August 21, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.1 billion shares worth N10.14 billion in 37,686 deals was recorded this week, in contrast to a total of 2.45 billion shares valued at N18.73 billion exchanged last week in 39,606 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 786.85 million shares worth N5.85 billion exchanged by investors in 12,257 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, United Bank for Africa Plc and First City Mon ument Bank Plc. Trading in the shares of the three banks accounted for 393 million shares, representing 50% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of AIICO Insurance Plc and Standard Alliance Insurance Plc, followed on the week’s activity chart with a turnover of 697.32 million shares valued at N746.9 million in 15,903 deals.

Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement
The All-Share Index dropped by 9.34% to close on Friday at 21,973.96. The market capitalization of the 195 First -Tier equities closed lower at N5.04 trillion. Also, The NSE-30 Index dropped by 7.8% to close at 814.65.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 11.1% to close at 440.06. The NSE Banking Index dropped by 14.1% to close at 334.90. The NSE Insurance Index dropped by 8.5% to close at 318.19. The NSE Oil/Gas Index dropped by 8.4% to close at 313.27.
Six (6) stocks appreciated in price during the week, lower than the twenty – seven (27) in the preceding week. Nigerian Breweries Plc led on the gainers’ table with a gain of N6.37 to close at N57.73 per share while Glaxo Smithkline Consumer (Nig) Plc followed with N0.83 to close at N17.51 per share. Other price gainers’ include:
+ Unilever Nigeria Plc – N0.52
+ Roads Nigeria Plc – N0.17
+ Union Diagnostics & Clinical Services Plc – N0.09
+ Capital Hotel Plc – N0.05

Ninety–Seven (97) stocks depreciated in price during the week, higher than the eighty-nine (89) in the preceding week. Total Nigeria Plc led on the price losers’ table, dropping by N20.73 to close at N124.77 per share while Nestle Nigeria Plc followed with a loss of N15.08 to close at N197.02 per share. Other price losers in the Top 10 category include:
- Skye Shelter Fund Plc – N9.75
- Benue Cement Company Plc – N8.43
- African Petroleum Plc – N8.41
- Mobil Oil Nigeria Plc – N5.70
- Flour Mills of Nigeria Plc – N4.79
- Oando Plc – N4.20
- Zenith Bank Plc – N2.93
- Ecobank Transnational Incorporated – N2.90

Three equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Niger Insurance Plc was adjusted for dividend of N0.05 per share and bonus of 1 for 10. Trans Nationwide Express Plc was adjusted for dividend of N0.10 per share. AIICO Insurance Plc was adjusted for bonus of 1 for 4.

Supplementary Listings
A total of 395,083,664 shares were added to the shares outstanding in the name of Niger Insurance Plc following the bonus of 1for10. Also, a total of 1,561,878,251 shares were added to the shares outstanding in the name of AIICO Insurance Plc following the bonus of 1for 4.

Full Suspension
Two weeks of full suspension was imposed on trading of the shar es of Afribank Nigeria Plc, Oceanic Bank International Plc, FinBank Plc, Intercontinental Bank Plc and Union Bank of Nigeria Plc on Monday, August 17, 2009 following the takeover of the banks by the Central Bank of Nigeria (CBN). The decision followed a tripartite agreement between the CBN, SEC and The NSE on the need to protect investors and prevent unprecedented dumping of the shares of the five banks. The suspension would be reviewed after two weeks.

Company News
IKEJA HOTEL PLC: Audited result for the year ended 31st December 2008 shows Turnover of N6,455 million as against N5,282.35 million in 2007. Profit after tax stood at N872.53 million compared with N697.75 million in 2007. The Board of Directors is recommending a bonus of 1 for 5. The date of closure of register is September 14, 2009. The 36th Annual General Meeting is scheduled to hold at Sheraton Hotel & Towers, 30 Mobolaji Bank Anthony Way, Ikeja Lagos on Thursday, October 8, 2009 by 12.00noon.

CUTIX PLC: Audited result for the year ended 30th April 2009 shows Turnover of N1,323.45 million as against N1,307.34 million in 2008. Profit after tax and exceptional items stood at N78.31 million compared with profit after tax N114.5 million in 2008. The Board of Directors explained that the exceptional items consist of severance benefits paid to key management and other staff that left the company after long years of service.

OANDO PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N165,036.0 million, as against N124,415.0 million in the comparable period of 2008. Profit after tax stood at N3,809.0 million compared with N3,673.0 million in 2008.

CUSTODIAN & ALLIED INSURANCE PLC: Unaudited result for the half year ended 30th June 2009 shows Gross Premium of N2,873.5 million, as against N2,012.9 million in the comparable period of 2008. Profit after tax stood at N851.62 million compared with N648.61 million in 2008.
STANDARD ALLIANCE INSURANCE PLC: Unaudited result for the first quarter ended 31st March 2009 shows Gross Premium of N1,397.01 million, as against N827.95 million in the comparable period of 2008. Profit after tax stood at N596.5million compared with N259.54 million in 2008.

UNION DIAGNOSTICS & CLINICAL SERVICES PLC: Audited result for the year ended 31st December 2008 shows Turnover of N1,033.7 million as against N545.8 million in 2007. Profit after tax stood at N370.1 million compared with N255.1 million in 2007. The Board of Directors is recommending a dividend of N0.08 per share and bonus of 1 for 5. The date of closure of register is September 7, 2009 while payment date is October 15, 2009. The Annual General Meeting is scheduled to hold at Manuel Mary Hall, Pyramid Hotels, Plot 160 Murtala Mohammed Highway, Calabar, Cross Rivers State on Monday, September 14, 2009 by 1.00p.m.

PORTLAND PAINTS & PRODUCTS NIGERIA PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N1,122 million, as against N885.7 million in the comparable period of 2008. Profit after tax stood at N103.51 million compared with N70.14 million in 2008.

MULTIVERSE RESOURCES PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N281.6 million, as against N186.8 million in the comparable period of 2008. Profit after tax stood at N38.51 million compared with N23.7 million in 2008.

LIVESTOCK FEEDS PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N1,021.81 million, as against N850.3 million in the comparable period of 2008. Profit after tax stood at N10.12 million compared with N37.4million in 2008.

NCR (NIG) PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N2,514.65 million, as against N1,879.8million in the comparable period of 2008. Profit after tax stood at N232.75 million compared with loss before tax of N85.2 mill ion in 2008.

Company Forecasts
SKYE BANK PLC: The bank forecasts Gross Earnings of N98,618.13 million and profit after tax of N16,016.61 million during the fourth quarter ending September 30, 2009.

RT BRISCOE (NIG) PLC: The bank forecasts Turnover of N14,816.3 million and profit after tax of N526.62 million during the third quarter ending September 30, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 144.72 million units worth N164,936.9 million in 1,268 deals was recorded this week, in contrast to a total of 251.01 million units valued at N268.130.92 million exchanged in 1,886 deals during the week ended Thursday, August 13, 2009. The most active bond (measured by turnover volume) was the 4th FGN Bond 2014 Series 3 with a traded volume of 34.7 million units valued at N40,347.75 million in 347 deals. This was followed by the 5th FGN Bond 2028 Series 5 with a traded volume of 22.4 million units valued at N32,289.8 million in 224 deals . Twenty-Two (22) of the available thirty – eight (38) FGN Bonds were traded during the week, compared to twenty – five (25) in the preceding week.