July 3, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.35 billion shares worth N19.06 billion in 46,350 deals was recorded this week, in contrast to a total of 2.64 billion shares valued at N20.64 billion exchanged last week in 36,728 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 1.31 billion shares worth N13.93 billion exchanged by investors in 27,412 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, First Bank of Nigeria Pl c, Zenith Bank Plc and United Bank for Africa Plc. Trading in the shares of the four banks accounted for 564.9 million shares, representing 43.01% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Universal Insurance Co. Plc and Lasaco Assurance Plc, followed on the week’s activity chart with a turnover of 535.8 million shares valued at N548.33 million in 4,469 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 4.93% to close on Friday at 27,086.56. The market capitalization of the 193 First -Tier equities closed higher at N6.18 trillion. Also, The NSE-30 Index rose by 5.01% to close at 917.82.

All the four sectoral indices appreciated – The NSE Food/Beverages Index rose by 4.34% to close at 512.33. The NSE Banking Index rose by 5.34% to close at 456.61. The NSE Insurance Index rose by 0.09% to cl ose at 370.23. The NSE Oil/Gas Index rose by 0.98% to close at 403.23.

Seventy (70) stocks appreciated in price during the week, higher than the twelve (12) in the preceding week. Three Petroleum (Marketing) stocks occupied the top position on the price gainers’ table. Oando Plc led on the gainers’ table with a gain of N6.24 to close at N91.89 per share while Total Nigeria Plc followed with N5.95 to close at N175.00 per share. Other price gainers’ in the Top 10 category include:

+ Mobil Oil Nigeria Plc – N5.88
+ UAC of Nigeria Plc – N5.28
+ Julius Berger Nigeria Plc – N4.46
+ UACN Property Dev. Co. Plc – N2.99
+ Guaranty Trust Bank Plc – N2.52
+ Ashaka Cement Plc – N2.27
+ Nigerian Bottling Co. Plc – N2.10
+ First Bank of Nigeria Plc – N2.01

Forty – Six (46) stocks depreciated in price during the week, lower than the one hundred and two (102) in the preceding week. African Petroleum Plc led on th e price losers’ table, dropping by N5.26 to close at N94.53 per share while Nestle Nigeria Plc followed with a loss of N4.00 to close at N185.00 per share. Other price losers in the Top 10 category include:

- Conoil Plc – N3.51
- Intercontinental Bank Plc – N2.79
- Eterna Oil & Gas Plc – N1.33
- Access Bank Plc – N0.61
- Glaxo Smithkline Consumer Plc – N0.55
- Costain (WA) Plc – N0.48
- Tripple Gee & Co. Plc – N0.35
- Dangote Flour Mills Plc – N0.35

The price of Access Bank Plc was adjusted for a dividend of N0.70 per share as recommended by the Board of Directors.

MEMORANDUM LISTING
The 3,205,725,266 Units of Lotus Capital Halal Investment Fund was admitted on the Daily Official List under Memorandum Listing at N0.87 per Unit on Tuesday, June 30, 2009. By this action, the number of Managed Funds granted Memorandum Listing status increased to 25.

TECHNICAL SUSPENSION
Cadbur y Nigeria Plc was placed on technical suspension on Monday June 29, 2009 on receiving the Company’s application to undertake supplementary share offering. Also, technical suspension on Eterna Oil & Gas Plc was lifted following the expiration of the two weeks allowed by The Exchange after the closure of the supplementary issue to the public and the confirmation by the stockbrokers that there are no unresolved issues arising from the supplementary issue.

COMPANY NEWS
AFRICAN PETROLEUM PLC: Audited result for the year ended 31st December 2008 shows Turnover of N162,595.51 million as against N102,498.73 million in 2007. Profit after tax stood at N7,147.75 million compared with profit after tax and exceptional items of N7,077.1 million in 2007. The Board of Directors is recommending a dividend of N5.20 per share. The date of closure of register is July 3, 2009 while payment date is July 27, 2009. The 30th Annual General Meeting is scheduled to hold at Civic Centre , Ozumba Mbadiwe Street, Victoria Island, Lagos on Wednesday, July 22, 2009 by 10.00a.m.

MAY & BAKER NIGERIA PLC: Audited result for the year ended 31st December 2008 shows Turnover of N5,439.91 million as against N3,859.75 million in 2007. Profit after tax and exceptional items stood at N418 million compared with profit after tax of N208.32 million in 2007. The Board of Directors had earlier recommended a dividend of N0.40 per share. The date of closure of register is July 16, 2009 while payment date is August 10, 2009. Also, the Board of Directors explained that the exceptional items represents Insurance Claims less expenses incurred in the restoration of the Pharmaceutical Plant gutted by fire on January 12, 2008. The 58th Annual General Meeting is scheduled to hold at Muson Centre, Onikan, Lagos on Tuesday, July 28, 2009.

ASSOCIATED BUS COMPANY PLC: Audited result for the year ended 31st December 2008 shows Turnover of N3,956.9 million as against N3,2 01.65 million in 2007. Profit after tax and exceptional items stood at N167.12 million compared with profit after tax of N141.25 million in 2007. The Board of Directors is recommending a dividend of N0.10 per share. The dates of closure of register and payment would be announced later.

ASSOCIATED BUS COMPANY PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N977.61 million, as against N898.2 million in the comparable period of 2008. Profit after tax stood at N53.72 million compared with N62.94 million in 2008.

ECOBANK NIGERIA PLC: Audited result for the year ended 31st December 2008 shows Gross Earnings of N55,155.91 million as against N32,709.71 million in 2007. Profit after tax and exceptional items stood at N2,130.5 million compared with profit after tax of N7,449.78 million in 2007. The date of closure of register is July 10, 2009. The 21st Annual General Meeting is scheduled to hold at Muson Centre, Onikan, Lagos on Mond ay, July 27, 2009 by 11.00a.m.

SOVEREIGN TRUST INSURANCE PLC: Audited result for the year ended 31st December 2008. The Board of Directors is recommending a dividend of N0.03 per share. The date of closure of register is July 16, 2009, while payment date is September 7, 2009. The 14th Annual General Meeting is scheduled to hold at Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos on Thursday, August 6, 2009 by 12.00noon.

SOVEREIGN TRUST INSURANCE PLC: Unaudited result for the first quarter ended 31st March 2009 shows Gross Premium of N1,559.0 million, as against N1,331.55 million in the comparable period of 2008. Profit after tax stood at N332.1 million compared with N268.8 million in 2008.

STACO INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross premium of N4,375.12 million as against N2,814.8 million in 2007. Profit after tax stood at N542.42 million compared with N758 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 20, 2009 while payment date is August 17, 2009. The Annual General Meeting is scheduled to hold at Federal Palace Hotel, 6/8 Ahmadu Bello Way, Victoria Island, Lagos on Thursday, August 6, 2009 by 11.00a.m.

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 date of closure of register is September 25, 2009. The Board of Directors is recommending a dividend of N0.02 per share and dividend of 1 for 10. The date of closure of register and payment would be advised later.

TRANS-NATIONWIDE EXPRESS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N474.7 million as against N378.5 million in 2007. Profit after tax stood at N47.5 million compare d with N45.71 million in 2007. The Board of Directors is recommending a dividend of N0.10 per share. The date of closure of register and payment would be advised later.

CHEVRON OIL NIGERIA PLC: Audited result for the year ended 31st December 2008 shows Turnover of N48,687.82 million as against N72,628.1 million in 2007. Loss after tax stood at N225.42 million compared with profit after tax of N1,959.32 million in 2007. The Board of
Directors had earlier informed The Exchange and Operators that the first and third quarter results were impacted by strike actions (Transport Union and Employees, respectively), which lasted for approximately five months. The date of closure of register is September 14, 2009. The Annual General Meeting is scheduled to hold at Zaranda Hotel Limited, Jos Road, Bauchi on Tuesday, September 29, 2009 by 11.00a.m.

PINANCLE POINT GROUP LIMITED: Audited result for the year ended 28th February 2009 shows Revenue of R102.71 million as ag ainst R50.94 million in 2008. Loss after tax stood at R3.1million compared with R39.21 million in 2008. The Company has primary listing on the JSE Securities Exchange of South Africa where the practice is for the register of members is suspended at year end and opened upon the release of results. Also, the Company proposed to organize “Facts behind the Figures” in a few weeks to provide further information about the company.

COMPANY FORECASTS
NIGERIAN BREWERIES PLC: The Company forecasts Turnover of N120,268.42 million and profit after tax of N19,680.93 million during the third quarter ending September 30, 2009.

GUARANTY TRUST BANK PLC: The Bank forecasts Gross Earnings of N106,103.5 million and profit after tax of N21,881.8 million during the third quarter ending September 30, 2009.

UNITY BANK PLC: The Bank forecasts Net Revenue of N7,675.2 million and profit before tax of N6,258.3 million during the third quarter ending August 31, 2009.

UNILEVER NIGERIA PLC: The Company forecasts Turnover of N32,747 million and profit after tax of N2,868 million during the third quarter ending September 30, 2009.

AG LEVENTIS (NIG) PLC: The Company forecasts Turnover of N11,199.45 million and profit after tax of N961.6 million during the third quarter ending September 30, 2009.

CHEVRON OIL NIGERIA PLC: The Company forecasts Turnover of N48,519.22 million and profit after tax of N663.7 million during the half year ending June 30, 2009.

CHEVRON OIL NIGERIA PLC: The Company forecasts Turnover of N72,584.55 million and profit after tax of N1,112.03 million during the third quarter ending September 30, 2009.

AFROMEDIA PLC: The Company forecasts Turnover of N751.15 million and profit after tax of N250.73 million during the third quarter ending September 30, 2009.

STARCOMMS PLC: The Company forecasts Turnover of N8,445.0 million and loss after tax of N752 million during the half year ending J une 30, 2009.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 560.95 million units worth N574,001.6 million in 3,180 deals was recorded this week, in contrast to a total of 328.45 million units valued at N334,352.44 million exchanged in
1,927 deals during the week ended Thursday, June 25, 2009. The most active bond (measured by turnover volume) was the 4th FGN Bond 2010 Series 14 with a traded volume of 55.8 million units valued at N56,059.4 million in 322 deals. This was followed by the 5th FGN Bond 2013 Series 4 with a traded volume of 54.7 million units valued at N54,840.9 million in 231 deals. Thirty (30) of the available forty-Two (42) FGN Bonds were traded during the week, compared to twenty-seven (27) in the preceding week.