Nov 6, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.4 billion shares worth N14.65 billion in 31,070 deals was recorded this week, in contrast to a total of 1.95 billion shares valued at N11.4 billion exchanged last week in 30,579 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 1.62 billion shares worth N10.33 billion exchanged by investors in 17,702 deals. Volume in the Banking subsector was largely driven by activity in the shares of Oceanic Bank International Plc, Access Bank Plc, UBA Plc and First Bank of Nigeria Plc. Trading in the shares of the four banks accounted for 914.3 million shares, representing 56.6% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Goldlink Insurance Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 426.9 million shares valued at N296.53 million in 2,115 deals.

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

Price Movement
The NSE All-Share Index dropped by 1.32% to close on Friday at 21,517.29 attributed to the decline in the prices of the highly capitalized stocks.

The market capitalization of the 198 First -Tier equities closed lower at N5.1 trillion. Also, The NSE-30 Index dropped by 0.44% to close at 833.69.

One of the four sectoral indices appreciated – The NSE Food/Beverages Index rose by 1.94% to close at 494.41. However, The NSE Banking Index dropped by 2.8% to close at 346.28. The NSE Insurance Index dropped by 2.41% to cl ose at 290.12. The NSE Oil/Gas Index dropped by 1.1% to close at 299.94.

Thirty – Three (33) stocks appreciated in price during the week, lower than the forty-one (41) in the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N21.93 to close at N235.93 per share while Unilever Nigeria Plc followed with N4.15 to close at N19.22 per share. Other price gainers’ in the Top 10 category include:
+ Northern Nig. Flour Mills Plc – N1.93
+ Guaranty Trust Bank Plc – N1.51
+ Cement Co. of Northern Nig. Plc – N1.00
+ PZ Cussons Nigeria Plc – N0.84
+ Nigerian Aviation Handling Co. Plc – N0.63
+ Ashaka Cement Plc – N0.59
+ Nigerian Breweries Plc – N0.40
+ Skye Bank Plc – N0.36

Fifty – Nine (59) stocks depreciated in price during the week, higher than the fifty-five (55) of the preceding week. Lafarge Cement WAPCO Nigeria Plc led on the price losers’ table, dropping by N2.00 to close at N29.00 per share while Flour Mills of Nigeria Plc followed with a loss of N1.95 to close at N33.87 per share. Other price losers in the Top 10 category include:
- UACN Property Development Co. Plc – N1.91
- African Petroleum Plc – N1.72
- Union Bank of Nigeria Plc – N1.62
- Julius Berger Nigeria Plc – N1.48
- Glaxo Smithkline Consumer (Nig) Plc – N1.22
- Ecobank Nigeria Plc – N0.92
- G Cappa Plc – N0.80
- First Bank of Nigeria Plc – N0.70

Supplementary Listing
The 179,000 units were added to the Crusader (Nig) Plc Unsecured Convertible Debenture Stock 2013 on Friday, November 6, 2009. This increased the subscription level of the Debenture Stock from 80.58% to 85.06%.

Company News
FIRST CITY MONUMENT BANK PLC: Audited result for the year ended 30th April 2009 shows Gross Earnings of N71,658.25 million as against N52,818.8 million in 2008. Profit after tax and provision for losses stood at N3,994.54 million compared with N15,109.1 million in 2008.Appropriation of profits for the financial year ended April 2009, whether to cash dividend, bonus or transfer to reserves would be communicated as soon as the CBN approval is received.

FIRST CITY MONUMENT BANK PLC: Unaudited result for the half year ended 31st October 2009 shows Gross Earnings of N35,206.14 million, as against N40,793.62 million in the comparable period of 2008. Loss before tax stood at N479.2 million compared with profit after tax of N9,368.44 million in 2008

TOTAL NIGERIA PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N85,097.42 million, as against N85,847.3 million in the comparable period of 2008. Profit after tax stood at N1,774 million compared with N2,225.4 million in 2008
MOBIL OIL NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N47,078.21 million, as against N49,597.6 million in the comparable period of 2008. Profit after tax stood at N1,666.1 million compared with profit after tax and exceptional items of N2,136 million in 2008

UNILEVER NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N32,586.8 million, as against N27,951.1 million in the comparable period of 2008. Profit after tax stood at N3,865.7 million compared with N1,694.54 million in 2008.

GLAXO SMITHKLINE CONSUMER PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N11,373.5 million, as against N9,281.8 million in the comparable period of 2008. Profit after tax stood at N1,649.1 million compared with N1,117.5 million in 2008.
C & I LEASING PLC: Unaudited result for the half year ended 31st July 2009 shows Gross Income of N4,077.25 million, as against N2,382.3 million in the comparable period of 2008. Profit before tax stood at N281.33 million compared with profit after tax of N217.7 million in 2008.

NIGERIAN AVIATION HANDLING CO. PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N4,401.95 million, as against N3,204.04 million in the comparable period of 2008. Profit after tax stood at N1,077.1 million compared with profit after tax and exceptional items of N805.11 million in 2008.

FIRST BANK OF NIGERIA PLC: Unaudited result for the half year ended 30th September 2009 shows Gross Earnings of N128,148 million, as against N96,947 million in the comparable period of 2008. Profit after tax stood at N2,163 million compared with N23,771 million in 2008. A total of N29,506.0 million was reported in the account as provision for risk assets for the period under review against N3,037.0 million in 2008.

STANBIC IBTC BANK PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Earnings of N42,798.7 million, as against N47,135.41 million in the comparable period of 2008. Profit after tax and exceptional items stood at N3,718.5 million compared with profit after tax of N10,575.3 million in 2008. The exceptional provision charge of N5,905.9 million represented additional provisions on loans and advances (N5,339 million) and other assets (N566 million) arising from CBN/NDIC special examination.

ECOBANK NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Earnings of N45,137.3 million, as against N38,804.54 million in the comparable period of 2008. Loss after tax stood at N8,280. 5million compared with profit after tax of N5,175.74 million in 2008. The bank provided an exceptional item of N33,397.22 million, which represented provisions on loan losses resulting from CBN/NDIC examinations. Also reported was N18,195.73 million representing Recoveries/Provisions no longer required.

UNIVERSITY PRESS PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N975.9 million, as against N714.5 million in the comparable period of 2008. Profit after tax stood at N141.8 million compared with N117.6 million in 2008.

UTC (NIG) PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N1,838.94 million, as against N1,618.85 million in the comparable period of 2008. Profit before tax stood at N45.14 million compared with profit after tax and extra-ordinary items of N69.45 million in 2008.

LONGMAN NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N2,014 million, as against N1,538.23 million in the comparable period of 2008. Profit after tax stood at N264.7 million compared with N114.9 million in 2008.

REGENCY ALLIANCE INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N1,458.9 million, as against N1,143.8 million in the comparable period of 2008. Profit after tax stood at N205.84 million compared with N222.3 million in 2008.

STANDARD ALLIANCE INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Premium of N2,455.6 million, as against N2,371.33 million in the comparable period of 2008. Loss after tax stood at N1,673.33 million compared with profit after tax of N921.3 million in 2008. A total of N2,897.62 mi llion was reported as exceptional charge representing provision for diminution of investment.

MULTIVERSE RESOURCES PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N399.7 million, as against N300.2 million in the comparable period of 2008. Profit after tax stood at N72.1 million compared with N44.42 million in 2008.

MAY & BAKER NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N3,134.7 million, as against N3,294.4 million in the comparable period of 2008. Profit after tax stood at N155.4 million compared with N177.6 million in 2008.

STARCOMMS PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N25,621.2 million, as against N24,337.4 million in the comparable period of 2008. Loss before tax stood at N4,802. 85 million compared with loss after tax of N2,148.53 million in 2008.

INTERNATIONAL BREWERIES PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N1,039.7 million, as against N735.6 million in the comparable period of 2008. Loss before tax and after exceptional items stood at N200.8 million compared with profit before tax and after exceptional items of N131.92 million in 2008.

INTERLINKED TECHNOLOGIES PLC: Audited result for the year ended 30th June 2009 shows Turnover of N292.13 million as against N285.63 million in 2008. Profit after tax stood at N1.12 million compared with loss after tax and exceptional items of N13.12 million in 2008.The Auditors in their opinion reported that the financial statement was prepared on the basis that the company would continue as a going concern. The Company has net current liabilitie s of N45.2 million and a negative networth of N25.7 million. The deficiency would be cured as soon as regulatory approval is obtained for the transfer of the deposit for shares of N262.0 million to share capital.

GUINEA INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N935.5 million as against N261.21 million in 2007. Profit after tax stood at N75.35 million compared with N92.6 million in 2007. The date of closure of register is November 30, 2009. The 51st Annual General Meeting is scheduled to hold on Tuesday, December 8, 2009 at Hamdala Hotel, Kaduna, Kaduna State by 11.00a.m. The Auditors in their report gave a Qualified Opinion stating that the company invested the sum of N1,322.52 million in Starcrest Energy Nigeria Limited, a related company to Guinea insurance Plc. The Investment is not included in the list of allowable investments by the Insurance Act, Cap 117, LFN 2004 and this contrives Section 25 (2) of the Insurance Act. In addition, it constitutes about 34% of the Company’s assets which also contravenes Section 5.1 of the NAICOM Insurance Guidelines 2008.

Company Forecasts
STANBIC IBTC BANK PLC: The Bank forecasts Gross Earnings of N58,105.8 million and profit after tax of N8,886.4 million during the forth quarter ending December 31, 2009.

RED STAR EXPRESS PLC: The Company forecasts Turnover of N3,228.4 million and profit after tax of N259.4 million during the third quarter ending December 31, 2009.

VITAFOAM NIGERIA PLC: The Company forecasts Turnover of N2,888.56 million and profit after tax of N169.01 million for the first quarter ending December 31, 2009.

STARCOMMS PLC: The Company forecasts Turnover of N 8,397 million and loss before tax of N1,159 million during the fourth quarter ending December 31, 2009.

OASIS INSURANCE PLC: The Company forecasts Gross Premium Income of N297.0 million and profit after tax of N95.93 million during the fourth quarter ending December 31, 2009.

Memorandum Quotations
FSDH CORAL GROWTH FUND: Unaudited result for the third quarter ended 30th September 2009 shows Net Income after tax of N72.6 million as against N45.13 million in the comparable period of 2008. The Net Assets stood at N3,393.33 million compared with N3,333.13 million in 2008.

FSDH CORAL GROWTH FUND: Unaudited result for the third quarter ended 30th September 2009 shows Net Income after tax of N41.64 million as against N22.25 million in the comparable period of 2008. The Net Assets stood at N436 .24 million compared with N428.35 million in 2008.

Report On The OTC Market For FGN Bonds
A turnover of 352.2 million units worth N N443,826.75 million in 4,710 deals was recorded this week, in contrast to a total of 408.8 million units valued at N502,043.24 million exchanged in 4,667 deals during the week ended Thursday, October 29, 2009. The most active bond (measured by turnover volume) was the 5th FGN Bond 2028 Series 5 with a traded volume of 64.94 million units valued at N111,890.3 million in 1,214 deals. This was followed by the 4th FGN Bond 2012 Series 2 with a traded volume of 48.8 million units valued at N54,659.0 million in 918 deals. Twenty – Two (22) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to nineteen (19) in the preceding week.