September 18, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 1.91 billion shares worth N13.8 billion in 27,713 deals was recorded this week, in contrast to a total of 2.1 billion shares valued at N13.2 billion exchanged last week in 29,963 deals. This included a total of 100 units of Lagos State Fixed Rate Bond worth N119,530.

There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Banking subsector w as the most active during the week (measured by turnover volume), with 1.05 billion shares worth N8.56 billion exchanged by investors in 13,548 deals. Volume in the Banking subsector was largely driven by activity in the shares of Zenith Bank Plc, First Bank of Nigeria Plc and UBA Plc. Trading in the shares of the three banks accounted for 446 million shares, representing 42.45% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Universal Insurance Company Plc and Continental Re-Insurance Plc, followed on the week’s activity chart with a turnover of 353 million shares valued at N285.81 million in 2,216 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 1.75% to close on Friday at 21,483.02. The market capitalization of the 195 First -Tier equities closed lower at N4.92 trillion. Also, The NSE-30 Index d ropped by 1.2% to close at 814.41.

Three of the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 2.6% to close at 450.15. The NSE Insurance Index dropped by 0.25% to close at 302.26. The NSE Oil/Gas Index dropped by 2.15% to close at 293.07. However, The NSE Banking Index rose by 0.24% to close at 338.63.

Twenty – Eight (28) stocks appreciated in price during the week, higher than the twenty (20) in the preceding week. Two Building Materials Company led on the gainers’ table. Benue Cement Company Plc led with a gain of N2.99 to close at N42.99 per share while Cement Company of Northern Nigeria Plc followed with N2.62 to close at N12.20 per share. Other price gainers’ in the Top 10 category include:
+ Glaxo Smithkline Consumer (Nig) Plc – N1.86
+ Guaranty Trust Bank Plc – N1.16
+ Flour Mills Nigeria Plc – N1.10
+ First Bank of Nigeria Plc – N0.91
+ Zenith Bank Plc – N0.81
+ United Bank for Africa Plc – N0.80
+ First City Monument Bank Plc – N0.55
+ AG Leventis (Nig) Plc – N0.43

Seventy – Four (74) stocks depreciated in price during the week, lower than ninety – one (91) in the preceding week. Guinness Nigeria Plc led on the price losers’ table, dropping by N4.73 to close at N130.37 per share while Chevron Oil Nigeria Plc followed with a loss of N3.87 to close at N73.63 per share. Other price losers in the Top 10 category include:
- Julius Berger Nigeria Plc – N3.38
- African Petroleum Plc – N2.82
- Ecobank Nigeria Plc – N2.58
- Union Bank of Nigeria Plc – N2.30
- Total Nigeria Plc – N2.00
- Oando Plc – N1.99
- University Press Plc – N1.85
- UAC of Nigeria Plc – N1.80

Four equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Union Diagnostics & Clinical Services Plc was adjusted for dividend of N0.08 per share and bo nus of 1 for 5. University Press Plc was adjusted for dividend of N0.40 per share and bonus of 1 for 4. NEM Insurance Plc was adjusted for dividend of N0.04 per share. Royal Exchange Plc was adjusted for bonus of 1 for 10.

Supplementary Listings
A total of 74,897,483 shares were added to the shares outstanding in the name of University Press Plc following the bonus of 1for 4. Also a total of 592,189,755 shares were added to the shares outstanding in the name of Union Diagnostics & Clinical Services Plc following the bonus of 1for 5. Similarly, a total of 369,588,872 shares were added to the shares outstanding in the name of Royal Exchange Plc following the bonus of 1for 10.

Technical Suspension
Mutual Benefits Assurance Plc was placed on technical suspension on Tuesday September 8, 2009 on receiving the Company’s application to undertake Placing.

Company News
GUINNESS NIGERIA PLC: Audited result for the year ended 30th June 2009. The B oard of Directors is recommending a dividend of N7.50 per share. The date of closure of register is October 2, 2009 while payment date is November 4, 2009. The 59th Annual General Meeting is scheduled to hold at Grand Banquet Hall, Civic Centre, Victoria Island, Lagos on Tuesday, November 3, 2009 by 10.00a.m.

7-UP BOTTLING COMPANY PLC: Audited result for the year ended 31st March 2009 shows Turnover of N34,864.3 million as against N30,572.22 million in 2008. Profit after tax stood at N1,529.7 million compared with N1,608.91 million in 2008. The Board of Directors is recommending a dividend of N1.50 per share. The date of closure of register is September 28, 2009 while payment date is November 11, 2009. The Annual General Meeting is scheduled to hold at Agip Recital Hall, Muson Centre, Lagos on Wednesday, November 4, 2009 by 11.00a.m.

NORTHERN NIGERIA FLOUR MILLS PLC: Audited result for the year ended 31st March 2009 shows Turnover of N8,533.02 million as agai nst N5,500.51 million in 2008. Profit after tax stood at N236.3 million compared with N57.6 million in 2008. The Board of Directors is
recommending a dividend of N0.40 per share. The date of closure of register is September 21, 2009 while payment date is October 30, 2009. The Annual General Meeting is scheduled to hold on Tuesday, October 20, 2009 at a venue and time to be advised later.

ADSWITCH PLC: Audited result for the year ended 30th April 2009 shows Turnover of N84.73 million as against N36 million in 2008. Profit after tax stood at N6.51 million compared with N0.683 million in 2008. The Board of Directors is recommending a dividend of N0.04 per share. The date of closure of register is October 10, 2009 while payment date is November 23, 2009. The 26th Annual General Meeting is scheduled to hold at Anaedo Social Club Hall, Nnewi on Friday, October 30, 2009 by 9.30a.m.

ABBEY BUILDING SOCIETY PLC: Unaudited result for the third quarter ended 31st Jul y 2009 shows Turnover of N1,126.82 million, as against N744.8 million in the comparable period of 2008. Profit after tax stood at N440.2 million compared with profit before tax of N226 million in 2008.

NAMPAK NIGERIA PLC: Unaudited result for the half year ended 31st March 2009 shows Turnover of N1,962.12 million, as against N1,436.3 million in the comparable period of 2008. Loss after tax stood at N108.85 million compared with N471.04 million in 2008.

INTERNATIONAL ENERGY INSURANCE PLC: Unaudited result for the half year ended 30th June 2009 shows Gross Premium of N3,137.5 million, as against N1,778.53 million in the comparable period of 2008. Profit after tax stood at N570.5 million compared with N1,295.9 million in 2008.

EQUITY ASSURANCE PLC: Unaudited result for the half year ended 30th June 2009 shows Gross Premium of N1,630.51 million, as against N1,240 million in the comparable period of 2008. Profit after tax stood at N299.6 million compared w ith N504.25 million in 2008.

ROADS NIGERIA PLC: Audited result for the year ended 31st March 2008 shows Turnover of N2,426.26 million as against N1,756.4 million in 2007. Profit after tax stood at N41.34 million compared with N25.12 million in 2007. The Board of Directors is recommending a dividend of N0.40 per share. The date of closure of register is October 2, 2009 while payment date would be advised later. The Annual General Meeting is scheduled to hold on Thursday, October 15, 2009 at a venue and time to be advised later.

AFPRINT NIGERIA PLC: Audited result for the year ended 30th June 2009 shows Turnover of N4,529.12 million as against N5,431.01 million in 2008. Loss after tax stood at N130.6 million compared with profit after tax and exceptional items of N17.52 million in 2008. The date of closure of register is September 29, 2009. The Annual General Meeting is scheduled to hold at NIIA, 13/15 Kofo Abayomi Street, Victoria Island, Lagos on Monday, Octo ber 5, 2009 by 10.00a.m.

ROYAL EXCHANGE PLC: Audited result for the year ended 31st December 2008 shows Gross premium of N3,314.95 million as against N2,740.04 million in 2007. Loss after tax stood at N2,435.65 million compared with profit after tax of N647.14 million in 2007. The Board of Directors is recommending a bonus of 1 for 10. The date of closure of register is September 7, 2009. The Annual General Meeting is scheduled to hold at Magnolia Hall, City Mall, Lagos on Thursday, September 24, 2009 by 11.00a.m.

JULI PLC: The Annual General Meeting is scheduled to hold on Thursday, September 24, 2009.
COMPANY FORECASTS
LAFARGE CEMENT WAPCO NIG. PLC: The Company forecasts Turnover of N13,115.0 million and profit after tax of N2,849.0 million during the fourth quarter ending December 31, 2009.

CADBURY NIGERIA PLC: The Company forecasts Turnover of N25,352.5 million and loss after tax of N2,426.6 million during the year ending December 31, 2009 .

REGENCY ALLIANCE INSURANCE PLC: The Company forecasts Gross Premium of N1,921.53 million and profit after tax of N261.91million during the year ending December 31, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 490.82 million units worth N N546,825.54 million in 4,528 deals was recorded this week, in contrast to a total of 406.4 million units valued at N444.803.6 million exchanged in 3,602 deals during the week ended Thursday, September 3, 2009. The most active bond (measured by turnover volume) was the 6th FGN Bond 2012 Series 2 with a traded volume of 57.7 million units valued at N63,591.65 million in 573 deals. This was followed by the 4th FGN Bond 2010 Series 13 with a traded volume of 39.0 million units valued at N41,346.23 million in 387 deals. Twenty-four (24) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty –one (21) in the preceding week.