October 16, 2009 Market Report
Source: Nigerian Stock Exchange

A turnover of 2.82 billion shares worth N19.1 billion in 35,025 deals was recorded this week, in contrast to a total of 3.2 billion shares valued at N22.11 billion exchanged last week in 33,985 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 1.45 billion shares worth N12.5 billion exchanged by investors in 19,784 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, UBA Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. Trading in the shares of the four banks accounted for 732.9 million shares, representing 50.6% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of African Alliance Insurance Plc and International Energy Insurance Plc, followed on the week’s activity chart with a turnover of 590.02 million shares valued at N640.42 million in 2,732 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 4.2% to close on Friday at 22,293.53. The market capitalization of the 197 First -Tier equities closed lower at N5.2 trillion. Also, The NSE-30 Index dropped by 3.41% to close at 841.59.

Two of the four sectoral indices appreciated – The NSE Food/Beverages Index rose by 0.63% to close at 463.55. The NSE Oil/Gas Index rose by 0.94% to close at 291.19. However, The NSE Banking Index dropped by 7.33% to close at 367.28. The NSE Insurance Index dropped by 2.25% to close at 312.11.

Thirty _ Two (32) stocks appreciated in price during the week, lower than the sixty-two (62) in the preceding week. Two Petroleum (Marketing) stocks led on the gainers table. Total Nigeria Plc led on the gainers’ table with a gain of N10.14 to close at N160.12 per share while Conoil Plc followed with N6.99 to close at N39.48 per share. Other price gainers’ in the Top 10 category include:
+ Nestle Nigeria Plc – N3.01
+ Nig. Bottling Co. Plc – N2.57
+ Nigerian Breweries Plc – N1.51
+ Beco Petroleum Products Plc – N0.77
+ Julius Berger Nigeria Plc – N0.57
+ African Petroleum Plc – N0.45
+ RT Briscoe (Nig) Plc – N0.33
+ Ecobank Transnational Inc. Plc – N0.30

Seventy (70) stocks depreciated in price during the week, higher than the forty –three (43) of the preceding week. Three Petroleum (Marketing) stocks led on the decliners table. Mobil Oil Nigeria Plc led on the price losers’ table, dropping by N10.23 to close at N94.77 per share while Oando Plc followed with a loss of N4.00 to close at N88.20 per share. Other price losers in the Top 10 category include:
- Chevron Oil Nig. Plc – N3.49
- Guinness Nigeria Plc – N2.95
- Ecobank Nigeria Plc – N2.10
- Zenith Bank Plc – N1.45
- United Bank for Africa Plc – N1.40
- Cement Co. of Northern Nig. Plc – N1.10
- Vitafoam Nigeria Plc – N1.04
- Benue Cement Co. Plc – N1.00

Two equities were adjusted for dividend as recommended by the Board of Directors. Aso Savings and Loans Plc was adjusted for dividend of N0.05 per share. C & I Leasing Plc was adjusted for dividend of N0.12 per share.

Lifting of Technical Suspension
The one week technical suspension imposed on Bank PHB Plc and Spring Bank Plc on Monday, October 5, 2009 following the takeover of the banks by the Central Bank of Nigeria (CBN) was lifted on Tuesday, October 13, 2009.

Company News
GUARANTY TRUST BANK PLC: Unaudited result for the third quarter ended 30th September 2009 shows Gross Earnings of N114,504 million, as against N66,532.6million in the comparable period of 2008. Profit after tax stood at N18,182 million compared with N17,731.15million in 2008. A total of N24,967 million was reported as loan loss exp ense during the period.

C & I LEASING PLC: Audited result for the year ended 31st January 2009. The Board of Directors is recommending a dividend of N0.12 per share. The date of closure of register was October 13, 2009 while payment date is November 3, 2009. The Annual General Meeting is scheduled to hold at Dike Hall, No 1 Kofo Abayomi Street, Victoria Island, Lagos on Tuesday, October 20, 2009.

NIGERIAN WIRE INDUSTRIES PLC: Audited result for the year ended 31st December 2008 shows Turnover of N538.2 million as against N319.4 million in 2007. Profit after tax stood at N2.8 million compared with loss after tax and exceptional items of N14.5million in 2007. The date of closure of register is December 7, 2009. The Annual General Meeting is scheduled to hold at the company’s premises, 3 NIWIL Close, off Oba Akran Avenue, Ikeja, Lagos on Wednesday, December 16, 2009 by 11.00a.m.

NIGERIAN WIRE INDUSTRIES PLC: Audited result for the year ended 31st December 2007 shows Turnover of N319.4 million as against N246.42 million in 2006. Loss after tax and exceptional items stood at N14.5million compared with N19million in 2006. The date of closure of register is December 7, 2009. The Annual General Meeting is scheduled to hold at the company’s prem ises, 3 NIWIL Close, off Oba Akran Avenue, Ikeja, Lagos on Wednesday, December 16, 2009 by 11.00a.m.

ROYAL EXCHANGE PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N2,142.95 million, as against N2,081.2 million in the comparable period of 2008. Profit after tax stood at N204.91 million compared with N177.74 million in 2008.

FLOUR MILLS OF NIGERIA PLC: Unaudited result for the first quarter ended 30th June 2009 shows Turnover of N38,882.95 million, as against N36,979.56 million in the comparable period of 2008. Profit after tax stood at N2,222.5 million compared with N1,365.22 million in 2008.

JOHN HOLT PLC: Unaudited result for the half year ended 31st Mach 2009 shows Turnover of N14,113 million, as against N11,434 million in the comparable period of 2008. Profit after tax stood at N68 million compared with N239 million in 2008.

CHAMPION BREWERIES PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N642.1 million, as against N744.94 million in the comparable period of 2008. Loss after tax stood at N71.73 million compared with N276.2 million in 2008.

LAW UNION & ROCK INSURANCE PLC: Audited result for the year ended 31st December 2008 shows Gross Premium of N3,708.5 million as against N2,509.75 million in 2007. Loss after tax and exceptional items stood at N93.04 million compared with profit after tax of N311.3 million in 2007.

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC: Audited result for the year ended 31st March 2009 shows Turnover of N1,867.4 million as against N1,946.51 million in 2008. Loss after tax stood at N455.21 million compared with profit after tax of N98.3 million in 2008. The date of closure of register is October 21, 2009. The 51st Annual General Meeting is scheduled to hold at Lagos Airport Hotel Limited, Ikeja on Wednesday, October 21, 2009 by 11.00a.m.

THE TOURIST COMPANY OF NIGERIA PLC: Audited result for the year ended 31st December 2008. The 45th Annual General Meeting is scheduled to hold at Sheraton Hotel & Towers, 30 Mobolaji Bank-Anthony Way, Ikeja on Wednesday, November 18, 2009 by 12.00noon.

CRUSADER (NIG) PLC: Unaudited result for the half year ended 30th June 2009 shows Gross Earnings of N2,949.5 million, as against N2,089.23million in the comparable period of 2008. Loss after tax stood at N55.2 million compared with profit after tax of N706.01million in 2008.

UNITED BANK FOR AFRICA PLC: Unaudited result for the fourth quarter ended 30th September 2009 shows Gross Earnings of N198,149 million, as against N169,581million in the comparable period of 2008. Loss after tax and exceptional items stood at N7,292 million compared with profit after tax and exceptional items of N40,825million in 2008. The bank changed its financial year end to December 31 in line with CBN guidelines. The exceptional items represent provisions for loans and capital market activities and write off of special assets.

Company Forecasts
CHEMICAL & ALLIED PRODUCTS PLC: The Company forecasts Turnover of N3,200.0 million and profit after tax of N505 million during the fourth quarter ending December 31, 2009.

ASSOCIATED BUS COMPANY PLC: The Company forecasts Turnover of N1,067 million and profit after tax of N91.65 million during the fourth quarter ending December 31, 2009.

AFROMEDIA PLC: The Company forecasts Turnover of N1,051.6 million and profit after tax of N399.2 million during the first quarter ending December 31, 2009.

CUTIX PLC: The Company forecasts Turnover of N395.2 million and profit before tax of N42.4 million during the third quarter ending January 31, 2010.

CHEVRON OIL NIGERIA PLC: The Company forecasts Turnover of N46,755 million and loss after tax of N172.2 million during the fourth quarter ending December 31, 2009.

Report On The OTC Market For FGN Bonds
A turnover of 419.6 million units worth N N467,711.94 million in 4,247 deals was recorded this week, in contrast to a total of 257.33 million units valued at N276,696.6 million exchanged in 2,100 deals during the week ended Thursday, October 8, 2009. The most active bond (measured by turnover volume) was the 6th FGN Bond 2012 Series 1 with a traded volume of 61.7 million units valued at N67,905.93 million in 599 deals. This was followed by the 5th FGN Bond 2018 Series 2 with a traded volume of 53.5 million units valued at N62,907.4 million in 534 deals. Twenty-Five (25) of the available thirty – seven (37) FGN Bonds were traded during the week, compared to twenty–four (24) in the preceding week.