Courtesy of Investor Delight, here is the stock market report for the week ended October 31st 2008:

A turnover of 1.1 billion shares worth N7.2 billion in 25,472 deals was recorded this week, in contrast to a total of 987.5 million shares valued at N8.44 billion exchanged last week in 19,885 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 383.23 million shares worth N4.3 billion exchanged by investors in 14,364 deals. Volume in the Banking subsector was largely driven by activity in the shares of Spring Bank Plc. Trading in the shares of the Bank accounted for 120.12 million shares, representing 31.34% of the subsector’s turnover.
The Insurance subsector, boosted by activity in the shares of Investment and Allied Assurance Plc and Universal Insurance Co. Plc, followed on the week’s activity chart with a turnover of 360.9 million shares valued at N468.6 million in 1,923 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 13.3% to close on Friday at 41,884.10. The market capitalization of the 197 First -Tier equities closed lower at N8 trillion.
Two (2) stocks appreciated in price during the week, lower than the three (3) in the preceding week. Nigerian Bag Manufacturing Co. Plc led on the gainers’ table with a gain of N0.24 to close at N3.90 per share while FTN Cocoa Processors Plc followed with N0.12 to close at N2.03 per share.
Ninety – One (91) stocks depreciated in price during the week, higher than the seventy-four (74) in the preceding week. Chevron Oil Nigeria Plc led on the price losers’ table, dropping by N37.26 to close at N345.04 per share while Guinness Nigeria Plc followed with a loss of N21.33 to close at N86.25 per share. Other price losers in the Top 10 category include:
1.    Oando Plc – N15.77
2.    Conoil Plc – N10.22
3.    Union Bank of Nigeria Plc – N7.12
4.    Nigerian Breweries Plc – N6.27
5.    Zenith Bank Plc – N5.97
6.    First Bank of Nigeria Plc – N4.80
7.    Lafarge WAPCO Plc – N4.77
8.    BOC Gases Plc – N4.77
The price of Guinness Nigeria Plc was adjusted for a final dividend of N6.00 per share as recommended by the Board of Directors.

Delisting
The African Paints Plc N20 Million Redeemable Debenture Stock 1997/2000 was delisted from the Daily official List on October 30, 2008 on receiving confirmation from the Trustee that the Debenture had been fully redeemed. By this action, the number of listed corporate bonds and securities dropped to 43 and 302, respectively.

Company News

1. UNION BANK OF NIGERIA PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N113 billion as against N89.24 billion in 2007. Profit after tax stood at N26.85 billion compared with N13.9 billion in 2007. The Directors are recommending a dividend of N1.00 per share and bonus of 1 for 6. The date of closure of register of members is November 17, 2008 while payment date is December 3, 2008. The Annual General Meeting is scheduled to hold at the Auditorium of Giginya Hotel, Bye-Pass Road, Sokoto on Wednesday, November 26, 2008
2. ACCESS BANK PLC: Unaudited result for the half year ended 30th September 2008 shows Gross Earnings of N46.2 billion, as against N23.43 billion in the comparable period of 2007. Profit after tax stood at N11.5 billion compared with N5.32 billion in 2007.
3. THE TOURIST COMPANY OF NIGERIA PLC: Audited result for the year ended 31st December 2007 shows Turnover of N1.5 billion as against N1.23 billion in 2006. Profit after tax stood at N123.8 million compared with loss after tax of N296.62 million in 2006. The date of closure of register of members is December 1, 2008.
4. COSTAIN (WA) PLC: Audited result for the year ended 31st March 2008 shows Turnover of N3.8 billion as against N3.02 billion in 2007. Profit after tax stood at N353.22 million compared with N108 million in 2007.
5. PREMIER PAINTS PLC: Audited result for the year ended 31st December 2007 shows Turnover of N186.02 million as against N203.1 million in 2006. Profit after tax stood at N6.11 million compared with loss after tax of N16.6 million in 2006. The date of closure of register of members is November 13, 2008. The Annual General Meeting is scheduled to hold on December 11, 2008.
6. ECOBANK TRANSNATIONAL INCORPORATED: Unaudited result for the third quarter ended 30th September 2008 shows Gross Revenue of N97 billion (US$824.51 million), as against N60.3 billion (USUS$473.83 million) in the comparable period of 2007. Profit after tax stood at N12.22 billion (US$103.93 million) compared with N10.00 billion (US$78.61 million) in 2007.
7. UAC OF NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N28.1 billion, as against N22 billion in the comparable period of 2007. Profit after tax and extra-ordinary items stood at N3.7 billion compared with N2.3 billion in 2007.
8. UACN PROPERTY DEVELOPMENT CO. PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N11.15 billion, as against N4.1 billion in the comparable period of 2007. Profit after tax stood at N2.6 billion compared with N788.24 million in 2007.
9. ASO SAVINGS & LOANS PLC: Unaudited result for the half year ended 30th September 2008 shows Gross earnings of N5.34 billion, as against N3.01 billion in the comparable period of 2007. Profit after tax stood at N1.02 billion compared with N557 million in 2007.
10. PRESCO PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N2.83 billion, as against N1.9 billion in the comparable period of 2007. Profit after tax stood at N811.54 million compared with N267.14 million in 2007.
11. CHEMICAL & ALLIED PRODUCTS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N1.8 billion, as against N1.5 billion in the comparable period of 2007. Profit after tax stood at N435.54 million compared with N711 million in 2007.
12. RED STAR EXPRESS PLC: Unaudited result for the half year ended 30th September 2008 shows Turnover of N2.04 billion, as against N1.6 billion in the comparable period of 2007. Profit after tax stood at N190.4 million compared with N148.2 million in 2007.
13. NEM INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N3.3 billion, as against N2.02 billion in the comparable period of 2007. Profit after tax stood at N623.04 million compared with N330.05 million in 2007.
14. LASACO ASSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.42 billion, as against N1.6 billion in the comparable period of 2007. Profit after tax stood at N657 million compared with N560.03 million in 2007.
15. OASIS INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N626.8 million, as against N380.3 million in the comparable period of 2007. Profit after tax stood at N121.5 million compared with N81.42 million in 2007.
16. TRANS-NATIONWIDE EXPRESS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N355.12 million, as against N287.2 million in the comparable period of 2007. Profit after tax stood at N45.84 million compared with N44.23 million in 2007.
17. ETERNA OIL & GAS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N10 billion, as against N4.1 billion in the comparable period of 2007. Profit after tax stood at N86.3 million compared with loss after tax of N101.95 million in 2007.
18. UNION VENTURES & PETROLEUM PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N46.53 million, as against N31.7 million in the comparable period of 2007. Loss after tax stood at N1.3 million compared with N3.15 million in 2007.
19. CHAMPION BREWERIES PLC: Audited result for the year ended 31st December 2007 shows Turnover of N1.62 billion as against N1.1 billion in 2006. Loss after tax stood at N330.74 million compared with N422.54 million in 2006.

Company Forecasts

ASO SAVINGS & LOANS PLC: The Company forecasts a Gross Earnings of N8.23 billion and profit after tax of N1.53 billion by the third quarter ending December 31, 2008.

Report On the OTC Market for FGN Bonds
A turnover of 226.1 million units worth N229.45 billion in 1,546 deals was recorded this week, in contrast to a total of 376.7 million units valued at N382.5 billion exchanged in 3,587 deals during the week ended Thursday, October 24, 2008. The most active bond (measured by turnover volume) was the 5th FGN Bond 2013 Series 1 with a traded volume of 19.7 million units valued at N18.7 billion in 94 deals. This was followed by the 4th FGN Bond 2010 Series 4 with a traded volume of 18.9 million units valued at N19.5 billion in 121 deals. Twenty-Seven (27) of the 42 listed FGN Bonds were traded during the week.