July 17, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.1 billion shares worth N17.44 billion in 45,423 deals was recorded this week, in contrast to a total of 11.72 billion shares valued at N91.22 billion exchanged last week in 223,989 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 1.14 billion shares worth N12.4 billion exchanged by investors in 29,136 deals. Volume in the Banking subsector was largely driven by activity in the shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc and Acces s Bank Plc. Trading in the shares of the three banks accounted for 477.54 million shares, representing 42% 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 479.44 million shares valued at N359.13 million in 4,742 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 9.4% to close on Friday at 23,656.42. The market capitalization of the 195 First -Tier equities closed lower at N5.423 trillion. Also, The NSE-30 Index dropped by 9.13% to close at 816.63.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 11.50% to close at 439.08. The NSE Banking Index dropped by 11.74% to close at 379.36. The NSE Insurance Index dropped by 5.65% to close at 347.38. The NSE Oi l/Gas Index dropped by 2.90% to close at 369.69.

Nine (9) stocks appreciated in price during the week, lower than the twenty (20) in the preceding week. Oando Plc led on the gainers’ table with a gain of N6.36 to close at N89.86 per share while Nigerian Breweries Plc followed with N2.36 to close at N52.35 per share. The remaining price Other price gainers’ are listed below:

+ Nigerian Bottling Co. Plc – N0.97
+ BOC Gases Plc – N0.78
+ University Press Plc – N0.40
+ UAC of Nigeria Plc – N0.39
+ Big Treat Plc – N0.19
+ Cutix Plc – N0.17
+ Intercontinental Bank Plc – N0.17

One Hundred and Eight (108) stocks depreciated in price during the week, higher than the ninety – one (91) in the preceding week. Two Petroleum (Marketing) stocks led on the price losers’ table. African petroleum Plc led on the price losers’ table, dropping by N8.72 to close at N80.78 per share while Total Nigeria Plc followed with a loss of N8.27 to close at N157.98 per share. Other price losers in the Top 10 category include:

- Benue Cement Company Plc – N6.96
- Nestle Nigeria Plc – N6.50
- Conoil Plc – N5.64
- Guinness Nigeria Plc – N4.92
- Chevron Oil Nigeria Plc – N4.74
- Flour Mills Nigeria Plc – N3.87
- Julius Berger Nigeria Plc – N3.12
- Dangote Sugar Refinery Plc – N3.11

Six equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Niger Insurance Co. Plc was adjusted for dividend of N0.05 per share and bonus of 1 for 10. Ashaka Cement Plc was adjusted for a dividend of N0.30 per share. May & Baker Nigeria Plc was adjusted for a dividend of N0.40 per share. Presco Plc was adjusted for a dividend of N0.30 per share. Sovereign Trust Insurance Plc was adjusted for a dividend of N0.03 per share. Big Treat Plc was adjusted for a dividend of N0.12 per share.

Supplementary Listing
A total of 395,083,664 shares were added to the shares outstanding in the name of Niger Insurance Co. Plc following the bonus of 1for 10.

Company News
SKYE SHELTER FUND PLC: Audited result for the year ended 31st December 2008 shows Fixed Interest Income of N236.11 million. Profit after tax stood at N114.64 million. The Fund Managers are recommending a dividend of N4.65 per share. The date of closure of register is July 23, 2009 while payment date is August 3, 2009. The Fund was admitted on the Daily Official List on February 26, 2008. The Annual General Meeting is scheduled to hold on Thursday, July 30, 2009 at a venue to be advised later.

RED STAR EXPRESS PLC: Audited result for the year ended 31st March 2009. The Board of Directors is recommending a dividend of N0.30 per share. The date of closure of register is August 10, 2009 while payment date is August 27, 2009. The Annual General Meeting is scheduled to hold on Thursday, August 20, 2009 by 11.00a. m at a venue to be advised later.

AVON CROWNCAPS & CONTAINERS PLC: Audited result for the year ended 31st March 2009 shows Turnover of N9,576.31 million as against N6,905.13 million in 2008. Profit after tax stood at N236.55 million compared with N251.11 million in 2008. The Board of Directors is recommending a dividend of N0.12 per share. The date of closure of register is September 15, 2009 while payment date is September 28, 2009. The Annual General Meeting is scheduled to hold on Thursday, September 24, 2009.

CAPITAL HOTELS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N3,962.5 million as against N2,811.8 million in 2007. Profit after tax stood at N209.13 million compared with N177.03 million in 2007. The Board of Directors is recommending a dividend of N0.05 per share. The date of closure of register is August 3, 2009 while payment date is September 2, 2009. The 28th Annual General Meeting is scheduled to hold at Sherato n Hotel & Towers, Abuja, on Wednesday, August 19, 2009 by 12.00noon.

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 N14.45 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 N364.93million compared with N688.2 million in 2007. The Board of Directors is recommending a dividend of N0.03 per share. The date of closure of register is August 3, 2009 while payment date would be advised later.

NIGERIAN BREWERIES PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N82,691.7 million, as against N68,054 million in the comparable period of 2008. Profit after tax stood at N16,855.81 million compared with N12,337.7 million in 2008.

OANDO PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N77,534.0 million, as against N69,363.0 million in the comparable period of 2008. Profit after tax stood at N1,818.0 million compared with N1,399.0 million in 2008.

FIRST ALUMINIUM NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N2,331.51 million, as against N1,969.5 million in the comparable period of 2008. Loss after tax stood at N45.51 million compared with N39.2 million in 2008.

AFPRINT NIGERIA PLC: Unaudited result for the third quarter ended 31st March 2009 shows Turnover of N2,431.95 million, as against N3,249.3 million in the comparable period of 20 08. Loss after tax stood at N115.42 million compared with N4.1 million in 2008.

Company Forecasts
RED STAR EXPRESS PLC: The Company forecasts Turnover of N2,143.33 million and profit after tax of N170.82 million during the half year ending September 30, 2009.

ROYAL EXCHANGE PLC: The Company forecasts Turnover of N4.088.0 million and profit after tax of N459.5 million during the third quarter ending September 30, 2009.

Report On The FGN OTC Bonds
A turnover of 500.31 million units worth N548,070.9 million in 4,148 deals was recorded this week, in contrast to a total of 529.6 million units valued at N548,233.71 million exchanged in 3,618 deals during the week ended Thursday, July 9, 2009. The most active bond (measured by turnover volume) was the 5th FGN Bond 2028 Series 5 with a traded volume of 62.92 million units valued at N80,387.01 million in 499 deals. This was followed by the 6th FGN Bond 2029 Series 3 with a traded volume of 5 8.8 million units valued at N65,570.52 million in 564 deals. Thirty (30) of the available forty-two (42) FGN Bonds were traded during the week, compared to twenty – nine (29) in the preceding week.