march q1 2010 ncm market report - proshare
TRANSCRIPT
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ISSN 1597 - 8842 Vol. 1 No. 29
The Monthly NCM Report for March 10
Issued on April 01, 2010
Quarterly Edition: Q1 2010
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Contents
Executive Summary 3
Introduction 4
All-Share Index Movement 7
Market Dynamics 8
Comparison of 2009 and 2010 Market Performance 9
Sectoral Index Movements 11
NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index
Transactions Volume and Value Trend 17
Top Ten Trades for First Quarter 2010 19
Top Ten Traded Sectors First Quarter 2010 20
Top Twenty Gainers First Quarter 2010 21
Top Twenty Losers/Decliners First Quarter 2010 21
Gainers and Losers Compared 22
Supplementary Listing First Quarter 2010 23
Corporate Declarations First Quarter 2010 24
Forecast Results First Quarter 2010 44
Dividends Declared 46
Sectoral Analysis 47
Outlook/ Analyst Opinion 54
Time Lines (Jan - March Market News/Information) 55
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The Monthly NCM Report for Q1 2010
ISSN 1597 - 8842 Vol. 1 No. 29
Executive Summary
Equities post positive wide margins with +24.60% appreciations
By the week ended March 12, 2010, it was certain that the NSE was going into a full
throttle (http://proshareng.com/blog/?p=243 -Shares to watch as the NSE goes into full Throttle - Biosah).
The signs were ominous and the results for the quarter confirm this third stage of the
recovery phase and our prediction that the market will begin Q2 2010 in a recovery
mode (http://proshareng.com/reports/view.php?id=2447 Page 5).
The impressive trend posted in the month of January standing at +8.5% declined in the
month of February to close at a marginal gain of+1.79% due to massive sell pressures
on the equities a consequence of the heightened sovereign risk and uncertainty thatpervaded the entire strata of the nation - social, economy and politics. February in
particular had signalled the sign of things to come with a measure of improved liquidity
situation and investors interest in the market evident in the rising profile of the volume
and value of market transactions witnessed in the upbeats recorded on some days in the
month. The month of March 2010 closed at +24.60% performances to reveal a positive
trend that occurred about the same time the sovereign gloom was lifted and momentum
gained in the steering of the affairs of the state.
It can therefore be deduced from the market trend report that market patronage has
improved from what it used to be before; and the activities of speculators may no longer
hold dominant status in the market again, hence less volatility in the market.
The market may also be benefiting from both actual and expression of interest activities
from foreign investors, especially as market continues to post more attractive trend in
the days ahead. This may create another era of bullish run that may last longer and
eventually push the market to a convenient state of stability; especially when viewed
against the backdrop of improved corporate results by the listed firms, with a few
exceptions based on relativity analysis.
The market swung mostly in favour of non-banking stocks in the period under review
and this could be attributed to the myriads of uncertainties and outstanding issues that
bedevil the sector. However, with the trend of the results being posted by the banks -the entire market appears set to grow faster and stronger, if sustained across board.
The market in Q2 2010 is expected to move above the current levels and we remain
hopeful and encourage investors to take a long term view of the market even as
opportunities for short term trades (with stop losses) appear frequently in the market.
Thank you for reading and do take time to share with us your thoughts on the market,
analyst at [email protected]
We value your feedback and comments.
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Introduction
NSE all share index has confirmed a return to a bullish trend
The market trend in the first quarter presented the dynamism of both investors and
speculators activities as indicated by the price movements across the sectors in theperiod under review.
As we entered the second trading month in 2010 February, the performance showed a
true reflection of the health status of the nations economy volatile and uncertain. The
heightened political risk among the ruling class had created a stagnation of sorts for the
nations economy; and this, to a very large extent, dictated the trend of the market for
the month till we entered March 2010.
March 2010 saw a significant movement towards the resolution of the leadership crisis
which coincided with the recovery and a building of momentum in the market as the NSE
ASI which began 2010 with a very promising up trend appeared to have a found itsrhythm once again this time with some surefootedness.
Getting Here
On February 3, 2010, the index confirmed it first return to a bullish trend, but reversed
into a bearish mode two days later on a sell off on very heavy volume as highlighted in
the graph here:
The trend appeared sustainable for several reasons (http://proshareng.com/blog/?p=243):
For the week ended March 12, 2010, the trading volume for the NSE was above 500
million units for 3 of the 5 trading days. Additionally, the week experienced the
highest trading volume since the February 5, 2010 close, when total volume for the
week was 2.7 billion units.
The increased volume for the week saw the index close at its highest level since
August 14, 2009, and the highest level for 2010. Also, the index closed positively
above its 200 day SMA on heavy volume relative to a negative close below its 200
day SMA on February 5, 2010, its first test above the technical bullish indicator.
19000
20000
21000
22000
23000
24000
25000
-
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
1,000,000,000
NSE all Share Index Versus Volume
Volume
Index
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Several blue chips stocks that have been struggling to break above strong overhead
resistance finally breached their resistance. Notably First Bankand Zenith Bank.
It however does appear that it could be no more than a mere co-incidence, but one hard
to ignore as a determinant of market outcome - that the bulls regained the market
one month after the February 11
th
, 2010 unanimous declaration of the Vice-President as the Acting- President by the National Assembly(a contentious move
steeped in expediency). The emergence of Dr. Jonathan Goodluck as the Acting-
President abated the political tension in the country and put to rest the impending
constitutional crisis that hung over it thus dropping relatively the sovereign risk for
investment.
Despite the imperfect scenario and the continuing demands for constitutional processes;
the Acting-President has taken steps to convince the local and international stakeholders
that there exist a functioning government in the country and that it is indeed prepared
for the vagaries of power and in effect, guarantees the engagements, decisions and
markets in the country.
Also, the news that the AMC Bills is recording encouraging progress on the floor of the
National Assembly, served as a spur-on for the market and a signal that liquidity is
headed back; and positions needed to be taken.
For the Nigerian Capital Market, this was helpful as it sent out positive signals to
international investors who might have been waiting on the wings to come in at the
defining curve of recovery (though still with possible and relative sideway reactions
however as at this point, it is believed that the situation is relatively stable and better).
The Market Game On
The market this quarter recorded a total of 27.008bn units valued at N191.845bn
(US$1.282bn) exchanged in 614,960 deals compared with 19.116bn units valued at
N105.910bn (US$707.483mn) exchanged in 418,368 deals in the previous years
first quarter. Comparing, the volume and value traded in the quarter reveals a
+41.28% and +81.16% rise above the volume and value recorded in the previous
years first quarter respectively.
In the same vein, comparing the volume and value traded in the most recent previous
quarter showed that the transactions activities closed on the upward note. The volume
traded in the previous quarter to December 2009 which stood at 27.485bn units valued
at N176.804bn (US$ 1.181bn) exchanged in 370,727 deals was +1.75% abovethe volume traded this quarter.
In the course of the quarter, the All-Share index recorded a +24.60% performance
compared with -36.69% negative growth recorded in the preceding years first quarter
to close at 19,851.89. The ASI trend this quarter when compared with the most recent
previous quarter to December 31st, 2009 also outperformed the last quarter which
recorded -6.82% negative growths. Market capitalisation this quarter thus appreciated
by +N1.288 trillion(US$8.607bn) compared with -N2.473 trillion(US$ 16.523bn)
market capitalisation loss recorded in the previous years comparable period.
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The Market Game Changers: The outcomes/consequence recorded in the quarter
could be principally attributed to the issues outlined above and to some of the following
market and financial fundamentals:
The compromise resolution administered on the political crisis the country faces as
well as the decisions/steps taken by the Acting President which has galvanised thestakeholders for good or bad; but eliminated indifference and catastrophe and
replaced this with hopeful expectations.
The expected timely passage of the 2010 appropriation bill by the National Assembly
which is long overdue and is expected to stimulate the economy and the capital
market.
Planned elections (with a possibility of an early election timeframe) and the expected
beneficial impact on the NCM.
Increasing regulatory co-ordination and seriousness/commitment to tackle hitherto
protected practices and a transparent & level playing field has gone a long way to
impact on the psyche of investors and their confidence in the market processes abenefit of doubt level of engagement
Reduction in the negative news cycle from both regulators and interest groups which
continue to cast shadows of doubt over the status of banks in the country
Dearth of loan-able funds from the banking sector and consequential multiplier
impact on the economy lends credibility to the expectation that the AMC bill will
receive a favourable passage at the National Assembly and should hopefully address
the capital gaps in most of the banks.
Corporate declarations announced by some companies good with relative positives.
The decline in the returns on bond(s) which now makes equities relatively moreattractive.
The activities of speculators in playing the market and the holding onto some stocks
by the investors appear to be dwindling suggesting a significant wash-out of the
speculators or a change in mindset reflecting the market momentum.
Several blue chips stocks that have been struggling to break above strong overhead
resistance finally breached their resistance.
The management of the leadership issues at both the Nigerian Stock Exchange on
succession plan and the SEC on the conflicted status of the Board Chairman.
A litmus test for the banking sector is due in Q2 as Nigerian banks are expected toadhere fully (without exception) to full provisioning in line with the IFRS and
which marks an end to the differential year-end era. These results would prove
critical not only in terms of being a determinant for continued correspondent banking
relationships, confidence to give/increase credit terms and limits by foreign banks,
but also in terms of determining the true worth of the banks on a given day using a
comparative basis.
The recent CBN policy on Universal Banking suggest that there may be more
challenges ahead for banking sector especially for banks that leverage on their
subsidiaries for group growth. This may also pose increase in job loss risk in the
system as the effect of the unbundling does more than ensure supervisory
enforcement catches up with practice.
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The NSE All-Share Index Movement
The NSE index in Q1 2010 begun on a positive note drawing from the upbeat recorded at
the end of the last trading day of the year 2009 ensuring that January 2010 ended with
a +8.49% appreciation to close at 22,590.94. This appreciation could however not be
sustained in February 2010 as the index grew by only a +1.73% gain to close at22,985.00; yet it laid the foundations for the market growth that occurred in the month
of March and this pushed the growth in the month to +12.92%. The aggregate All-
Share Index growth in the quarter stood at 24.60% to close at 25,966.25.
After many interruptions in the NSE ASI bids to cross its 200 days moving averages, therecent trends recorded in the month of March seemed to have given the ASI the stamina
to cross the resistance level. Notwithstanding these intermittent signs of a breakout
shown, the NSE ASI now trends above its 200 days moving average and this should
technically confirm that the market has in a way; put the bearish trend behind it.
Source: NSE, Proshare Research
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According to the index moving averages graphically explained above, the NSE ASI is
trading above its 20 days, 50 days and 200 days moving averages. The trend of the
market showed that the NSE ASI gained 1,952.59 or 9.5% from December 31, 2009
through January 12, 2010. The upbeat recorded in the eight days rally raised investors
raised optimism for many stock.
However, sell pressures took tolls on the shares on the NSE by Wednesday January 13,
2010 which resulted in the halt of market upbeat. At the beginning of the uptrend, the
NSE ASI was 2,342 or 10.1% removed from its 200 day CSMA of 23,169, and at the
time of the decline, the NSE all share index was only 676 or 2.9% from its 200 day
CSMA of 23,194.8. By the week ended March 12, 2010, it was certain that the NSE was
going into a full throttle (http://proshareng.com/blog/?p=243).
With the uptrend recorded in the month of March, the present market trend shows the
recovery and rebounding status of the market. This positive trend could mostly be
attributed to performance growth recorded in the non-financial stocks, most especially
toward the tail end of the quarter.
The enthusiasm shown by the market appears sustainable.
Source: NSE, Proshare Research
Q1 2010 Market Dynamics
The market dynamics as graphically illustrated below showed the appreciation and
depreciations on the weekly basis.
The trend clearly explains the investors sentiment swing in the period under review as
influenced by some other factors. The latter part of the month of March added much
impetus to the positive outlook shown in the dynamics (and as explained in our
introduction).
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MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (Q1,2009)
Source: NSE, Proshare Research
Comparison of 2009 and 2010 Market Performance
The market performance in the 2010 first quarter when compared with 2009 comparable
period showed a drastic improvement and a clear departure from the previous years
trend. In the period under review, ASI recorded +24.60% appreciations as against -
36.61% depreciations recorded in 2009 first quarter. This trend is attesting to the fact
that the market has moved far away on a positive note from the bearish trend as at the
previous years comparable period.
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Source: NSE, Proshare Research
From the table above, the year to date performance of the year 2009 as at 31st March,
2009 closing at -36.69% indicated a depressing outlook when compared with the
positive year to date performance for the year 2010 as at 31 st March, 2010 standing in
the positive performance growth of+24.60% for the period under review. The negative
trend of the previous years period when compared with +24.60% appreciations
recorded in 2010 first quarter showed that the market is on the recovery trend.
Dates NSE ASIMarket
Capitalisation(trillion)Market
Capitalisation($ bn)
Jan-02-09 31,357.24 6.93 43.31
Mar-02-09 22,684.18 5.07 31.69
Mar-31-09 19,851.89 4.48 28.00
Quarterly Return -36.69% -35.35% -35.35%
Monthly Return -12.49% -11.64% -11.64%
Jan-04-10 20,838.90 4.99 33.27
Mar-01-10 22,995.75 5.53 36.87
Mar-31-10 25,966.25 6.28 41.87
Quarterly Return 24.60% 25.85% 25.85%
Monthly Return 12.92% 13.56% 13.56%
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Sectoral Index Movements
Date
NSE 30Index
%
Change
NSE-FoodIndex %
Change
NSE-BankingIndex %
Change
NSE-InsuranceIndex %
Change
NSE-Oiland GasIndex %
Change04/01/2010 -0.07 0.43 -0.58 -0.01 0.00
05/01/2010 0.59 0.73 0.86 -1.52 0.16
06/01/2010 1.55 0.60 1.42 -1.79 0.00
07/01/2010 1.16 0.61 1.52 -0.79 0.91
08/01/2010 0.63 1.02 0.98 -0.29 0.45
11/01/2010 1.94 3.39 2.34 -0.89 0.65
12/01/2010 2.22 2.30 2.36 -0.60 1.22
13/01/2010 -1.15 -1.76 -2.53 0.14 0.43
14/01/2010 -1.44 -2.40 -1.68 -1.78 0.00
15/01/2010 0.54 0.63 0.82 0.30 0.00
18/01/2010 0.58 0.04 0.91 1.10 0.00
19/01/2010 0.29 0.31 0.62 -1.50 0.00
20/01/2010 0.05 4.86 0.16 -0.85 -0.27
21/01/2010 -0.46 0.29 -1.71 0.52 0.00
22/01/2010 -0.66 -0.08 -0.18 -1.33 0.00
25/01/2010 0.85 0.92 1.76 0.80 0.00
26/01/2010 0.64 1.01 1.31 -0.81 0.00
27/01/2010 -0.33 0.39 -0.68 -0.26 0.00
28/01/2010 0.49 -0.17 1.54 0.32 0.0029/01/2010 0.05 -0.46 0.73 -1.59 -0.05
01/02/2010 1.40 2.12 1.69 -0.22 0.00
02/02/2010 1.31 0.70 1.32 -1.15 0.00
03/02/2010 2.38 1.47 3.37 -0.06 -0.83
04/02/2010 1.11 -0.39 1.79 0.80 0.23
05/02/2010 -2.81 -3.29 -3.62 -1.65 0.86
08/02/2010 -1.51 -2.12 -2.51 -1.10 0.00
09/02/2010 0.83 0.07 0.81 -0.71 0.00
10/02/2010 0.58 0.28 0.44 0.09 -0.61
11/02/2010 -0.44 0.38 -1.10 1.13 -1.13
12/02/2010 -0.18 0.51 -0.49 -1.31 -0.01
15/02/2010 0.45 0.39 0.51 0.30 0.00
16/02/2010 0.12 0.13 0.27 -1.30 0.03
17/02/2010 0.01 1.59 -0.38 -1.03 0.00
18/02/2010 0.44 0.13 0.94 -0.27 0.25
19/02/2010 0.14 0.27 -0.21 -0.08 0.42
22/02/2010 -0.65 1.03 -0.50 -1.21 0.69
23/02/2010 -0.44 0.48 0.02 -2.51 1.41
24/02/2010 0.64 0.25 0.18 -0.51 1.46
25/02/2010 -0.12 -0.18 -0.61 0.31 1.00
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01/03/2010 0.11 0.78 0.43 -0.44 -0.27
02/03/2010 0.19 1.11 0.05 -1.31 -0.48
03/03/2010 -0.02 -0.03 -0.31 -0.76 -0.98
04/03/2010 -0.34 0.57 -0.74 0.60 -0.69
05/03/2010 0.03 0.11 0.03 -1.54 0.3608/03/2010 0.78 -0.03 0.70 -0.32 0.03
09/03/2010 0.74 1.03 1.06 -0.19 1.51
10/03/2010 0.96 2.21 1.09 -0.58 -1.19
11/03/2010 1.08 -0.54 1.41 -0.45 -1.67
12/03/2010 1.76 0.49 3.22 1.63 1.28
15/03/2010 0.86 0.99 0.70 0.05 -2.23
16/03/2010 0.41 2.15 -0.53 1.07 0.26
17/03/2010 0.39 0.52 0.44 1.65 0.89
18/03/2010 -1.02 -1.40 -1.24 1.07 1.19
19/03/2010 0.98 2.22 2.39 0.06 0.0022/03/2010 0.36 -0.08 1.18 1.16 -1.11
23/03/2010 1.65 1.22 1.16 0.61 1.29
24/01/2010 0.15 0.28 -1.05 0.33 -1.30
25/03/2010 -0.47 1.62 -0.68 2.22 0.12
26/03/2010 1.86 1.85 0.83 0.86 -0.01
29/03/2010 1.98 3.38 2.93 0.95 0.60
30/03/2010 2.25 1.88 3.00 0.18 -0.22
31/03/2010 -2.23 -3.16 -1.97 0.96 1.57
First Quarter Performance 25.63 39.09 28.89 -12.92 6.21Source: NSE, Proshare Research
In the first quarter, NSE-Food and Beverages sector index led the performance with
+39.09%, followed by the Banking sector with +28.89%. However, the Insurance
sector was the only index that declined (by -12.92 %.)
NSE-30INDEX
Source: NSE, Proshare Research
The trend recorded in the blue chips stocks is reflected in the index movement. Therewere interruptions at the many points in the index performance in the quarter due to the
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volatility that pervaded the entire market in the period. The sector would probably have
performed better but for the uncertainty that pervaded both the political and the
economy landscapes of the country. The few dividends declared in the sector stimulated
the sectors performance in a way. It was also observed that not many investors were
keen at holding many of the blue chips stocks for long as there were sell pressures in the
stocks in between. The sector eventually closed with +25.63% appreciations. And thesome of the stocks in this category look good for investment considerations.
NSE-FOOD INDEX
Source: NSE, Proshare Research
The stocks in the sector posted relatively outstanding trend in the quarter and eventually
emerged the best performing NSE Sectoral index with +39.09% appreciations. After lull
that the stocks in the sector experienced towards the tail end of the month of January,the trend in the sector has since remained on the positive side. The investors
sentiments swung mostly in favour of the stocks in the sector. The sector recorded
+18.43% appreciation in the month of March alone compared with +13.20% and
+3.75% appreciation recorded in January and February respectively. Therefore, the
stocks in the sector appear good considerations (with pre set stop loss targets) for
investment at this time.
NSE-BANKING INDEX
Source: NSE, Proshare Research
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NSE-Banking index closed the month of March with +18.34% appreciations. The
performance growth was above +10.30% and +1.76% appreciations recorded in the
months of January and February respectively. The aggregate performance growth in the
quarter closed at +28.89%. Though the sector is saddled with lots of challenges
occasioned by the non-performing loans crisis in the books of many banks, the
developments highlighted earlier on page 6 remain relevant to the sector. Enthusiasmabout the impact of the AMC plan for the banks might have also raised the investors
enthusiasm about the stocks in the sector. Also, with the seemly positive common year
end results being posted by the banks, the tempo of positive performance may continue
in the sector if more of such results are posted.
NSE-INSURANCE INDEX
Source: NSE, Proshare Research
Insurance sector posted -10.04% and -10.30% in the month of January and February
respectively. However, the growth recorded in the month of March closed at +8% and
this brought the aggregate sectoral performance for the quarter to -12.92%. The penny
status of majority of the stocks in the sector might have informed the positive rally the
stocks enjoyed in the month of March coupled with the general improvement in the
market. Despite all the heads-up; the sectors performance growth is against a dearth of
impressive returns from the sector; which sadly may not abate anytime soon.
NSE-OIL INDEX
Source: NSE, Proshare Research
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The sector recorded +3.56 and +3.78% performance growths in the months of January
and February respectively. The growth however declined by -1.16%. The aggregate
total performance growth in the quarter closed at +6.21%.
LAST TRADING DAY -SNAPSHOT
http://www.proshareng.com/investors/theAnalyst.php?loc=sector
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SECTORAL ANALYSIS
SECTOR PERFORMANCE
Sector YTD %ChangeHOTEL & TOURISM 101.74%
MARITIME 44.07%
ROAD TRANSPORTATION 35.62%
AIRLINE SERVICES 34.37%
FOOD/BEVERAGES & TOBACCO 33.92%
LEASING 32.08%
MEDIA 31.01%
BUILDING MATERIALS 29.89%
BANKING 28.71%
HEALTHCARE 23.95%
CONGLOMERATES 20.45%
REAL ESTATE 19.84%
AGRICULTURE 18.81%
PETROLEUM(MARKETING) 16.37%
CONSTRUCTION 15.49%
PACKAGING 14.91%
THE FOREIGN LISTINGS 13.07%
PRINTING & PUBLISHING 13.01%
INFORMATION & COMMUNICATION TECHNOLOGY 8.94%COMMERCIAL/SERVICES 8.03%
MORTGAGE COMPANIES 6.63%
BREWERIES 5.48%
CHEMICAL & PAINTS 4.02%
ENGINEERING TECHNOLOGY 1.83%
AVIATION 0.00%
COMPUTER & OFFICE EQUIPMENT -1.01%
SECOND-TIER SECURITIES -1.88%
INSURANCE -5.82%
FOOTWEAR -9.62%OTHER FINANCIAL INSTITUTIONS -10.90%
AUTOMOBILE & TYRE -12.79%
INDUSTRIAL/DOMESTIC PRODUCTS -15.38%
TEXTILES -25.26%Source: NSE, Proshare Research
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Transactions Volume and Value Trend
Market Q1 '09' Q1 '10' % Change
Average Daily Volume of stocks Traded ( inmillions) 308.31 434.8 41.03%
Average Daily Value of stocks Traded ( inN'millions) 1,708.22 3,093.94 81.12%
Average Daily Value of stocks Traded ( in US$ millions) 10.68 20.63 93.20%
Total Volume of stocks Traded (in millions) 19115.93 26957.75 41.02%
Total Value of stocks Traded (in N'millions) 105,910.22 191,824.75 81.12%
Total Value of stocks Traded (in $ billion) 661.94 1278.83 93.19%Source: NSE, Proshare Research
New Listing and Delisting Q1 '09' Q1 '10' % Change
Number of Equities Delisted 1 2
Number of New Listings 2 0Source: NSE, Proshare Research
The volume and value trend as contained in the table above showed that there is an
improvement in the market activities in Q1 2010 when compared with the preceding
year. The appreciation recorded in the value and volume of market transaction was an
indication of push-pull effect indicating the entry of more buyers in the market during
the period under review.
Interestingly average daily volume increased by +41.03% and average daily value by
+81.12%; just as the total volume and total value increased by +41.02% and
81.12% respectively.
The market this quarter recorded a total of 27.008 billion units valued at N191.845
billion (US$1.282 billion) exchanged in 614,960 deals compared with 19.116
billion units valued at N105.910 billion (US$707.483 million) exchanged in
418,368 deals in the previous years first quarter. Comparing the volume and value
traded in the quarter with the previous years first quarter showed +41.28% and a
+81.16% rise above the volume and value recorded in the previous years first quarter
respectively.
In the same vein, comparing the volume and value traded in the most recent previous
quarter showed that the transactions activities closed on the upward note. The volume
traded in the previous quarter to December 2009 which stood at 27.485 billion units
valued at N176.804 billion (US$ 1.181 billion) exchanged in 370,727 deals was
+1.75% above the volume traded this quarter.
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In the course of the quarter, the All-Share index recorded a +24.60% performance
compared with -36.69% negative growth recorded in the preceding years first quarter
to close at 19,851.89. The ASI trend this quarter when compared with the most recent
previous quarter to December 31st, 2009 also outperformed the last quarter which
recorded -6.82% negative growths. Market capitalisation this quarter appreciated by
N1.288 trillion (US$8.607 billion) compared with N2.473 trillion (US$ 16.523billion) market capitalisation loss recorded in the previous years comparable period
Source: NSE, Proshare Research
Source: NSE, Proshare Research
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Top Ten Trades for the First Quarter 2010
Zenith Bank, First Bank and First Inland Bank stocks topped the transaction volume for
the quarter appearing consistently in the first three banks on the list. Banking stocks
generally dominated the charts for the quarter. The price movement of these stocks, it
must be borne in mind, does not suggest a commitment on the part of the investors, butrather indications of speculative trading on most of these stocks.
With the exceptions of BAGCo and CapOil (January); IHS and Skye Bank (February),
Transcorp (March) the other stocks on the list below made the top 10 trades in the year-
to-date every month.
Company Total Trade Total Volume Total Value
ZENITHBANK 180301,796,475,560.00
28,888,832,332.92
FIRSTINLND 6815
1,585,263,748.00
1,107,629,556.39
FIRSTBANK 518521,330,760,471.00
19,990,543,823.75
ACCESS 124571,064,396,872.00
9,781,765,713.75
UBA 15399965,369,907.00
12,966,712,444.07
GUARANTY 26271940,936,699.00
17,419,069,060.53
FIDELITYBK 10789916,929,002.00
2,583,851,827.20
DIAMONDBNK 6705
910,339,324.00
8,044,667,084.46
SKYEBANK 11271642,757,946.00
4,645,787,381.76
TRANSCORP 2988553,386,045.00
293,036,847.74
Source: Proshare Research
RECALL TOP TEN TRADES FOR THE 2009 FIRST QUARTER
Company Total Trade Total Volume Total Value
INTERCONT 10,526.00 2,037,827,295.00 12,586,744,184.82
ACCESS 16,555.00 917,462,120.00 4,418,503,765.15
IAINSURE 1,181.00 821,358,716.00 410,679,358.00
OCEANIC 22,369.00 803,220,919.00 5,670,195,166.21
FIRSTBANK 54,627.00 729,913,924.00 12,298,863,107.47
GUARANTY 24,123.00 714,438,526.00 7,152,599,050.12
TRANSCORP 3,532.00 677,623,065.00 426,365,192.52
FIDELITYBK 8,321.00 673,310,698.00 2,539,313,233.86
UBA 24,577.00 570,023,506.00 5,180,566,791.21
FIRSTINLND 2,032.00 565,573,752.00 1,371,522,027.56
Source: NSE, Proshare Research
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Top Ten Traded Sectors for the First Quarter 2010
Banking sector traded more than half of the total volume transactions for the quarter,
followed by Insurance sector. The volume traded in the banking sector closed at 13.721
billion units valued at N119.115 billion ($794.102 million) exchanged in 220,287
deals, the volume traded in the sector represented 59% of the entire market volumetransactions for the period (February 51%). The volume traded in the financial sectors
combined together accounted for approx. 77% of the entire market transaction.
Sector Total Trades Total Volume Total Value
%
Contribution
BANKING 220287 13,720,956,012 119,115,312,840.92 59.11%
INSURANCE 32173 4,245,120,213 4,704,411,777.82 18.29%
FOOD/BEVERAGES &
TOBACCO 42255 1,061,112,104 15,817,305,715.70 4.57%INFORMATION &
COMMUNICATIONTECHNOLOGY 3775 1,032,611,877 2,852,102,832.45 4.45%
MORTGAGE
COMPANIES 4298 869,939,992 562,725,884.56 3.75%
CONGLOMERATES 15353 790,593,910 7,409,606,087.57 3.41%
SECOND-TIER
SECURITIES 482 415,652,237 215,978,492.59 1.79%
PACKAGING 193592 390,105,938 876,170,838.86 1.68%
OTHER FINANCIAL
INSTITUTIONS 1460 350,629,605 298,539,360.41 1.51%BUILDING MATERIALS 13186 333,988,912 8,386,898,309.39 1.44%
526861 23,210,710,800 160,239,052,140.27
Source: NSE, Proshare Research
Source: NSE, Proshare Research
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Top Twenty Gainers in the Quarter
COMPANY 04-Jan-10 31-Mar-10 Change % Change
CAPHOTEL 1.38 3.53 2.15 155.80%
IKEJAHOTEL 0.87 2.17 1.3 149.43%
BAGCO 1.52 3.7 2.18 143.42%
STERLNBANK 1.26 2.76 1.5 119.05%
FTNCOCOA 0.54 1.11 0.57 105.56%
FIDSON 1.86 3.7 1.84 98.92%
DAARCOMM 0.58 1.15 0.57 98.28%
NASCON 4.56 8.88 4.32 94.74%
ETERNAOIL 4.74 9.01 4.27 90.08%
ASHAKACEM 11.39 20.88 9.49 83.32%
CADBURY 10.49 18.77 8.28 78.93%
DANGFLOUR 10.42 18.53 8.11 77.83%BERGER 3.2 5.67 2.47 77.19%
TANTALIZER 0.75 1.32 0.57 76.00%
CCNN 13 21.98 8.98 69.08%
COSTAIN 3.8 6.42 2.62 68.95%
FLOURMILL 36.2 61.06 24.86 68.67%
GTASSURE 2.18 3.54 1.36 62.39%
NAHCO 7.18 11.52 4.34 60.45%
CONOIL 27.63 44 16.37 59.25%Source: NSE, Proshare Research
Top Twenty Losers in the Quarter
COMPANY 04-Jan-10 31-Mar-10 Change % Change
UNITYKAP 2.38 0.56 -1.82 -76.47%
ALUMACO 27.71 10.5 -17.21 -62.11%
STACO 1.19 0.5 -0.69 -57.98%
INCAR 4.12 1.97 -2.15 -52.18%
AFRINSURE 0.87 0.5 -0.37 -42.53%
NIWICABLE 0.97 0.57 -0.4 -41.24%
CRUSADER 1.5 0.91 -0.59 -39.33%
DNMEYER 5.39 3.4 -1.99 -36.92%
AFROMEDIA 0.8 0.51 -0.29 -36.25%
OASISINS 1.49 1.02 -0.47 -31.54%
ECOBANK 10.1 6.99 -3.11 -30.79%
BOCGAS 13.48 9.35 -4.13 -30.64%
UNIC 1.15 0.81 -0.34 -29.57%
UNTL 1.9 1.42 -0.48 -25.26%
BECOPETRO 2.53 1.92 -0.61 -24.11%
NSLTECH 4.35 3.4 -0.95 -21.84%
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NIGERINS 0.97 0.78 -0.19 -19.59%
UNIONDICON 6.01 4.91 -1.1 -18.30%
ETRANZACT 6.4 5.23 -1.17 -18.28%
CHAMPION 3.15 2.58 -0.57 -18.10%
From the top twenty appreciations and depreciations tables above, it is evident that non-
banking stocks mostly contributed to the positive trend recorded in the period under
review. Though the sector accounted for more than half of the entire market volume, but
not in market performance. Only Sterling Bank made list in the sector. Conversely, only
one bank Ecobank also made the list of YTD losers with a 31% drop in value.
Hotel and Tourism sector emerged the best performing sector with the two stocks in the
sector emerging the leading gainers with +155.80% and +149.43% - Capital Hotel
and Ikeja Hotel respectively.
Though Unity Kapital Plc and Alumaco led the quarter worst losers with -76.47% and -62.11% respectively, the Insurance sector continues to lose value and contributed the
most number of decliners.
Gainers and Losers Compared
Source: Proshare Research
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Supplementary Listing in the Month:
Source: NSE, Proshare Research
Supplementary Listing in the Month of February 2010
Supplementary Listing in the Month Units Listed
African Paints Plc 130,000,000
CI Leasing Plc(Redeemable Convertible Loan Stock) 471,580,000
SUPPLEMENTARY LIST
S/No Company Additional Shares Reason
1 Cadbury Nigeria Plc 2,028,347,543 Following the conclusion of the right Issue
2
Custodian and
Allied Insurance Plc 348,027,267
Following the conversion of US$8 millionof the US$10 million Unsecured VariableCoupon Redeemable Convertible Loan
Stock. The balance of US$2 million wouldremain as loan stock
3 African Paints Plc 130,000,000Following the conclusion of Placing withCharing Management Limited
4
Equity Assurance
Plc 1,139,415,820
Following the conclusion of offer for
subscription
5
Ecobank
TransnationalIncorporated 1,181,055,863
Being shares issued to InternationalFinance Corporation (IFC).
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Corporate Declarations in the Quarter
SEVEN-UP BOTTLING COMPANY PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 17,853.00 15,214.00 17.35
Profit before tax 1,004.00 980.29 2.42
Profit/Loss After Tax 853.72 800.66 6.63
Balance Sheet Information
Fixed Assets 18,523.00 18,592.00 -0.37
Cash and Bank Balances 1,473.00 1,267.00 16.26
Other Debit Balances 5,222.00 6,798.00 -23.18
Trade Credits 1,546.00 1,618.00 -4.45
Other Credit Balances 18,415.00 14,977.00 22.96
Working Capital 1,737.00 1,414.00 22.84Net Assets 8,838.00 7,984.00 10.70
http://www.proshareng.com/investors/company.php?ref=SEVENUP
SCOA NIGERIA PLC
2008 AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08
2008 Nm 2007 Nm % change
Gross Earnings 3,045.00 2,746.00 10.89
Profit before tax 283.53 1,002.00 (71.70)
Profit/Loss After Tax 231.91 822.47 (71.80)
Balance Sheet Information
Fixed Assets 882.05 856.33 3.00
Cash and Bank Balances 368.39 86.75 324.65
Other Debit Balances 974.51 826.80 17.87
Trade Creditors 52.63 6.86 667.40
Other Credit Balances 2,057.00 3,948.00 -47.90
Working Capital 854.79 728.47 17.34
Net Assets 1,648.00 1,514.00 8.85
http://www.proshareng.com/investors/company.php?ref=SCOA
AFROMEDIA PLC
AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 2,397.00 1,956.00 22.55
Profit before tax 338.42 546.26 (38.05)
Profit/Loss After Tax 340.79 438.52 (22.29)
Balance Sheet Information
Fixed Assets 2,133.00 2,107.00 1.23
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Cash and Bank Balances 80,663.00 1,037.00 7678.50
Other Debit Balances 1,773.00 1,319.00 34.42
Other Credit Balances 2,044.00 730.13 179.95
Working Capital 2,603.00 2,539.00 2.52
Net Assets 4,928.00 4,633.00 6.37http://www.proshareng.com/investors/company.php?ref=AFROMEDIA
PINNACLE POINTS GROUP PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-AUG-09
2009 Nm 2008 Nm % change
Gross Earnings 188.57 1,635.45 (88.47)
Profit before tax (1,824.90) 44.56 (4,195.84)
Profit/Loss After Tax (1,308.00) 65.03 (2,111.50)
Balance Sheet InformationFixed Assets 610.34 692.67 -11.89
Cash and Bank Balances 105.15 1,116.14 -90.58
Other Debit Balances 7,610.66 6,959.81 9.35
Short Term Borrowing 7,332.50 5,872.77 24.86
Other Credit Balances 12,468.26 12,797.07 -2.57
Working Capital (11.89) 2,750.45 -100.43
Net Assets 13,886.92 15,338.38 -9.46
http://www.proshareng.com/investors/company.php?ref=PINNACLE
INCAR PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 125.51 132.81 (5.50)
Profit before tax (32.70) 7.08 (561.56)
Profit/Loss After Tax (32.70) 7.08 (561.56)
Balance Sheet Information
Fixed Assets 1,512.00 1,258.00 20.19
Cash and Bank Balances 10.94 16.98 -35.60
Other Debit Balances 239.75 233.11 2.85
Other Credit Balances 1,471.00 1,196.00 22.99
Net Assets 327.79 360.48 -9.07
http://www.proshareng.com/investors/company.php?ref=INCAR
BECO PETROLEUM PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 Nm 2008 Nm % change
Gross Earnings 825.94 998.85 (17.31)
Profit before tax 81.37 54.18 50.19
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Profit/Loss After Tax 74.97 44.20 69.61
Balance Sheet Information
Fixed Assets 3,217.00 3,133.00 2.68
Cash and Bank Balances 11.21 2.95 280.65
Other Debit Balances 487.74 436.08 11.85Other Credit Balances 225.37 331.91 -32.10
Working Capital 139.05 151.57 -8.26
Net Assets 3,364.00 3,289.00 2.28
http://www.proshareng.com/investors/company.php?ref=BECOPETRO
AFRICAN PAINTS PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 34.91 26.40 32.24Profit before tax (31.77) (36.17) (12.18)
Profit/Loss After Tax (32.02) (36.60) (12.53)
Balance Sheet Information
Fixed Assets 362.99 366.86 -1.05
Cash and Bank Balances 3.59 1.72 108.30
Other Debit Balances 1.77 2.37 -25.35
Trade Credits 37.93 18.44 105.70
Other Credit Balances 164.60 168.00 -2.03
Working Capital (345.56) (317.41) 8.87
Net Assets 17.43 49.45 -64.75
http://www.proshareng.com/investors/company.php?ref=AFRIPAINTS
UNITED NIGERIAN TEXTILES PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 6,544.00 8,838.00 (25.96)
Profit before tax (956.04) (659.64) (44.94)
Profit/Loss After Tax (956.04) (659.64) (44.94)
Balance Sheet Information
Fixed Assets 3,863.00 4,238.00 -8.85
Cash and Bank Balances 27.34 66.65 -58.97
Other Debit Balances 969.15 993.58 -2.46
Trade Credits 922.98 1,032.00 -10.56
Other Credit Balances 5,125.00 3,487.00 46.97
Working Capital 4,019.00 3,163.00 27.06
Net Assets 4,903.00 5,859.00 -16.32
http://www.proshareng.com/investors/company.php?ref=UNTL
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COSTAIN WEST AFRICA PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % change
Gross Earnings 6,274.00 3,815.00 64.46
Profit before tax (574.79) 380.52 (251.05)Profit/Loss After Tax (615.12) 353.22 (274.15)
Balance Sheet Information
Fixed Assets 3,531.00 1,747.00 102.12
Cash and Bank Balances 2,785.00 46,135.00 -93.96
Other Debit Balances 7,363.00 2,718.00 170.90
Short Term Borrowing 435.77 2,017.00 -78.40
Other Credit Balances 3,820.00 2,978.00 28.27
Working Capital 3,456.00 (1,293.00) -367.29
Net Assets 8,692.00 (932.38) 1032.24
http://www.proshareng.com/investors/company.php?ref=COSTAIN
FIDSON HEALTHCARE PLC
AUDITED RESULT FOR THE PERIOD ENDING 30-JUN-09
2009 Nm 2008 Nm % change
Gross Earnings 5,019.00 4,503.00 11.46
Profit before tax 623.04 526.38 18.36
Profit/Loss After Tax 429.07 189.30 126.66
Balance Sheet Information
Fixed Assets 1,903.00 870.48 118.62
Cash and Bank Balances 79.22 289.77 -72.66
Other Debit Balances 3,427.00 3,763.00 -8.93
Short Term Borrowing 592.24 705.28 -16.03
Other Credit Balances 1,120.00 976.44 14.70
Working Capital 1,829.00 2,596.00 -29.55
Net Assets 5,095.00 4,965.00 2.62
http://www.proshareng.com/investors/company.php?ref=FIDSON
STUDIO PRESS PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08
2008 Nm 2007 Nm % change
Gross Earnings 2,966.00 1,803.00 64.50
Profit before tax 31.37 62.71 (49.97)
Profit/Loss After Tax (212.84) 35.36 (701.84)
Balance Sheet Information
Fixed Assets 4,235.00 2,842.00 49.01
Cash and Bank Balances 1.11 2.87 -61.13
Other Debit Balances 19.60 20.01 -2.05
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Short Term Borrowing 1,175.00 548.96 114.04
Other Credit Balances 4,146.00 3,036.00 36.56
Working Capital (1,379.00) (810.07) 70.23
Net Assets 1,452.00 944.45 53.74
http://www.proshareng.com/investors/company.php?ref=STUDIOPRESS
UNIC INSURANCE PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % change
Gross Earnings 904.66 550.44 64.35
Profit before tax 233.60 276.90 (15.64)
Profit/Loss After Tax 226.18 235.36 (3.90)
Balance Sheet Information
Fixed Assets 3,278.00 3,302.00 -0.73Cash and Bank Balances 276.76 79.55 247.93
Other Debit Balances 3,562.00 3,397.00 4.86
Short Term Borrowing 436.32 386.76 12.81
Other Credit Balances 2,948.00 2,971.00 -0.77
Working Capital 1,745.00 1,095.00 59.36
Net Assets 5,011.00 4,797.00 4.46
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-JUN-09
2009 Nm 2008 Nm % change
Gross Earnings 1,495.00 1,285.00 16.34
Profit before tax 330.52 451.13 (26.73)
Profit/Loss After Tax 313.45 369.92 (15.27)
Balance Sheet Information
Fixed Assets 3,310.00 3,302.00 0.24
Cash and Bank Balances 253.96 79.55 219.27
Other Debit Balances 4,295.00 3,397.00 26.44
Short Term Borrowing 418.09 386.76 8.10
Other Credit Balances 3,689.00 2,971.00 24.17
Working Capital 2,100.00 1,095.00 91.78
Net Assets 5,100.00 4,797.00 6.32
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 2,242.00 1,840.00 21.85
Profit before tax 380.61 429.71 (11.43)
Profit/Loss After Tax 372.33 365.25 1.94
Balance Sheet Information
Fixed Assets 3,218.00 3,302.00 -2.54
Cash and Bank Balances 542.55 79.55 582.06
Other Debit Balances 4,376.00 - 0.00
Short Term Borrowing 643.30 386.76 66.33
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Other Credit Balances 3,680.00 2,971.00 23.86
Working Capital 2,039.00 1,095.00 86.21
Net Assets 5,187.00 4,797.00 8.13
http://www.proshareng.com/investors/company.php?ref=UNICINSURE
AIICO INSURANCE PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 2008 %
Gross Earnings 7,718.00 5,532.00 39.52
Profit/(Loss) Before Tax and After Provisions 1,441.00 884.56 62.91
Profit/(Loss) After Tax 1,297.00 796.11 62.92
Balance Sheet Information
Fixed Assets 1,969.00 1,939.00 1.55
Cash and Bank Balances 1,410.00 1,263.00 11.64Other Debit Balances 12,752.00 14,423.00 -11.59
Other Credit Balances 9,358.00 8,108.00 15.42
Net Assets 13,650.00 12,517.00 9.05
http://www.proshareng.com/investors/company.php?ref=AIICO
PZ CUZZIONS PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-NOV-09
2009 Nm 2008 Nm % change
Gross Earnings 27,358.00 28,411.00 (3.71)Profit/(Loss) Before Tax and After Provisions 2,603.00 2,340.00 11.24
Profit/(Loss) After Tax 1,771.00 1,628.00 8.78
Balance Sheet Information
Fixed Assets 23,557.00 21,511.00 9.51
Cash and Bank Balances 978.13 2,804.00 -65.12
Other Debit Balances 5,048.00 4,344.00 16.21
Short Term Borrowing 1,068.00 7.74 13700.23
Other Credit Balances 16,585.00 14,343.00 15.63
Net Assets 35,403.00 35,565.00 -0.46
http://www.proshareng.com/investors/company.php?ref=PZ
WEMA BANK PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-08
2008 Nm 2007 Nm % change
Gross Earnings 25,978.00 29,379.00 (11.58)
Provision for Risk Assets (37,233.00) (8,400.00) 343.25Provision for Recoveries Investment and other
Assets (15,689.00) 254,571.00 (106.16)
Profit/(Loss) Before Tax and After Provisions (56,799.00) 356,080.00 (115.95)
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Profit/(Loss) After Tax (46,304.00) 1,303.00 (3,653.65)
Balance Sheet Information
Fixed Assets 17,990.00 15,342.00 17.26
Cash and Bank Balances 15,734.00 43,501.00 -63.83
Other Debit Balances 116,165.00 118,004.00 -1.56Short Term Borrowing 2,135.00 -
Other Credit Balance 174,005.00 156,459.00 11.21
Net Assets (20,112.00) 25,752.00 -178.10
http://www.proshareng.com/investors/company.php?ref=WEMA
WEMA BANK PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % change
Gross Earnings 16,551.00 25,978.00 (36.29)Provision for Risk Assets (2,973.00) (37,233.00) (92.02)
Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)
Profit/(Loss) Before Tax and After Provisions (28,306.00) (56,799.00) (50.16)
Profit/(Loss) After Tax (20,455.00) (46,304.00) (55.82)
Balance Sheet Information
Fixed Assets 14,883.00 17,990.00 -17.27
Cash and Bank Balances 19,146.00 15,734.00 21.69
Other Debit Balances 89,482.00 116,165.00 -22.97
Short Term Borrowing 660.26 2,135.00 -69.07
Other Credit Balances 169,125.00 174,005.00 -2.80
Net Assets (39,921.00) (20,112.00) 98.49
http://www.proshareng.com/investors/company.php?ref=WEMA
TRIPPLE GEE & CO PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 358.83 788.61 (54.50)
Provision for Risk Assets (2,973.00) (37,233.00) (92.02)
Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)
Profit/(Loss) Before Tax and After Provisions (60.79) 77.71 (178.24)
Profit/(Loss) After Tax (60.99) 77.71 (178.49)
Balance Sheet Information
Fixed Assets 948.75 1,010.00 -6.06
Cash and Bank Balances 9.20 5.56 65.31
Other Debit Balances 317.23 293.41 8.12
Trade Credits 36.80 126.39 -70.88
Other Credit Balances (146.96) (148.20) -0.83
Net Assets 801.78 862.78 -7.07
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http://www.proshareng.com/investors/company.php?ref=TRIPPLEGEE
CHELLARAMS PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % ChangeGross Earnings 9,060.00 7,742.00 17.02
Profit Before Tax 268.45 222.70 20.54
Profit After Tax 247.79 199.72 24.07
Balance Sheet Information
Fixed Assets 2,794.00 2,814.00 -0.71
Cash and Bank Balances 44.50 80.57 -44.77
Other Debit Balances 932.82 760.22 22.70
Trade Credit 993.70 858.63 15.73
Other Credit Balances 3,375.00 4,244.00 -20.48
Working Capital (316.31) (589.67) -46.36
Net Assets 2,592.00 2,200.00 17.82
http://www.proshareng.com/investors/company.php?ref=CHELLARAMS
VITAFOAM NIGERIA PLC
AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % Change
Gross Earnings 9,758.00 8,172.00 19.41
Profit before tax& After Exep. Items 780.92 1,013.00 (22.91)
Profit/Loss After Tax 510.78 698.30 (26.85)Balance Sheet Information
Fixed Assets 1,615.00 1,345.00 20.07
Cash and Bank Balances 174.04 410.08 -57.56
Other Debit Balances 995.40 433.44 129.65
Trade Credits 808.83 583.69 38.57
Other Credit Balances 1,460.00 1,600.00 -8.75
Working Capital 2,160.00 1,895.00 13.98
Net Assets 2,161.00 1,895.00 14.04
http://www.proshareng.com/investors/company.php?ref=VITAFOAM
NORTHER NIGERIA FLOURMILL PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 7,920.00 6,589.00 20.20
Profit Before Tax 522.71 107.42 386.59
Profit/Loss After Tax 388.31 99.41 290.63
Balance Sheet Information
Fixed Assets 371.65 352.43 5.45
Cash and Bank Balances 1,157.00 1,120.00 3.30
Other Debit Balances 379.13 294.71 28.64Trade Credits 422.96 502.69 -15.86
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Other Credit Balances 993.66 1,256.00 -20.89
Working Capital 1,605.00 888.45 80.65
Net Assets 1,490.00 865.17 72.22
http://www.proshareng.com/investors/company.php?ref=NNFM
RESORT SAVING AND LOANS PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % Change
Gross Earnings 854.72 423.23 101.95
Profit Before Tax 330.51 114.13 189.59
Profit/Loss After Tax 231.36 79.89 189.59
Balance Sheet Information
Fixed Assets 245.56 161.61 51.94
Cash and Bank Balances 802.36 647.61 23.90
Other Debit Balances 7,107.00 7,124.00 -0.24
Other Credit Balances 1,048.00 1,461.00 -28.27
Net Assets 7,016.00 6,722.00 4.37
http://www.proshareng.com/investors/company.php?ref=RESORTSAL
ASO SAVINGS AND LOANS PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 %
Gross Earnings 7,906.00 8,021.00 (1.43)
Profit before tax and excpt. items 788.52 1,734.00 (54.53)
Profit/Loss After Tax 551.96 1,214.00 (54.53)
Balance Sheet Information
Fixed Assets 1,722.00 1,272.00 35.38
Cash and Bank Balances 15.64 8,107.00 -99.81
Other Debit Balances 49.65 53.25 -6.75
Other Credit Balances 61.58 57.31 7.45
Net Assets 5,595.00 5,477.00 2.15
http://www.proshareng.com/investors/company.php?ref=ASOSAVINGS
NIGERIAN BAG MANUFACTURING PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 7,553.00 7,391.00 2.19
Profit Before Tax 545.88 116.49 368.60
Profit/Loss After Tax 371.20 79.22 368.60
Balance Sheet Information
Fixed Assets 6,664.00 7,170.00 -7.06
Cash and Bank Balances 229.08 176.57 29.74
Other Debit Balances 5,676.00 4,575.00 24.07
Trade Credits 287.25 963.22 -70.18
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Other Credit Balances 3,947.00 4,525.00 -12.77
Working Capital 5,978.00 5,830.00 2.54
Net Assets 9,331.00 9,239.00 1.00
http://www.proshareng.com/investors/company.php?ref=BAGCO
JULIUS BERGER NIGERIA PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % Change
Gross Earnings 97,500.00 84,350.00 15.59
Profit Before Tax 3,900.00 3,370.00 15.73
Profit/Loss After Tax 2,300.00 1,970.00 16.75
Balance Sheet Information
Fixed Assets 46,179.00 28,381.00 62.71
Cash and Bank Balances 86,943.00 109,384.00 -20.52
Other Debit Balances 46,447.00 52,462.00 -11.47
Trade Credits 5,318.00 5,293.00 0.47
Other Credit Balances 111,493.00 121,812.00 -8.47
Working Capital (35,797.00) (16,597.00) 115.68
Net Assets 6,416.00 6,563.00 -2.24
http://www.proshareng.com/investors/company.php?ref=JBERGER
ROYAL EXCHANGE PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % Change
Gross Earnings 2,822.00 2,935.00 (3.85)
Profit Before Tax 383.62 (202.79) (289.17)
Profit/Loss After Tax 602.41 132.75 353.78
Balance Sheet Information
Fixed Assets 5,281.00 3,949.00 33.73
Cash and Bank Balances 1,084.00 1,632.00 -33.58
Other Debit Balances 4,567.00 3,108.00 46.94
Other Credit Balances 4,879.00 5,382.00 -9.35
Working Capital 1,086.00 399.39 171.91
Net Assets 8,116.00 11,706.00 -30.67http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
ADSWITCH PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 Nm 2008 Nm % Change
Gross Earnings 100.52 22.21 352.59
Profit Before Tax 10.87 (1.50) 824.67
Profit After Tax 7.61 (1.50) 607.33
http://www.proshareng.com/investors/company.php?ref=ADSWITCH
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GUINNESS NIGERIA PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 53,842.00 43,483.00 23.82
Profit Before Tax 10,534.00 11,707.00 (10.02)
Profit/Loss After Tax 7,183.00 8,059.00 (10.87)
Balance Sheet Information
Fixed Assets 36,781.00 38,104.00 -3.47
Cash and Bank Balances 4,985.00 5,820.00 -14.35
Other Debit Balances 1,949.00 1,991.00 -2.11
Trade Credits 10,606.00 5,992.00 77.00
Other Credit Balances 23,702.00 18,252.00 29.86
Working Capital 41,054.00 42,726.00 -3.91
Net Assets 29,946.00 31,524.00 -5.01
http://www.proshareng.com/investors/company.php?ref=GUINNESS
FLOURMILL NIGERIA PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % Change
Gross Earnings 117,457.00 112,237.00 4.65
Profit before tax 12,540.00 1,081.00 1,060.04
Profit/Loss After Tax 8,527.00 756.81 1,026.70
Balance Sheet Information
Fixed Assets 25,322.00 22,129.00 14.43
Cash and Bank Balances 13,187.00 17,906.00 -26.35Other Debit Balances 63,310.00 53,329.00 18.72
Trade Credits 7,846.00 7,958.00 -1.41
Other Credit Balances 60,705.00 44,006.00 37.95
Working Capital 2,562.00 4,171.00 -38.58
Net Assets 30,541.00 22,868.00 33.55
http://www.proshareng.com/investors/company.php?ref=FLOURMILL
ROYAL EXCHANGE PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % Change
Gross Earnings 1,075.00 899.42 19.52
Profit before tax (191.87) 66.66 (387.85)
Profit/Loss After Tax (191.87) 46.66 (511.20)
Balance Sheet Information
Fixed Assets 5,943.00 3,949.00 50.49
Cash and Bank Balances 1,107.00 1,632.00 -32.17
Other Debit Balances 7,104.00 3,323.00 113.78
Short Term Borrowing - 239.84 -100.00
Other Credit Balances 5,730.00 8,382.00 -31.64
Working Capital 3,351.00 1,094.00 206.31
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Net Assets 11,023.00 6,084.00 81.18
http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
SOVEREIGN TRUS PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-092009 Nm 2008 Nm % Change
Gross Earnings 3,806.00 3,037.00 25.32
Profit before tax 126.26 617.09 (79.54)
Profit/Loss After Tax 107.33 529.73 (79.74)
Balance Sheet Information
Fixed Assets 561.47 530.19 5.90
Cash and Bank Balances 97.68 44.49 119.56
Other Debit Balances 4,251.00 4,203.00 1.14
Other Credit Balances 792.50 714.05 10.99
Working Capital 2,874.00 2,783.00 3.27
Net Assets 3,730.00 3,619.00 3.07
http://www.proshareng.com/investors/company.php?ref=SOVEREIGNTRUST
THOMAS WYATT NIGERIA PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 114.31 150.00 (23.80)
Profit before tax 1.37 2.52 (45.60)
Profit/Loss After Tax 0.52 1,786.00 (99.97)
Balance Sheet Information
Fixed Assets 415.19 416.35 -0.28
Cash and Bank Balances 793.85 449.00 76.80
Other Debit Balances 69.66 89.72 -22.36
Trade Credits 22.92 6.05 279.14
Other Credit Balances 347.78 385.42 -9.77
Working Capital (221.16) (225.84) 2.07
Net Assets 194.60 191.07 1.84
http://www.proshareng.com/investors/company.php?ref=THOMASWYATT
RED STAR EXPRESS PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 3,148.00 3,036.00 3.69
Profit before tax 359.80 367.14 (2.00)
Profit/Loss After Tax 251.86 257.00 (2.00)
Balance Sheet Information
Fixed Assets 754.79 680.64 10.89
Cash and Bank Balances 333.25 365.88 -8.92
Other Debit Balances 273.54 238.54 14.67
Trade Creditors 226.65 104.50 116.89
Other Credit Balances 705.67 811.22 -13.01
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Working Capital 793.04 743.42 6.67
Net Assets 1,353.00 1,278.00 5.87
http://www.proshareng.com/investors/company.php?ref=REDSTAREX
C &I LEASING PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 Nm 2008 Nm % Change
Gross Earnings 5,771.00 4,767.00 21.06
Profit before tax 284.45 304.87 (6.70)
Profit/Loss After Tax 236.09 230.52 2.42
Balance Sheet Information
Fixed Assets 2,174.00 2,187.00 -0.59
Cash and Bank Balances 402.71 383.29 5.07
Other Debit Balances 8,499.00 7,871.00 7.98
Other Credit Balances 1,099.00 1,911.00 -42.49
Working Capital (7,653.00) (7,566.00) -1.15
Net Assets 2,626.00 2,152.00 22.03
http://www.proshareng.com/investors/company.php?ref=CILEASING
ACADEMY PRESS PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 1,390.00 1,106.00 25.68
Profit before tax 106.68 73.88 44.41
Profit/Loss After Tax 74.68 51.71 44.41Balance Sheet Information
Fixed Assets 961.85 526.54 82.68
Cash and Bank Balances 2.31 28.34 -91.84
Other Debit Balances 410.97 478.28 -14.07
Other Credit Balances 146.36 131.30 11.47
Working Capital 274.74 139.53 -1.15
Net Assets 597.93 463.15 29.10
http://www.proshareng.com/investors/company.php?ref=ACADEMY
NEIMETH INTERNATIONAL PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 1,352.00 1,228.00 10.10
Profit before tax 54.17 (123.76) 143.77
Profit/Loss After Tax 36.84 (123.76) 129.77
Balance Sheet Information
Fixed Assets 225.85 189.90 18.93
Cash and Bank Balances 19.93 14.34 38.93
Other Debit Balances 331.09 632.54 -47.66
Trade Credits 132.25 163.57 -19.15
Other Credit Balances 1,145.00 1,056.00 8.43
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Working Capital 1,322.00 1,227.00 2.07
Net Assets 1,109.00 1,072.00 3.45
http://www.proshareng.com/investors/company.php?ref=NEIMETH
UNIVERSITY PRESS PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % Change
Gross Earnings 1,616.00 1,204.00 34.22
Profit before tax 444.96 304.12 46.31
Profit/Loss After Tax 307.33 210.69 45.87
Balance Sheet Information
Fixed Assets 477.91 539.28 -11.38
Cash and Bank Balances 28.64 37.15 -22.91
Other Debit Balances 203.47 225.81 -9.89
Trade Creditors 50.58 47.49 6.51
Other Credit Balances 802.32 601.11 33.47
Working Capital 917.82 660.25 39.01
Net Assets 1,287.00 1,100.00 17.00
http://www.proshareng.com/investors/company.php?ref=UPL
AFROMEDIA PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 661.67 708.68 (6.63)
Profit before tax 185.88 296.03 (37.21)
Profit/Loss After Tax 161.09 236.82 (31.98)
Balance Sheet Information
Fixed Assets 2,082.00 2,133.00 -2.39
Cash and Bank Balances 100.00 80.66 23.98
Other Debit Balances 1,137.00 1,430.00 -20.49
Trade Credits 4,178.00 135.85 2975.36
Other Credit Balances 1,480.00 2,162.00 -31.54
Working Capital 2,815.00 2,602.00 8.19
Net Assets 5,089.00 4,928.00 3.27
http://www.proshareng.com/investors/company.php?ref=AFROMEDIA
FIDSON HEALTHCARE PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 2,845.00 3,002.00 (5.23)
Profit before tax 375.62 358.46 4.79
Profit/Loss After Tax 255.42 243.76 4.79
Balance Sheet Information
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Fixed Assets 2,090.00 2,014.00 3.77
Cash and Bank Balances 142.86 79.22 80.32
Other Debit Balances 3,349.00 2,734.00 22.49
Trade Creditors 253.07 224.95 12.50
Other Credit Balances 1,304.00 953.30 36.79Working Capital 2,283.00 1,974.00 15.65
Net Assets 5,796.00 5,411.00 7.12
http://www.proshareng.com/investors/company.php?ref=FIDSON
ETRANZACT INTERNATIONAL PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 Nm 2008 Nm % change
Gross Earnings 567.32 601.51 (5.68)
Profit before tax 38.78 69.12 (43.90)Profit/Loss After Tax 24.24 48.39 (49.91)
Balance Sheet Information
Fixed Assets 582.09 601.65 -3.25
Cash and Bank Balances 945.83 1,167.00 -18.95
Other Debit Balances 783.56 670.29 16.90
Other Credit Balances (45.85) (80.06) 42.72
Working Capital 1,945.00 2,014.00 -3.43
Net Assets 2,841.00 2,921.00 -2.74
http://www.proshareng.com/investors/company.php?ref=ETRANZACT
NESTLE NIGERIA PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 68,317.00 51,742.00 32.03
Profit before tax 13,783.00 11,862.00 16.19
Profit/Loss After Tax 9,783.00 8,331.00 17.43
Balance Sheet Information
Fixed Assets 25,404.00 13,817.00 83.86
Cash and Bank Balances 1,763.00 3,663.00 -51.87
Other Debit Balances 4,433.00 2,165.00 104.76
Trade Creditors 3,123.00 3,001.00 4.07
Other Credit Balances 30,583.00 16,478.00 85.60
Working Capital (165.21) 4,248.00 -103.89
Net Assets 10,543.00 9,031.00 16.74
http://www.proshareng.com/investors/company.php?ref=NESTLE
COSTAIN WEST AFRICA PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
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2009 Nm 2008 Nm % change
Gross Earnings 4,233.00 2,877.00 47.13
Profit before tax 167.66 312.12 (46.28)
Profit/Loss After Tax 164.31 300.30 (45.28)
Balance Sheet InformationFixed Assets 4,187.00 3,513.00 19.19
Cash and Bank Balances 1,290.00 2,784.00 -53.66
Other Debit Balances 2,419.00 3,093.00 -21.79
Trade Creditors 713.58 843.40 -15.39
Other Credit Balances 3,470.00 3,820.00 -9.16
Working Capital 2,879.00 3,455.00 -16.67
Net Assets 8,730.00 8,692.00 0.44
http://www.proshareng.com/investors/company.php?ref=COSTAIN
NAMPAK NIGERIA PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 1,146.00 911.45 25.73
Profit before tax 107.00 (131.74) 181.22
Profit/Loss After Tax 72.76 (145.20) 150.11
Balance Sheet Information
Fixed Assets 720.16 732.27 -1.65
Cash and Bank Balances 143.60 82.92 73.19
Other Debit Balances 11.60 84.66 -86.30
Other Credit Balances 2,139.00 2,351.00 -9.02
Working Capital (185.24) (270.11) 31.42
Net Assets 497.18 424.42 17.14
http://www.proshareng.com/investors/company.php?ref=NAMPAK
LAFARGE WAPCO CEMENT PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 45,589.00 43,273.00 5.35
Profit before tax 8,955.00 12,768.00 (29.86)
Profit/Loss After Tax 5,055.00 11,252.00 (55.07)
Balance Sheet Information
Fixed Assets 69,680.00 43,121.00 61.59
Cash and Bank Balances 3,627.00 5,974.00 -39.29
Other Debit Balances 1,091.00 2,363.00 -53.83
Trade Credits 2,521.00 2,206.00 14.28
Other Credit Balances 40,630.00 11,993.00 238.78
Working Capital 6,747.00 487.74 1283.32
Net Assets 43,710.00 40,456.00 8.04
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http://www.proshareng.com/investors/company.php?ref=WAPCO
PS MANDRID PLC
AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-06
2006 Nm 2005 Nm % change
Gross Earnings 192.09 253.54 (24.24)
Profit before tax 8.78 29.42 (70.16)
Profit/Loss After Tax 8.37 17.19 (51.32)
Balance Sheet Information
Fixed Assets 15.31 17.67 -13.34
Cash and Bank Balances 73.87 80.48 -8.22
Other Debit Balances 12.91 13.56 -4.80
Trade Credits 39.72 44.01 -9.74
Other Credit Balances 65.55 71.13 -7.84Working Capital 112.03 109.04 2.74
Net Assets 227.13 219.22 3.61
http://www.proshareng.com/investors/company.php?ref=MANDRID
OMATEK VENTURES PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % change
Gross Earnings 335.29 191.59 75.00
Profit before tax 70.96 40.55 75.00Profit/Loss After Tax 61.14 34.94 75.00
Balance Sheet Information
Fixed Assets 1,143.00 1,135.00 0.70
Cash and Bank Balances 19.12 16.77 14.05
Other Debit Balances 5,874.00 5,997.00 -2.05
Short Term Borrowing 716.08 768.20 -6.78
Other Credit Balances 881.74 844.54 4.41
Working Capital 1,430.00 1,683.00 -15.03
Net Assets 6,572.00 6,883.00 -4.52
http://www.proshareng.com/investors/company.php?ref=OMATEK
AFRICAN PETROLEUM PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 Nm 2008 Nm % change
Gross Earnings 38,144.00 35,111.00 8.64
Profit before tax (4,680.00) 3,186.00 (246.89)
Profit/Loss After Tax (4,608.00) 2,390.00 (292.80)
Balance Sheet Information
Fixed Assets 10,122.00 10,291.00 -1.64
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Cash and Bank Balances 4,360.00 4,900.00 -11.02
Other Debit Balances 39,843.00 40,911.00 -2.61
Short Term Borrowing 45,626.00 53,161.00 -14.17
Other Credit Balances 22,144.00 8,616.00 157.01
Working Capital (6,788.00) (1,959.00) -246.50Net Assets 1,835.00 6,852.00 -73.22
http://www.proshareng.com/investors/company.php?ref=AP
AFRICAN PETROLEUM PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-JUNE-09
2009 Nm 2008 Nm % change
Gross Earnings 77,682.00 80,751.00 (3.80)
Profit before tax (5,560.00) 4,851.00 (214.62)
Profit/Loss After Tax (5,560.00) 3,881.00 (243.26)Balance Sheet Information
Fixed Assets 10,346.00 10,291.00 0.53
Cash and Bank Balances 4,150.00 4,900.00 -15.31
Other Debit Balances 31,943.00 40,911.00 -21.92
Short Term Borrowing 36,776.00 53,161.00 -30.82
Other Credit Balances 19,922.00 8,616.00 131.22
Working Capital (7,373.00) (1,959.00) -246.50
Net Assets 955.01 6,852.00 -86.06
http://www.proshareng.com/investors/company.php?ref=AP
AFRICAN PETROLEUM PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 2008 %
Gross Earnings 118,666.00 112,955.00 5.06
Profit before tax (5,476.00) 6,318.00 (186.67)
Profit/Loss After Tax (5,476.00) 5,054.00 (208.35)
Balance Sheet Information
Fixed Assets 10,446.00 10,291.00 1.51
Cash and Bank Balances 1,086.00 4,900.00 -77.84
Other Debit Balances 25,938.00 40,911.00 -36.60
Short Term Borrowing 28,084.00 53,161.00 -47.17
Other Credit Balances 5,979.00 8,616.00 -30.61
Working Capital 7,207.00 (1,959.00) -246.50
Net Assets 16,851.00 6,852.00 145.93
http://www.proshareng.com/investors/company.php?ref=AP
STACO INSURANCE PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
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2009 Nm 2008 Nm % change
Gross Earnings 4,082.00 3,470.00 17.64
Profit before tax 611.92 990.52 (38.22)
Profit/Loss After Tax 550.73 891.46 (38.22)
Balance Sheet InformationFixed Assets 635.96 703.50 -9.60
Cash and Bank Balances 212.14 175.83 20.65
Other Debit Balances 4,177.00 4,074.00 2.53
Short Term Borrowing 151.01 201.38 -25.01
Other Credit Balances 2,876.00 2,749.00 4.62
Working Capital 2,916.00 2,227.00 -246.50
Net Assets 4,612.00 4,337.00 6.34
http://www.proshareng.com/investors/company.php?ref=STACO
UNILEVER NIGERIA PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 44,481.00 37,377.00 19.01
Profit before tax 7,061.00 4,472.00 57.89
Profit/Loss After Tax 4,093.00 2,596.00 57.67
Balance Sheet Information
Fixed Assets 9,975.00 9,056.00 10.15
Cash and Bank Balances 1,980.00 2,706.00 -26.83
Other Debit Balances 3,303.00 2,728.00 21.08
Trade Credits 2,255.00 3,710.00 -39.22
Other Credit Balances 11,723.00 10,485.00 11.81
Working Capital 1,301.00 638.87 103.64
Net Assets 8,202.00 6,681.00 22.77
http://www.proshareng.com/investors/company.php?ref=UNILEVER
UNITED BANK FOR AFRICA PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 246,725.00 169,506.00 45.56
Profit before tax 13,662.00 56,815.00 (75.95)
Profit/Loss After Tax 2,375.00 40,825.00 (94.18)
Balance Sheet Information
Fixed Assets 73,042.00 61,553.00 18.67
Cash and Bank Balances 68,225.00 120,880.00 -43.56
Other Debit Balances 758,363.00 886,277.00 -14.43
Deposits 1,245,000.00 1,333,000.00 -6.60
Other Credit Balances 115,802.00 144,763.00 -20.01
Working Capital (528,774.00) (607, 786) 13.00%
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Net Assets 186,829.00 195,281.00 -4.33
http://www.proshareng.com/investors/company.php?ref=UBA
BECO PETROLEUM PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-JAN-09
2009 Nm 2008 Nm % change
Gross Earnings 1,547.00 1,997.00 (22.53)
Profit before tax 181.42 108.36 67.42
Profit/Loss After Tax 148.01 88.41 67.42
Balance Sheet Information
Fixed Assets 3,225.00 3,133.00 2.94
Cash and Bank Balances 38.11 3.19 1093.42
Other Debit Balances 118.47 118.47 0.00
Trade Creditors 35.38 48.04 -26.36Other Credit Balances 127.39 113.93 11.81
Working Capital 200.51 151.57 13.00%
Net Assets 3,437.00 3,289.00 4.50
http://www.proshareng.com/investors/company.php?ref=BECO
ZENITH BANK PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 Nm 2008 Nm % change
Gross Earnings 277,300.00 211,600.00 31.05Profit before tax 35,100.00 56,100.00 (37.43)
Profit/Loss After Tax 20,600.00 52,000.00 (60.38)
Balance Sheet Information
Total Assets 1,659,700.00 1,787,000.00 -7.12
Deposits 1,173,900.00 1,188,900.00 -1.26
http://www.proshareng.com/investors/company.php?ref=ZENITHBANK
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Forecast Results in the Quarter
DECLARED FORECASTS FOR JANUARY
Company Year End PeriodGross Earnings
in N' billionPAT in N'
billion
Courtville Investment Plc December Q1 2010 0.206 0.558Afromedia Plc September Q2 2010 2.314 0.838
Law Union and Rock Plc December Q1 2010 2.4 0.115
Regency Alliance Insurance Plc December Q1 2010 0.325 0.142
Lafarge Wapco Plc December Q1 2010 15.64 3.146
Transnationationwide Express Plc December Q1 2010 0.152 0.018
Vitafoam Plc September Q2 2010 5.777 0.313
Tripple Gee Plc March Q4 2010 0.852 0.019
Wapic Insurance Plc December Q1 2010 1.567 0.289
Abbey Building Plc October Q2 2010 0.551 0.176
FCMB December Q1 2010 21.817 1.317
Consolidated Hallmark Insurance Plc December Q1 2010 0.91 0.107
Vono Product Plc December Q1 2010 0.243 0.018
DECLARED FORECASTS FOR FEBRUARY
Company Year End PeriodGross Earnings
in N' billionPAT in N'
billion
Nigerian Breweries Plc December Q1 2010 40.841 7.967
Gold Link Insurance Plc December Q2 2010 1.968 0.495
Skye Bank Plc December Q2 2010 27.189 3.457
Capital Hotel Plc December Q1 2010 1.257 0.944
Nampak Plc September Q2 2010 1.062 0.549
Nampak Plc September Q3 2010 1.278 0.636
National Sport Lottery December Q1 2010 2.128 0.263
Tantalizer Plc December Q1 2010 1.355 0.278
Tantalizer Plc December Q4 2010 6.198 0.421
Cornerstone Insurance Plc December Q1 2010 1.98 0.297
Sovereign Insurance Plc December Q1 2010 1.458 0.342
Neimeth Plc December Q1 2010 1.905 0.655
Livestock Plc December Q1 2010 0.802 0.324
BAGCo Plc December Q1 2010 10.452 0.557
Julius Berger Plc December Q1 2010 36.4 0.92
Presco Plc December Q1 2010 0.9 0.125
Aso Savings Plc December Q1 2010 3.882 0.506
DECLARED FORECASTS FOR MARCH
Company Year End PeriodGross Earnings
in N' billionPAT in N'
billion
May and Baker Plc December Q1 2010 1.082 0.023
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May and Baker Plc December Q2 2010 3.411 0.23
RT Briscoe Plc December Q2 2010 8.267 0.151
Evans Medicals Plc December Q2 2010 2.704 0.158
Tantalizer Plc December Q2 2010 1.372 0.045
ABC Transport Plc December Q2 2010 1.115 0.056
Transnationwide Express Plc December Q2 2010 0.331 0.039
NASCON Plc December Q1 2010 2.498 0.406
NASCON Plc December Q2 2010 2.099 0.414
NASCON Plc December Q3 2010 2.396 0.644
NASCON Plc December Q4 2010 2.533 0.511
Royal Exchange Plc December Q2 2010 2.448 0.298
University Press Plc December Q2 2010 0.128 0.084
Law Union and Rock Insurance Plc December Q2 2010 3.6 1.208
Staco Insurance Plc December Q1 2010 2.49 0.898
Staco Insurance Plc December Q2 2010 4.565 0.494
Custodian and Allied Insurance Plc December Q2 2010 4.956 1.618
Intercontinental Wapic Insurance Plc December Q2 2010 1.336 0.227
Unilever Plc December Q2 2010 24.412 2.743
MRS Oils Plc December Q2 2010 65.017 0.832
Portland Paints Plc December Q2 2010 1.41 0.116
Honeywell Flourmill Plc March Q1 2010 10.541 0.501
Chemical and Allied Product Plc December Q2 2010 1.631 0.276
Consolidated Hallmark Insurance Plc December Q2 2010 0.83 0.098
Prestige Insurance Plc December Q2 2010 2.057 0.45
Equity Assurance Plc December Q2 2010 1.00 0.129
Guaranty Trust Assurance Plc December Q2 2010 4.233 0.601
Oasis Insurance Plc December Q2 2010 0.55 0.319
UAC Nigeria Plc December Q2 2010 27.781 1.539
UACN Property Plc December Q2 2010 5.708 1.086
GlaxoSmithKline Plc December Q2 2010 4.459 0.429
Red Star Express Plc December Q2 2010 1.083 0.061
Okomu Oil Plc December Q2 2010 1.606 0.333
Berger Paints Plc December Q2 2010 1.194 0.154
Alumaco Plc December Q1 2010 0.185 0.043Vono Products Plc December Q2 2010 0.232 0.027
Total Nigeria Plc December Q1 2010 41.648 0.81
Nestle Nigeria Plc December Q2 2010 17.555 2.268
Vitafoam Plc December Q2 2010 8.666 0.507
Livestock Feeds Plc December Q2 2010 0.982 0.0468
Tripple Gee Plc December Q1 2010 0.159 0.017
Nampak Plc December Q1 2010 2.209 0.13
International Energy Insurance Plc December Q2 2010 3.905 0.839
Nem Insurance Plc December Q2 2010 4.101 0.724
Regency Alliance Plc December Q2 2010 0.565 0.228
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Eternal Oil Plc December Q1 2010 4.013 0.052
Eternal Oil Plc December Q2 2010 9.106 0.134
Eternal Oil Plc December Q3 2010 15.253 0.262
Eternal Oil Plc December Q4 2010 21.986 0.41
Airline Services Plc December Q1 2010 0.789 0.177
Airline Services Plc December Q2 2010 14.749 0.212
Cadbury Nigeria Plc December Q2 2010 14.749 0.212
Cutix Plc December Q1 2010 0.476 0.055
Evans Medicals Plc December Q2 2010 2.704 0.157
Standard Alliance Insurance Plc December Q1 2010 0.777 0.471
Standard Alliance Insurance Plc December Q2 2010 0.661 0.137
Source: NSE, Proshare Research
Dividends Declared
DIVIDENDS DECLARED FOR JANUARY
CompanyDividendDeclared AGM Date Price Adjustment Date
SCOA Plc N0.10 January 28th, 2010 January 13th, 2010
Afromedia Plc N0.05 April 1st, 2010 February 5th, 2010
Nigerian Breweries Plc N1.50 8th February, 2010 27th January, 2010
Fidson Healthcare Plc N0.22 25th February, 2010 19th January, 2010
DIVIDENDS DECLARED FOR FEBRUARY
CompanyDividendDeclared AGM Date Price Adjustment Date
Nestle Plc N10.60 April 27th, 2010 April 16th, 2010
Nigerian Breweries Plc N0.89k May 19th, 2010 March 12th, 2010
Vitafoam Plc N0.25k March 4th, 2010 March 15th, 2010
Afromedia Plc N0.05k March 3rd, 2010 February 5th, 2010
DIVIDENDS DECLARED FOR MARCH
Company
Dividend
Declared AGM Date Price Adjustment DateNestle Nigeria Plc N10.60 April 28th, 2010 April 16th, 2010
Lafarge Wapco Plc N0.10 May 26th, 2010 May 17th, 2010
Nigerian Breweries Plc N0.89 May 18th, 2010 March 12th, 2010
GlaxoSmithKline Plc N0.75 May 25th, 2010 April 20th, 2010
RT Briscoe Plc N0.10 May 27th, 2010 April 19th, 2010
Capital Hotels Plc N0.075 June 22nd, 2010 June 2nd, 2010
Zenith Bank Plc N0.45
UBA Plc N0.10 May 10th, 2010 April 26th, 2010
Source: NSE, Proshare Research
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Sectoral Analysis
SECTOR ANALYSIS
Symbol 31-Mar 4-Jan YTD YTD %
Price PriceChange Change
AGRICULTURE
AFPRINT 0.86 0.86 0 0.0%
ELLAHLAKES 4.26 4.26 0 0.0%
FTNCOCOA 1.11 0.54 0.57 105.6%
LIVESTOCK 0.72 0.59 0.13 22.0%
OKITIPUPA 6.21 6.53 -0.32 -4.9%
OKOMUOIL 21.62 22.75 -1.13 -5.0%
Presco 6.38 5.6 0.78 13.9%
Average 18.8%
AIRLINE SERVICESAIRSERVICE 2.87 2.65 0.22 8%
NAHCO 11.52 7.18 4.34 60%
Average 34.4%
AUTOMOBILE & TYRE
DUNLOP 0.5 0.5 0 0%
INCAR 1.97 4.12 -2.15 -52%
RTBRISCOE 7 6.15 0.85 14%
Average -12.8%
AVIATION
ALBARKAIR 0.58 0.58 0 0%
Average 0.0%
BANKING
ACCESS 11.21 7.55 3.66 48%
AFRIBANK 2.69 2.43 0.26 11%
DIAMONDBNK 9.5 7.19 2.31 32%
ECOBANK 6.99 10.1 -3.11 -31%
FIDELITYBK 3.33 2.52 0.81 32%
FIRSTBANK 16.39 14 2.39 17%
FCMB 9 7.01 1.99 28%FIRSTINLND 0.67 0.55 0.12 22%
GUARANTY 20.9 15.78 5.12 32%
INTERCONT 2.12 1.69 0.43 25%
OCEANIC 2 1.77 0.23 13%
PLATINUM 1.66 1.38 0.28 20%
SKYEBANK 7.94 5.48 2.46 45%
SPRINGBANK 1 0.73 0.27 37%
IBTC 10.96 7.16 3.8 53%
STERLNBANK 2.76 1.26 1.5 119%
UBA 15.2 10.81 4.39 41%
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UBN 5.76 6.25 -0.49 -8%
UNITYBNK 1.02 0.87 0.15 17%
WEMABANK 1.04 0.97 0.07 7%
ZENITHBANK 18.97 13.5 5.47 41%
Average 28.7%BREWERIES
CHAMPION 2.58 3.15 -0.57 -18%
GOLDBREW 0.54 0.54 0 0%
GUINNESS 140.12 127.5 12.62 10%
INTBREW 3.07 2.27 0.8 35%
JOSBREW 3.41 3.58 -0.17 -5%
NB 61.5 53 8.5 16%
PREMBREW 0.93 0.93 0 0%
Average 5.5%
BUILDING MATERIALSASHAKACEM 20.88 11.39 9.49 83%
BCC 61 43.01 17.99 42%
CCNN 21.98 13 8.98 69%
WAPCO 34.5 30 4.5 15%
NIGERCEM 5 5 0 0%
NIGROPES 9.14 9.14 0 0%
NIGWIRE 2.58 2.58 0 0%
Average 29.9%
CHEMICAL & PAINTS
AFRPAINTS 3.49 3.49 0 0%
BERGER 5.67 3.2 2.47 77%
CAP 29.67 28 1.67 6%
DNMEYER 3.4 5.39 -1.99 -37%
IPWA 1.26 1.45 -0.19 -13%
NIG-GERMAN 14.29 15.04 -0.75 -5%
PREMPAINTS 13.4 13.4 0 0%
PORTPAINT 5.67 5.67 0 0%
Average 4.0%
COMMERCIAL/SERVICESCOURTVILLE 0.5 0.5 0 0%
NSLTECH 3.4 4.35 -0.95 -22%
REDSTAREX 3.31 2.15 1.16 54%
TRANSEXPR 6.45 6.45 0 0%
Average 8.0%COMPUTER & OFFICE
EQUIPMENT
HALLMARK 3.22 3.22 0 0%
NCR 8.13 8.51 -0.38 -4%
OMATEK 0.57 0.5 0.07 14%
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THOMASWY 1.75 1.84 -0.09 -5%
TRIPPLEG 4.37 4.84 -0.47 -10%
WTN 2.92 2.92 0 0%
Average -1.0%
CONGLOMERATES
AGLEVENT 3.81 2.47 1.34 54%
CHELLARAM 13.43 14.13 -0.7 -5%
JOHNHOLT 9.28 9.28 0 0%
PZ 31.35 25 6.35 25%
SCOA 8.71 8.81 -0.1 -1%
TRANSCORP 0.5 0.52 -0.02 -4%
UACN 50.35 36.75 13.6 37%
UNILEVER 29.8 19 10.8 57%
Average 20.4%
CONSTRUCTIONARBICO 26 26 0 0%
CAPALBETO 95.49 95.49 0 0%
COSTAIN 6.42 3.8 2.62 69%
GCAPPA 14.46 14.46 0 0%
JBERGER 34.73 25.79 8.94 35%
MULTIVERSE 0.5 0.5 0 0%
ROADS 3.46 3.3 0.16 5%
Average 15.5%ENGINEERING
TECHNOLOGYCUTIX 3.11 3 0.11 4%
INTERLINK 5.15 5.15 0 0%
NIWICABLE 0.57 0.97 -0.4 -41%
Average 1.8%FOOD/BEVERAGES &
TOBACCO
7UP 33.73 29.4 4.33 15%
BIGTREAT 0.98 0.66 0.32 48%
CADBURY 18.77 10.49 8.28 79%
DANGFLOUR 18.53 10.42 8.11 78%DANGSUGAR 18.63 14.9 3.73 25%
FLOURMILL 61.06 36.2 24.86 69%
HONYFLOUR 9 8.5 0.5 6%
FOREMOST 0.51 0.51 0 0%
MANDRID 5.66 5.95 -0.29 -5%
NNFM 30.79 22.94 7.85 34%
NASCON 8.88 4.56 4.32 95%
NESTLE 270 239.5 30.5 13%
NBC 32.6 22.49 10.11 45%
TANTALIZER 1.32 0.75 0.57 76%
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UTC 0.72 0.86 -0.14 -16%
UNIONDICON 4.91 6.01 -1.1 -18%
Average 33.9%
FOOTWEAR
LENNARDS3.85
4.26-0.41 -10%
Average -9.6%
HEALTHCARE