June 12, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 1.92 billion shares worth N13.77 billion in 51,454 deals was recorded this week, in contrast to a total of 3 billion shares valued at N26.9 billion exchanged last week in 57,553 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 919.42 million shares worth N9.67 billion exchanged by investors in 29,375 deals. Volume in the Banking subsector was largely driven by activity in the shares of First Bank of Nigeria Plc, Access Bank Plc, Skye Bank Plc, United Bank for Africa Plc, Bank PHB Plc and First City Monument Bank Plc. Trading in the shares of the six banks accounted for 462.13 million shares, representing 50.3% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Goldlink Insurance Plc and Lasaco Assurance Plc, followed on the week’s activity chart with a turnover of 553.2 million shares valued at N528.8 million in 6,446 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 1.3% to close on Friday at 28,713.67. The market capitalization of the 193 First -Tier equities closed higher at N6.55 trillion. Also, The NSE-30 Index dropped by 2.44% to close at 936.31.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 14.02% to close at 522.38. The NSE Banking Index dropped by 0.002% to close at 516.4 8, The NSE Insurance Index dropped by 0.77% to close at 398.34 and The NSE Oil/Gas Index dropped by 2.05% to close at 374.25.

Fifty (50) stocks appreciated in price during the week, lower than the fifty – six (56) in the preceding week. Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N5.37 to close at N112.87 per share while Benue Cement Company Plc followed with N4.24 to close at N34.66 per share. Other price gainers’ in the Top 10 category include:
• Ecobank Transnational Inc. – N3.06
• Guinness Nigeria Plc – N3.02
• Nestle Nigeria Plc – N3.01
• Union Bank of Nigeria Plc – N2.93
• Intercontinental Bank Plc – N1.41
• Presco Plc – N1.35
• PZ Cussons Nigeria Plc – N0.90
• Northern Nig. Flour Mills Plc – N0.89

Seventy – Four (74) stocks depreciated in price during the week, higher than the seventy – one (71) in the preceding week. Oando Plc led on the price losers’ table, dropping by N7.83 to close at N82.17 per share while Flour Mills of Nigeria Plc followed with a loss of N5.12 to close at N29.00 per share. Other price losers in the Top 10 category include:
• Dangote Sugar Refinery Plc – N4.92
• Julius Berger Nigeria Plc – N4.15
• UACN Property Dev. Co. Plc – N3.14
• Total Nigeria Plc – N2.50
• Dangote Flour Mills Plc – N2.30
• Glaxo Smithkline Consumer Plc – N1.86
• The Okomu Oil Palm Plc – N1.46
• Nig. Bottling Co. Plc – N1.35

The price of BOC Gases Plc was adjusted for dividend of N0.26 per share as recommended by the Board of Directors.

New Listing
The 4,966,666,668 shares in favour of MTECH Communications Plc were admitted to the Daily Official List at a price of N2.50 per share on Tuesday, June 9, 2009 by way of Introduction. The Company was listed in the Information, Communication and Telecommunications subsector. By this action, the number of listed companies a nd securities increased to 208 and 296, respectively.

Company News
OANDO PLC: Audited result for the year ended 31st December 2008. The Board of Directors is recommending a dividend of N3.00 per share. The date of closure of register of members and payment would be advised later.

BENUE CEMENT COMPANY PLC: Audited result for the year ended 31st December 2008 shows Turnover of N16,45.71 million as against N5,473.44 million in 2007. Profit after tax stood at N4,144.3 million compared with N1,252.23 million in 2007. The Board of Directors is recommending a bonus of 1 for 4. The date of closure of register is July 6, 2009. Annual General Meeting is scheduled to hold on Thursday, July 23, 2009.

BENUE CEMENT COMPANY PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N9,319.05 million, as against N1,041.1 million in the comparable period of 2008. Profit after tax stood at N5,349.64 million compared with N198.7 million in 2 008.

UTC NIGERIA 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 of members is June 22, 2009 while payment date would be advised later. The 41st Annual General Meeting is scheduled to hold at Cinema Hall of the Ogun State Council for Arts and Culture (Cultural Centre), Abeokuta, Ogun State on Tuesday, July 7, 2009 by 11.00a.m.

ECOBANK NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Gross Earnings of N14,859.72 million, as against N11,355.4 million in the comparable period of 2008. Profit after tax stood at N1,837.7 million compared with N1,745.22 million in 2008. The Board of Directors explained that the Bank received the sum of N45billion from
Ecobank Transnational Incorporated (ETI) as deposit for shares towards the Bank’s proposed Right Issue later in the year.

STERLING BANK PLC: Unaudited result for t he half year ended 31st March 2009 shows Gross Earnings of N20,491.9 million, as against N15,712 million in the comparable period of 2008. Profit after tax stood at N2,431.31 million compared with N1,871.02 million in 2008.

Company Forecasts
NESTLE NIGERIA PLC: The Company forecasts Turnover of N16,500.0 million and profit after tax of N2,220.0 million during the third quarter ending September 30, 2009.

JOHN HOLT PLC: The Company forecasts Turnover of N8,457.0 million and profit after tax of N323.0 million during the fourth quarter ending September 30, 2009.

BENUE CEMENT COMPANY PLC: The Company forecasts Turnover of N16,542.9 million and profit after tax of N6,846.23 million during the third quarter ending September 30, 2009.

BENUE CEMENT COMPANY PLC: The Company forecasts Turnover of N16,695.72 million and profit after tax of N6,728.35million during the fourth quarter ending December 31, 2009.

AIRLINE SERVICES & LOGISTICS PLC : The Company forecasts Turnover of N1,277.24 million and profit after tax of N239.73 million during the third quarter ending September 30, 2009.

PRESTIGE ASSURANCE PLC: The Company forecasts Gross Premium of N2,575.0 million and profit after tax of N590.0 million during the third quarter ending September 30, 2009.

OASIS INSURANCE PLC: The Company forecasts Gross Premium of N297.0 million and profit after tax of N202.21 million during the third quarter ending September 30, 2009.

NEM INSURANCE PLC: The Company forecasts Gross Premium of N4,661.8 million and profit after tax of N952.5 million during the third quarter ending September 30, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 233.6 million units worth N236,498.34 million in 1,258 deals was recorded this week, in contrast to a total of 368.5 million units valued at N376,493.2 million exchanged in 1,178 deals during the week ended Thursday, June 4, 2009. The most active bon d (measured by turnover volume) was the 4th FGN Bond 2013 Series 1 with a traded volume of 24.31 million units valued at N24,211.23 million in 131 deals. This was followed by the 4th FGN Bond 2017 Series 9 with a traded volume of 24.3 million units valued at N23,381.53 million in 149 deals. Twenty – Eight (28) of the available forty-Two (42) FGN Bonds were traded during the week, same as in the preceding week.