July 10, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 11.72 billion shares worth N91.22 billion in 223,989 deals was recorded this week, in contrast to a total of 2.35 billion shares valued at N19.06 billion exchanged last week in 46,350 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 5.95 billion shares worth N63 billion exchanged by investors in 130,384 deals. Volume in the Banking subsector was largely driven by activity in the shares of United Bank for Africa Plc, Guaranty Trust Bank Plc, Access Bank Plc, First Bank of Nigeria Plc and Zenith Bank Plc. Trading in the shares of the five banks accounted for 2.75 billion shares, representing 46.3% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Goldlink Insurance Co. Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 2.56 billion shares valued at N2.54 billion in 23,934 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 3.64% to close on Friday at 26,100.64. The market capitalization of the 195 First -Tier equities closed lower at N5.983 trillion. Also, The NSE-30 Index dropped by 2.09% to close at 898.64.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 3.16% to close at 496.12. The NSE Banking Index dropped by 5.87% to close at 429.82. The NSE Insurance Index dropped by 0.56% to close at 368.17. The NSE Oil/Gas Index dropped by 5.58% to close at 380.72.

Twenty (20) stocks appreciated in price during the week, lower than the seventy (70) in the preceding week. Guinness Nigeria Plc led on the gainers’ table with a gain of N10.91 to close at N135.97 per share while Nigerian Bottling Company Plc followed with N3.53 to close at N26.02 per share. Other price gainers’ in the Top 10 category include:

+ UACN Property Dev. Co. Plc – N1.11
+ BOC Gases Plc – N0.75
+ Glaxo Smithkline Consumer Plc – N0.45
+ Cutix Plc – N0.34
+ RT Briscoe (Nig) Plc – N0.33
+ Niger Insurance Co. Plc – N0.30
+ PZ Cussons Nig. Plc – N0.28
+ Lafarge Cement WAPCO Nig. Plc – N0.24

Ninety – One (91) stocks depreciated in price during the week, higher than the forty – six (46) in the preceding week. Total Nigeria Plc led on the price losers’ table, dropping by N8.75 to close at N166.25 per share w hile Oando Plc followed with a loss of N8.39 to close at N83.50 per share. Other price losers in the Top 10 category include:

- Nestle Nigeria Plc – N7.00
- Mobil Oil Nigeria Plc – N6.16
- African Petroleum Plc – N5.03
- UAC of Nigeria Plc – N4.27
- Benue Cement Company Plc – N3.60
- Chemical & Allied Products Plc – N1.71
- Zenith Bank Plc – N1.67
- Julius Berger Nigeria Plc – N1.64

Four equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Benue Cement Company Plc was adjusted for bonus of 1 for 4. Chams Plc was adjusted for a dividend of N0.03 per share. Abbey Building Society Plc was adjusted for a dividend of N0.03 per share. Smart Products Nigeria Plc was adjusted for a dividend of N0.06 per share.

N.B. African Petroleum Plc was adjusted for a dividend of N5.20 per share on July 3, 2009.

NEW LISTINGS
Two new Companies were admitted on the Daily Official List by way of Introduction – The 4,200,000,000 shares in favour of eTranzact International Plc were admitted at a price of N4.80 per share on Wednesday, July 8, 2009. The Company was listed in the Information Communication and Telecommunication subsector. Also, the 400,000,000 shares in favour of Portland Paints & Products Nigeria Plc were admitted at a price of N10.00 per share on Thursday, July 9, 2009. The Company was listed in the Chemical & Paints subsector. By this action, the number of listed companies and securities increased to 210 and 297, respectively.

SUPLLEMENTARY LISTINGS
A total of 783,105,469 shares were added to the shares outstanding in the name of Benue Cement Co. Plc on July 6, 2009 following the bonus of 1 for 4. Also, a total of 52,094,578 shares were added to the shares outstanding in the name of Afribank Nigeria Plc on July 10, 2009 being supplementary allotment from the Public Offering.

COMPANY NEWS
BANK OF NIGERIA PLC: Audited result for the year ended 31st March 2009 shows Gross Earnings of N218,287.0 million as against N155,725.0 million in 2008. Profit after tax and exceptional items stood at N12,569.0 million compared with profit after tax of N36,679.0 million in 2008. The Board of Directors is recommending a dividend of N1.35 per share and bonus of 1 for 6. The date of closure of register is July 20, 2009 while payment date is August 24, 2009. The Annual General Meeting is scheduled to hold on Thursday, August 20, 2009.

REGENCY ALLIANCE INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N1,705.72 million as against N1,210.8 million in 2007. Profit after tax stood at N312.7 million compared with N237.54 million in 2007. The Board of Directors is recommending a dividend of N0.02 per share and bonus of 1 for 10. The date of
closure of register is July 22, 2009 while payment date is August 28, 2009. The Annu al General Meeting is scheduled to hold at AGIP Recital Hall, Muson Centre, 8/9 Marina, Lagos on Wednesday, July 29, 2009 by 12.00noon.

NIGER INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N5,324.8 million as against N3,874.22 million in 2007. Profit after tax stood at N206 million compared with N657.02 million in 2007. The Board of Directors is recommending a dividend of N0.05 per share and bonus of 1 for 10. The date of closure of register is July 13, 2009 while payment date is August 10, 2009. The 39th Annual General Meeting is scheduled to hold at Tinapa Business & Leisure Resort, Adiabo, Calabar on Thursday, July 23, 2009 by 10.00a.m.

TRANS-NATIONWIDE EXPRESS PLC: Audited result for the year ended 31st December 2008. The Board of Directors is recommending a dividend of N0.10 per share. The date of closure of register is August 17, 2009 while payment date is September 10, 2009. The Annual General Meeting is scheduled to hold on Thursday, August 27, 2009.

MORISON INDUSTRIES PLC: Audited result for the year ended 31st December 2008 shows Turnover of N369.23 million as against N221.8 million in 2007. Profit after tax stood at N13.9 million compared with N5.5 million in 2007. The Board of Directors is recommending a dividend of N0.05 per share. The date of closure of register is July 20, 2009 while payment date is August 20, 2009. The 54th Annual General Meeting is scheduled to hold at the Company Premises on Thursday, August 13, 2009 by 11.00a.m.

LASACO ASSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N2,334.15 million as against N1,773.85 million in 2007. Profit after tax stood at N364.93 million compared with N688.2 million in 2007. The date of closure of register is August 3, 2009.

CHEVRON OIL NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N13,893.32 million, as agains t N8,584.73 million in the comparable period of 2008. Profit after tax stood at N162.4 million compared with loss after tax of N190.63 million in 2008.

COMPANY FORECASTS
BETA GLASS PLC: The Company forecasts Turnover of N2,987.53 million and profit after tax of N449.8 million during the third quarter ending September 30, 2009.

NIGERIAN BOTTLING CO. PLC: The Company forecasts Turnover of N45,277.0 million and profit after tax of N1,507.0 million during the half year ending June 30, 2009.

JAPAUL OIL & MARITIME SERVICES PLC: The Company forecasts Turnover of N4,495.3 million and profit after tax of N1,366.00 million during the third quarter ending September 30, 2009.
ABBEY BUILDING SOCIETY PLC: The Company forecasts Turnover of N803.3 million and profit after tax of N353.45 million during the third quarter ending September 30, 2009.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 529.6 million units worth N548,233.71 million in 3,618 deals was recorded this week, in contrast to a total of 560.95 million units valued at N574,001.6 million exchanged in 3,180 deals during the week ended Thursday, July 2, 2009. The most active bond (measured by turnover volume) was the 4th FGN Bond 2014 Series 3 with a traded volume of 85.3 million units valued at N96,376.81 million in 755 deals. This was followed by the 5th FGN Bond 2013 Series 4 with a traded volume of 58.9 million units valued at N59,839.35 million in 311 deals.