July 24, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 1.8 billion shares worth N13.23 billion in 34,566 deals was recorded this week, in contrast to a total of 2.1 billion shares valued at N17.44 billion exchanged last week in 45,423 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 1.01 billion shares worth N8.42 billion exchanged by investors in 17,740 deals. Volume in the Banking subsector was largely driven by activity in the shares of Zenith Bank Plc, Access Bank Plc, Diamond Bank Plc and Guaranty Tru st Bank Plc. Trading in the shares of the four banks accounted for 515.2 million shares, representing 51.05% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Investment and Allied Insurance Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 440.8 million shares valued at N348.44 million in 5,111 deals.

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

Price Movement
The All-Share Index rose by 1.13% to close on Friday at 23,924.10. The market capitalization of the 195 First -Tier equities closed higher at N5.48 trillion. Also, The NSE-30 Index rose by 4.15% to close at 850.53.

Two of the four sectoral indices appreciated, while the other two depreciated – The NSE Food/Beverages Index rose by 3.03% to close at 452.40. The NSE Banking Index rose by 1.2% to close at 383.83. However, The NSE Insurance Index dropped by 1.5% to close at 342.26 and The NSE Oil/Gas Index dropped by 1.15% to close at 365.44.

Thirty – Four (34) stocks appreciated in price during the week, higher than the nine (9) in the preceding week. Also, as in the preceding week, Oando Plc led on the gainers’ table with a gain of N4.61 to close at N94.47 per share while Guinness Nigeria Plc followed with N3.95 to close at N135.00 per share. Other price gainers’ in the Top 10 category include:

+ Nigerian Breweries Plc – N3.43
+ Benue Cement Company Plc – N3.36
+ UAC of Nigeria Plc – N3.00
+ Unilever Nigeria Plc – N2.48
+ Lafarge Cement WAPCO Nig. Plc – N1.71
+ PZ Cussons Nigeria Plc – N1.57
+ Guaranty Trust Bank Plc – N1.55
+ Dangote Sugar Refinery Plc – N1.44

Eighty – Two (82) stocks depreciated in price during the week, lower than the one hundred and eight (108) in the preceding week. Skye Shelter fund Plc led on the price losers’ table, dropp ing by N9.92 to close at N95.54 per share while Mobil Oil Nigeria Plc followed with a loss of N7.00 to close at N110.00 per share. Other price losers in the Top 10 category include:

- African Petroleum Plc – N4.28
- First Bank of Nigeria Plc – N3.93
- Conoil Plc – N2.61
- Nestle Nigeria Plc – N2.00
- 7-Up Bottling Co. Plc – N1.80
- Glaxo Smithkline Consumer Plc – N1.69
- Nigerian Bottling Company Plc – N1.41
- UACN Property Dev. Co. Plc – N1.30

Six equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. First Bank of Nigeria Plc was adjusted for dividend of N1.35 per share and bonus of 1 for 6. Regency Alliance Insurance Plc was adjusted for dividend of N0.02 per share and bonus of 1 for 10. Staco Insurance Plc was adjusted for dividend of N0.02 per share and bonus of 1 for 10. Morison Industries Plc was adjusted for a dividend of N0.05 per share. Skye Shelter Fund Plc was adjusted for a dividend of N4.65 per share. Niger Insurance Co. Plc was adjusted for dividend of N0.05 per share and bonus of 1 for 10.

Supplementary Listings
A total of 4,143,756,744 shares were added to the shares outstanding in the name of First Bank of Nigeria Plc following the bonus of 1for 6. A total of 606,250,000 shares were added to the shares outstanding in the name of Regency Alliance Insurance Plc following the bonus of 1for 10. A total of 482,947,796 shares were added to the shares outstanding in the name of Staco Insurance Plc following the bonus of 1for 10. 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
NIGERIAN AVIATION HANDLING COMPANY PLC: Notification of result for half year ended 30th June 2009. The Board of Directors is recommending a dividend of N0.25 per share and bonus of 1 for 4. The date of closure of register is August 10, 2009 while payment date is August 20, 2009. An Extra-ordinary General Meeting is scheduled to hold on Thursday, August 20, 2009.

STANBIC IBTC BANK PLC: Audited result for the year ended 31st December 2008 shows Gross Earnings of N61,240.51 million as against N28,651.04 million during the 9 months ended December 31, 2007. Profit after tax stood at N11,994.43 million compared with N7,849.85 million in 2007. The Board of Directors is recommending a dividend of N0.40 per share. The date of closure of register is August 5, 2009 while payment date would be advised later.

OCEANIC BANK INTERNATIONAL PLC: Audited result for the 15-month ended 31st December 2008 shows Gross Earnings of N188,217.53 million as against N74,936.71 million during the 12-month ended 30th September 2007. Profit after tax stood at N9,565.41 million
compared with N17,537.24 million during the year ended 30th September 2007. The Board of Directors is recommending a bonus of 1 for 10. The date of closure of register is August 3, 2009. The 12th Annual General Meeting is scheduled to hold at Tinapa Business Resort, Calabar, Cross Rivers State on Thursday, August 20, 2009 by 8.00a.m.

ACCESS BANK PLC: Unaudited result for the first quarter ended 30th June 2009 shows Gross Earnings of N26,645.42 million, as against N20,576.6 million in the comparable period of 2008. Profit after tax stood at N4,602.8 million compared with N6,107.4 million in 2008.

ECOBANK NIGERIA PLC: Unaudited result for the half year ended 30th June 2009 shows Gross Earnings of N30,194.8 million, as against N55,155.92 million in the comparable period of 2008. Profit after tax and extra-ordinary items stood at N4,251.63 million compared with N2,130.5 million in 2008.

MOBIL OIL NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N14,720 million, as against N15,686.04 million in the comparable period of 2008. Profit after tax s tood at N360.02 million compared with N626.4 million in 2008.

JAPAUL OIL & MARITIME SERVICES PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N2,585.53 million, as against N1,487.2 million in the comparable period of 2008. Profit after tax stood at N705 million compared with N468.5 million in 2008.

NEM INSURANCE PLC: Unaudited result for the half year ended 30th June 2009 shows Gross premium of N3,054.7 million, as against N2,324.7 million in the comparable period of 2008. Profit after tax stood at N796.14 million compared with N560.92 million in 2008.

UTC NIGERIA PLC: Audited result for the year ended 31st December 2008. The Company notified The Exchange on July 21, 2009 that the shareholders of the Company at the Annual General Meeting (AGM) held on Tuesday, July 7, 2009, unanimously resolved that the dividend of N0.03 per share earlier proposed be kept in revenue reserves for payment of a ‘better’ dividend in the n ext financial year.

Company Forecasts
STANBIC IBTC BANK PLC: The Bank forecasts Gross Earnings of N52,880.81 million and profit after tax of N14,927.71 million during the year ending December 31, 2009.

ASSOCIATED BUS COMPANY PLC: The Company forecasts Operating Income of N973.1 million and profit after tax of N66.5 million during the third quarter 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 OTC Market For FGN Bonds
A turnover of 433.2 million units worth N492,513.8 million in 3,663 deals was recorded this week, in contrast to a total of 500.31 million units valued at N548,070.9 million exchanged in 4,148 deals during the week ended Thursday, July 16, 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 80.6 million units valued at N113,003.7 million in 759 deals. This was followed by the 6th FGN Bond 2029 Series 3 with a traded volume of 46.6 million units valued at N52,620.84 million in 421 deals. Twenty-Six (26) of the available forty-two (42) FGN Bonds were traded during the week, compared to thirty (30) in the preceding week.