sugar Refinery Plc – N0.48

Two equity prices were adjusted for dividend as recommended by the Board of Directors. Standard Alliance Insurance Plc was adjusted for dividend of N0.05 per share. Northern Ni geria Flour Mills Plc was adjusted for dividend of N0.40 per share.

New Listing
The N18.5 billion Imo State Government of Nigeria 15.5% Fixed Rate Bond 2009/2016 Series 1 was admitted on the Daily Official List on Thursday, September 24, 2009. By this action, the number of listed state government Bonds and securities increased to 7 and 294, respectively.

Supplementary Listing
A total of 431,539,736 shares were added to the shares outstanding in the name of National Sports Lottery Plc following the conclusion of public offering.

Company News
FLOUR MILLS OF NIGERIA PLC: Group Audited result for the year ended 31st March 2009 shows Turnover of N180,068.2 million as against N127,661.81 million in 2008. Profit after tax and exceptional items stood at N3,891.75 million compared with profit after tax of N6,363.1 million in 2008. The Board of Directors is recommending a dividend of N0.50 per share. The date of closure of register is September 28, 2009 while payment date is November 6, 2009. The Annual General Meeting is scheduled to hold at Eko Hotel & Suites, Expo Centre, Adetokunbo Ademola Street, Victoria Island, Lagos on Thursday, October 22, 2009 by 11.00a.m.

CUTIX PLC: Audited result for the year ended 30th April 2009. The Board of Directors is recommending a dividend of N0.12 per share. The date of closure of register is October 19, 2009 while payment date would be announced later.

NIGERIAN BAG MANUFACTURING CO. PLC: Audited result for the year ended 31st March 2009 shows Turnover of N14,667.95million as against N11,811.8 million in 2008. Loss after tax and exceptional items stood at N134.2 million compared with profit after tax of N303.55 million in 2008. The Board of Directors is recommending a dividend of N0.05 per share. The date of closure of register is September 28, 2009 while payment date is November 13, 2009. The Annual General Meeting is scheduled to hold at Royal Tropicana Hotel s, 17/19 Niger Street, Kano on Tuesday, October 20, 2009.
AIRLINE SERVICES & LOGISTICS PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N1,863.2 million, as against N1,794.45 million in the comparable period of 2008. Profit after tax and exceptional items stood at N27.4 million compared with profit after tax of N199.42 million in 2008. The exceptional item is provision for doubtful debts.

TRANS-NATIONWIDE EXPRESS PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N268.31 million, as against N226.64 million in the comparable period of 2008. Profit after tax stood at N26.3 million compared with N25.35 million in 2008.

BIG TREAT PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N1,801.13 million, as against N1,501.34 million in the comparable period of 2008. Loss after tax stood at N184.92 million compared with N5.53 million in 2008.

FIRST ALUMINIUM NIGERIA PLC : Unaudited result for the half year ended 30th June 2009 shows Turnover of N4,309.11 million, as against N4,282.4 million in the comparable period of 2008. Loss after tax stood at N68.24 million compared with N13.82 million in 2008.

Company Forecasts
GLAXO SMITHKLINE CONSUMER (NIG) PLC: The Company forecasts Turnover of N3,766.22 million and profit after tax of N208.33 million during the fourth quarter ending December 31, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 198.5 million units worth N N217,919.8 million in 1,567 deals was recorded this week, in contrast to a total of 321.7 million units valued at N355,073.2 million exchanged in 3,630 deals during the week ended Thursday, September 17, 2009. The most active bond (measured by turnover volume) was the 4th FGN Bond 2012 Series 2 with a traded volume of 22.1 million units valued at N24,121.35 million in 221 deals. This was followed by the 4th FGN Bond 2014 Series 3 with a traded vol ume of 20.5 million units valued at N24,577.6 million in 204 deals. Twenty-Four (24) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty – one (21) in the preceding week.