June 19, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.75 billion shares worth N25.34 billion in 53,259 deals was recorded this week, in contrast to a total of 1.92 billion shares valued at N13.77 billion exchanged last week in 51,454 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 1.6 billion shares worth N17.1 billion exchanged by investors in 30,684 deals. Volume in the Banking subsector was largely driven by activity in the shares of Diamond Bank Plc, First Bank of Nigeria Plc, U nited Bank for Africa Plc and Access Bank Plc. Trading in the shares of the four banks accounted for 537.82 million shares, representing 34.2% 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 438.32 million shares valued at N541.4 million in 5,441 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 0.68% to close on Friday at 28,910.19. The market capitalization of the 193 First -Tier equities closed higher at N6.6 trillion. Also, The NSE-30 Index rose by 2.4% to close at 958.74.

Three of the four sectoral indices appreciated – The NSE Food/Beverages Index rose by 1.07% to close at 527.99. The NSE Insurance Index rose by 0.42% to close at 400.02 and The NSE Oil/Gas Index rose by 6.4% to close at 398.20. However, The NSE Banking Index dropped by 2.71% to close at 502.47.

Gainers

Fifty – Six (56) stocks appreciated in price during the week, higher than the fifty (50) in the preceding week. African Petroleum Plc led on the gainers’ table with a gain of N12.91 to close at N102.90 per share while Guinness Nigeria Plc followed with N10.18 to close at N128.20 per share. Other price gainers’ in the Top 10 category include:
+ Oando Plc – N6.83
+ Benue Cement Company Plc – N5.50
+ Nigerian Breweries Plc – N4.70
+ Ecobank Transnational Inc. – N3.65
+ Glaxo Smithkline Consumer Plc – N2.50
+ Conoil Plc – N1.64
+ Dangote Flour Mills Plc – N1.58
+ UAC of Nigeria Plc – N1.50

Losers

Sixty – Seven (67) stocks depreciated in price during the week, lower than the seventy – four (74) in the preceding week. Julius Berger Nigeria Plc led on the price losers’ table, dropping by N3.51 to close at N34.00 per share while Nige rian Bottling Company Plc followed with a loss of N1.97 to close at N23.76 per share. Other price losers in the Top 10 category include:

- 7-Up Bottling Co. Plc – N1.90
- The Okomu Oil Palm Plc – N1.39
- RT Briscoe (Nig) Plc – N1.37
- United Bank for Africa Plc – N1.28
- Lafarge Cement WAPCO Nig. Plc – N1.18
- Bank PHB Plc – N1.15
- First Bank of Nigeria Plc – N1.01
- Flour Mills of Nigeria Plc – N1.00

Two equity prices were adjusted for dividend as recommended by the Board of Directors. Nigerian Breweries Plc was adjusted for an interim dividend of N1.30 per share. Dangote Sugar Refinery Plc was adjusted for a final dividend of N0.35 per share

Company Results
ACCESS BANK PLC: Audited result for the year ended 31st March 2009 shows Gross Earnings of N109,341.1 million as against N57,999.34 million in 2008. Profit after tax stood at N20,814.22 million compared with N15,853.10 million in 2008. The Board of Directors is recommending a dividend of N0.70 per share. The date of closure of register is July 1, 2009 while payment date is on July 14, 2009. The Annual General Meeting is scheduled to hold on Tuesday, July 14, 2009.

OANDO PLC: Audited result for the year ended 31st December 2008 shows Turnover of N339,420.43 million as against N185,892.1 million in 2007. Profit after tax stood at N8,343.32 million compared with N6,343.6 million in 2007. The Board of Directors had earlier recommended a dividend of N3.00 per share. The dates of closure of register and payment would be advised later.

CHAMS PLC: Audited result for the year ended 31st December 2008 shows Turnover of N2,400.34 million as against N4,467.2 million in 2007. Profit after tax stood at N193.02 million compared with N799.32 million in 2007. The Board of Directors had earlier recommended a dividend of N0.03 per share. The date of closure of register is July 10, 2009 while payment date wou ld be advised later. The Annual General Meeting is scheduled to hold on Friday, July 31, 2009.

UAC OF NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N14,024.33 million, as against N10,565.6 million in the comparable period of 2008. Profit after tax stood at N1,172.64 million compared with N1,039.4 million in 2008.

UNILEVER NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N10,427.62 million, as against N9,649.72 million in the comparable period of 2008. Profit after tax stood at N1,122.04 million compared with N1,075.53 million in 2008.

SCOA NIGERIA PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N1,647.8 million, as against N1,321.8 million in the comparable period of 2007. Profit after tax stood at N405.6 million compared with N777.2 million in 2007.
CONTINENTAL REINSURANCE PLC: Unaudited result for the first quarter ended 31st M arch 2009 shows Gross Premium of N1,135.3 million, as against N1,034.35 million in the comparable period of 2008. Profit after tax stood at N244.7 million compared with N590.5 million in 2008.

FTN COCOA PROCESSORS PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N355 million, as against N162.3 million in the comparable period of 2008. Profit after tax stood at N52.91 million compared with N57.0 million in 2008.

TRANS – NATIONWIDE EXPRESS PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N137.32 million, as against N109.62 million in the comparable period of 2008. Profit after tax stood at N14.8 million compared with N13.42 million in 2008.

MASS TELECOMS INNOVATIONS PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N550 million, as against N430.6 million in the comparable period of 2008. Profit after tax stood at N35.51 million compared with N22.92 mi llion in 2008.

INTERNATIONAL BREWERIES PLC: Audited result for the year ended 31st December 2008 shows Turnover of N931.92 million as against N561.7 million in 2007. Profit after tax stood at N63.5 million compared with loss after tax of N118.21 million in 2007. The date of closure of register is July 27, 2009. The Annual General Meeting is scheduled to hold on Wednesday, August 5, 2009.

AFRICAN PAINTS (NIG) PLC: Audited result for the year ended 31st December 2008 shows Turnover of N42.6 million as against N59.9 million in 2007. Loss after tax stood at N61.81 million compared with loss after tax and extra-ordinary items of N16.42 million in 2007. The Annual General Meeting is scheduled to hold at Plot 51 Morison Crescent Oregun Industrial Layout on Thursday, July 30, 2009 by 11.30a.m.

AFRICAN PAINTS (NIG) PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N14.7 million, as against N10.52 million in the comparable peri od of 2008. Loss after tax stood at N5.9 million compared with N8.1 million in 2008.

CADBURY NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2009 shows Turnover of N5,361.2 million, as against N5,564.1 million in the comparable period of 2008. Loss after tax and exceptional items stood at N650.1 million compared with loss after tax of N651.91 million in 2008.

Company Forecasts
UNILEVER NIGERIA PLC: The Company forecasts Turnover of N20,928.0 million and profit after tax of N2,013.0 million during the half year ending June 30, 2009.

GLAXO SMITHKLINE CONSUMER PLC: The Company forecasts Turnover of N3,759.25 million and profit after tax of N371.5 million during the third quarter ending September 30, 2009.
FTN COCOA PROCESSORS PLC: The Company forecasts Turnover of N386.65 million and profit after tax of N74.6 million during the third quarter ending September 30, 2009.

MAY & BAKER NIGERIA PLC: The Company forecasts Turnover of N2,136.08 million and profit before tax of N196.0 million during the half year ending June 30, 2009.

BERGER PAINTS NIGERIA PLC: The Company forecasts Turnover of N787.9 million and profit after tax of N59.64 million during the third quarter ending September 30, 2009.

VITAFOAM NIGERIA PLC: The Company forecasts Turnover of N9,414.6 million and profit after tax of N523.8 million during the full year ending September 30, 2009.
LAW UNION & ROCK INSURANCE PLC: The Company forecasts Gross Premium of N3.0 billion and profit after tax of N511.53 million during the half year ending June 30, 2009.

LAW UNION & ROCK INSURANCE PLC: The Company forecasts Gross Premium of N4.25billion and profit after tax of N724.7 million during the third quarter ending September 30, 2009.

OTC Market For FGN Bonds
A turnover of 250.8 million units worth N257,482.64 million in 1,396 deals was recorded this week, in contrast to a total of 233.6 million units valued at N236,498.34 million exchanged in 1,258 deals during the week ended Thursday, June 11, 2009. The most active bond (measured by turnover volume) was the 5th FGN Bond 2013 Series 1 with a traded volume of 34.93 million units valued at N34,712.83 million in 172 deals. This was followed by the 4th FGN Bond 2010 Series 7 with a traded volume of 17.5 million units valued at N17,969.3 million in 106 deals. Twenty – Seven (27) of the available forty-Two (42) FGN Bonds were traded during the week, compared to twenty-eight (28) in the preceding week.