”

AnalysisHE NATIONAL BUREAU of Statistics published its 4th Quarter Job Crea-

tion and Employment Generation Survey last week. It covers from September-December, 2014. Ac-cording to the agency’s statistics 1,121,052 new jobs were added to the national economy last year. The figures on private employment are useful because they serve as a proxy of economic health. One canary in the coal-mine view is that compa-nies will shed jobs faster than the economy is contracting, and hire slower than the economy is growing.

Now in its third year, the NBS’ Quarterly Job Creation and Em-ployment Generation Survey sur-vey covers 5,000 establishments spread across all 36 states and the Federal Capital Territory (FCT). The latest survey had a response rate of 82.10%. A sample of 5,000 establishments was taken across the country covering all sectors of the economy.

NBS categorizes employers into 3 groups: formal (these have 10 employees and above or are profes-sional firms with less than 10 em-ployees), informal (less than 10 em-ployees or operating with only basic structures), and public (government ministries, departments, and agen-cies across the three tiers and arms). The low employee cut-off mark for the formal sector allows the survey to capture micro-, small-, and me-

dium scale enterprises (MSMEs) far better than many other surveys do.

In the formal sector, 38.10% of

new workers during the review peri-od were hired to fill positions left by ex-employees. Business expansion

came next at 24.37%, while 18.86% were employed to ease the work bur-den on existing staff members.

In considering the number hired to fill positions left by ex-employees (52,588) it is important to recall that they were replacements to de-parted personnel, and did not have a net positive effect on employment figures. During the year, employee replacements totalled 145,975 out of 438,263 creaed in the formal sector.

It is illuminating how replace-ments slowed down in abso-lute numbers in the last quarter (52,588), against 55,422 in the third quarter. This could highlight a watch-and-see attitude on the part of businesses to refill their payrolls when employees leave due to the first signs of economic turmoil that became obvious in the final three months.

The informal sector was a differ-ent story. It added 14.50% more jobs over the third quarter, while the for-mal sector shrunk by 5.11% in new job additions.

The breakdown of new jobs by business activity showed that educa-tion added the most jobs in the 4th quarter (39.65%), followed by man-ufacturing (22.75%), trade (7.72%), which was almost tied with accomo-dation and food services (7.36%).

Agriculture came further down on the list (6.40%) and so did fi-nancial intermediation (3.39%).

“Vanguard Markets | Monday, March 16, 2015 | Issue 033

FIXED INCOME & FOREX

NBS survey shows formal sector new jobs’ slowdown in Q4 2014

Source: FMDQ

T

VerbatimI remember when we were in South Africa on a state visit, MTN paid a courtesy call on me and one of the key things that we raised – myself and Ngozi (Okonjo-Iweala) the Coordinating Minister of the Economy, was the need for them to list. We are working very hard to make sure that companies that are supposed to list, list. That is the only way Nigerians can participate in some of these companies. And in the next four years we will look at it; it is a very delicate area. This government does not want to do something that will injure the private sector.

- President Goodluck Jonathan speaking at Nigerian Stock Exchange, Lagos, March 12, 2015

Currency Central Rate

SWISS FRANC 194.9985

YEN 1.6179

WAUA 269.7703

RIYAL 52.3916

DANISH KRONE 27.8775

SDR 269.3819

FOREX RATES

EMPLOYMENT

! Page VM2

World Bank figures show that as many as 41 million Nigerians, or 24% of the country’s 170 million population, are unemployed. The figures are grimmer for young persons below 24 years. The World Bank estimates that as many as 80% of this group do not have jobs. Government figures place this closer to 38%, which is still alarming. In the run up to elections, political parties are promising to create million of new jobs if elected though how they plan to is vague.

MoFr195.9

196.2

196.8

196.5

197.1196.5

Tu We Th Fr

$/N

MoFr289.0

292.0

298.0

295.0

301.0290.7218

Tu We Th Fr

£/N

MoFr205.0

208.0

214.0

211.0

217.0207.9167

Tu We Th Fr

Euro/N

MoFr31.00

31.20

31.60

31.40

31.8031.3868

Tu We Th Fr

CNY/N

MoFr0.30

0.31

0.33

0.32

0.340.3079

Tu We Th Fr

CFA/NJob seekers crowd around an official at last year’s recruitment exercise for the Nigerian Immigration Service. Reports said 500,000 applicants were invited to apply for about 4,500 vacancies.

New jobs for all sectors: Q3 2012- Q4 2014

Sectors2013 2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Formal Sector 174,326 80,412 76,385 101,597 76,018 78,755 145,464 138,026

Informal Sector 232,327 112,567 140,673 143,278 158,894 175,786 198,144 227,072

Public Institutions

24,368 28,075 28,931 20,827 5,959 4,812 5,735 4,387

Total 431,021 221,054 245,989 265,702 240,871 259,353 349,343 369,485

Source: National Bureau of Statistics

BUSINESSVM2

AHEAD BY A MILE

HIGH TABLE

VM | Monday, March 16, 2015 | Issue 033

NBS survey shows new jobs’ slowdown

Has the Champagne Bubble Burst? (1)

W Continued from Page VM1

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

Construction (0.79%) and real es-tate (0.43%), typically seen as high labour demand industries, threw up surprises that should not be ignored as they struggled to add new jobs.

In terms of job quality, of the 138,026 new jobs added in the fourth quarter, by far the highest number were for operatives (37.02%) under-stood as workers with elementary skillsad below apprentices. Manageri-al, Professional and Technical Work-ers were the second most in demand group (23.89%). Clerical and related office workers came next (19.68%).

Rhetorics of job creationIn the run-up to national elections,

presidential candidates of the two main contenders, President Good-luck Jonathan of the ruling Peoples

Democratic Party (PDP), and his main rival, Major General Muham-madu Buhari (rtd.) of the All Progres-

sives Congress (APC) have promised to make job creation a priority.

Professor Chukwuma C.

Soludo, a former governor of the Central Bank of Nigeria, has questioned whether either candi-date fully grasps the scale of the problem, and has the ability to ad-dress it. In a public letter, Buhari vs Jonathan: Beyond the Election, published in January, he opined that ‘So far, neither the APC nor the PDP has a credible programme for employment and poverty reduc-tion.’ In fact, job creation, in his view ought to be the main focus of the next administration.

His analysis is that the APC does not go far enough, while the PDP strategy is hazy at best. He wrote that:

‘The fundamental challenge for the next government on the econo-my can be framed around the goal of creating twelve million jobs over the next four years to have a dent on un-employment and poverty. The chal-

lenge is to craft a development agen-da to deliver this within the context of broken public finance, and an economy in which painful structural adjustments will be inevitable if cur-rent trends in oil prices continue.’

Job quality matters tooIn the debate about numbers, it is

also important to assess the quality of jobs being created and how they fit into a coherent national develop-ment plan. Issues around transfer-able skills acquisition, professional development, salary scales, worker protection, and pensions coverage need attention too. The mismatch between being the largest economy in Africa and having a 24% unem-ployment figure demands urgent answers that the party campaign offices have failed to speak directly to. ;

FEW YEARS AGO SPI-ROS Malandrakis, senior analyst at Euromonitor,

a global market research company, predicted that the yearly consump-tion of champagne in Nigeria will rise to 1.1 million litres by 2017. Only France, homeland of the spar-kling drink, would experience high-er volume growth, he said.

In 2012, Nigerians spent $59 mil-lion on champagne, confirming its spot as the biggest market in Africa and the Middle East for Moët Hen-nessy, makers of the eponymous champagne. The previous year, Ni-gerians drank 752,879 bottles of bub-bly, more than Russia and Mexico. Charles Armand de Belenet, global marketing and communi-cations director at Pernod’s GH Mumm and Perrier-Jouët cham-pagne brands went on record that ‘Nigerian champagne consumption is quite big and we are building our net-work here and it is one of the most at-tractive places for us at the moment.’

These figures will make the social-ly conscious Global Development lecturer look away uncomfortably in contempt.

The sub text of the above statistics begs for analysis. It delves into the mind of the average Nigerian and in some ways is a better social com-mentary on our economic position.

Nigerians identify with the aspira-tions tied into champagne consump-tion. With our high table mentality, everyone wants to feel like the guest of honour whenever they eat or drink.

This answers the question raised by the huge disparity in price points of champagne bought in restaurants and bars and champagne bought in the retail market. It is not uncom-mon for the price mark up to soar to 500%. Many club and bar owners view champagne sales during week-end club hours as ‘harvest season’ from a long drought with lunchtime crowds and weekday diners.

A recent example of this boom oc-curred when a patron in a high brow night club in Victoria Island called Escape famously spent N10 million on Dom Pérignon champagne in one sitting. This sent the Lagos Twitterverse in feverish activity among a usually unimpressed social media group. Perceived success and exclusivity is paramount especially when there are observers.

Ultra-luxe champagne brands add to the exclusivity. One club in Vic-toria Island serves Angel Cham-pagne (the singularly most expensive champagne brand) at a retail value of $2200 per bottle. The club says that its patrons quaff at least a carton of this coveted brand every weekend. Quilox also manages to sell vol-umes of Ace of Spades and Cristal Champagne to wealthy club goers.

The focus on the bottle label dis-guises the fact that there is more to champagne quality than names. John Obayuwana, owner of Polo Luxury Group, the country’s pre-mier luxury store, was quoted in the Economist magazine’s December 2014 Special Report on Luxury that as far as fashion and luxury go, ‘for Nigerians the bigger the logo the

better.’ Unscrupulous importers of champagne have been exploiting this perception complex for a long time.

On the side lines of this alarming trend in conspicuous consumption, wine drinkers are becoming more aware. The sheer volume they con-sume has given these amateur oeno-philes the palates to tell good cham-pagne from plonk. Playing the role

of informal watchdogs, they detect that a lot of the champagne sold in Nigeria is of inferior quality to that sold in Europe.

This argument gains potency when similar brand champagne bought in markets such as Apong-bon in Lagos Island is compared to its duty-free counterpart from Europe. It would appear clarity and bubbles are compromised - to the point that some argue that we are given ‘first press’, a less desired batch of champagne. Champagne sellers blame poor storage for any difference in quality stating that it is impossible for champagne houses to know which country their cham-pagnes are exported to.

For all its promise during the heady years, closer analysis shows a slowdown in the purchase of cham-pagne. Champagne by the glass, once a rarity in Lagos, is becoming more common. The cocktail list at Mansilla and Casa d’Lydia offer the bubbly in flutes. This could be due to the current economic down-turn. Another sign that all is not well is that newer champagne brands in the market have not been able to in-crease their market share among the staple brands sold in Nigeria. ;Excess! The 18-carat white gold logo on this limited edition bottle of Goût de

Diamants champagne, which translates to ‘taste of diamonds’, is encrusted with 19-carat diamonds. It sells for $1.8 million, and was designed by Alexander Amosun, the British-born Nigerian lifestyle designer.

Ify Ojiis a lawyer, writer and food lover. She is the creator of the GidiTang.com (syno-nym: Lagos Flavour) blog on food and drink in Lagosify@teamlogicgroup.com

A

Casa d’Lydia19, Glover Road, Ikoyi

Escape234B, Adeola Odeku Street,

Victoria Island

Mansilla6, Musa Yar’Adua Street, VI

Quilox873, Ozumba Mbadiwe Street,

Victoria Island

Hirings to fill positions left by departed employees in formal sectorPeriod Total jobs created Replacements %Q1 2014 76,018 16,481 21.68

Q2 2014 78,755 21,484 27.28

Q3 2014 145,464 55,422 38.10

Q4 2014 138,026 52,588 38.10

Total 438,263 145,975

Source: National Bureau of Statistics

1,121,052New jobs created in 2014

LEGEND

15-week trading bar:This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

• Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week• Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

• Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

• Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES – MAR 09 – 16, 2015MARKET REVIEW – MARCH 09 – MARCH 16, 2015

TRADING UPDATE

Agriculture 3 2 0Conglomerates 0 4 1

Construction/Real Estate 1 6 2Consumer Goods 12 16 3

Financial Services 8 33 16Healthcare 3 5 2

ICT 0 11 0Industrial Goods 5 12 4

Natural Resources 0 5 0Oil & Gas 5 5 1Services 4 10 4

Declined Unchanged Advanced

TOP DECLINERS WTD

COSTAIN (WEST AFRICA) PLC -16.44

UNION BANK OF NIGERIA PLC -13.04

BETA GLASS COMPANY (NIG.) PLC -12.3

OANDO PLC -8.56

INTERNATIONAL BREWER-IES PLC -8.34

TOP GAINERS WTD

CUTIX PLC 8.57

INTERNATIONAL ENERGY INSURANCE COMPANY PLC 8

FCMB GROUP PLC 7.92

TRANSNATIONAL CORPORATION OF NIG PLC 7.14

CAVERTON OFFSHORE SUPPORT GROUP PLC 6.05

TOP DECLINERS WTD

MOBIL OIL NIGERIA PLC -6.71

DIAMOND BANK PLC -5.76

WEST AFRICAN PROVINCIAL INSURANCE PLC -5.66

DANGOTE SUGAR REFINERY PLC -5.55

ACCESS BANK OF NIGERIA PLC -5.28

TOP GAINERS WTD

MAY & BAKER NIGERIA PLC 17.76

UBA CAPITAL PLC 12.58

CADBURY NIGERIA PLC 8.92

NPF MICRO FINANCE BANK PLC 8.89

FIDELITY BANK PLC 8.63

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change, % Volume Open Change, % Volume Low Close ( ) High

7UP 151.32 -1.10% 412 153.00 154.00 151.32 -1.10% 1,922 149.17 1.44% 28,559 81.23 197.94 -4.83% ABCTRANS 0.52 1.96% 800 0.55 0.55 0.51 -5.45% 9,157 0.54 -3.70% 29,278 0.51 0.92 -8.77%

ACCESS 6.10 -3.17% 86,870 6.44 7.09 6.03 -5.28% 492,787 5.32 14.66% 7,623,373 4.50 10.18 -3.02% AGLEVENT 1.20 -3.23% 285 1.20 1.28 1.18 0.00% 746 1.18 1.69% 14,946 1.09 1.65 -8.40%

AIICO 0.90 0.00% 37,972 0.85 0.95 0.84 5.88% 288,148 0.75 20.00% 696,191 0.65 0.95 7.14% AIRSERVICE 1.80 0.00% 0 1.80 1.90 1.75 0.00% 2,457 2.04 -11.76% 35,390 1.56 2.79 5.88%ASHAKACEM 18.50 -2.63% 532 18.50 19.00 17.90 0.00% 15,004 17.37 6.51% 41,373 13.87 34.60 -11.10% BETAGLAS 23.75 -5.00% 1,285 25.73 25.73 23.75 -7.70% 24,246 28.50 -16.67% 27,645 15.49 31.49 -10.04%CADBURY 39.22 0.00% 78 39.28 41.28 39.22 -0.15% 3,906 40.00 -1.95% 17,191 33.10 85.40 -6.62%

CAP 36.29 0.00% 1,071 38.20 39.74 35.90 -5.00% 3,799 36.82 -1.44% 17,380 33.01 43.99 -2.71% CCNN 11.79 4.89% 237 11.40 12.00 10.38 3.42% 12,935 9.62 22.56% 39,349 8.33 15.98 19.33%

CONOIL 33.50 3.65% 33 32.31 35.50 32.31 3.68% 3,542 30.97 8.17% 19,896 29.50 79.51 -2.62% CONTINSURE 0.84 -4.55% 5,435 0.82 0.91 0.80 2.44% 78,995 0.80 5.00% 525,115 0.80 1.24 -13.40% COURTVILLE 0.50 0.00% 1,000 0.50 0.50 0.50 0.00% 18,155 0.50 0.00% 37,502 0.50 0.73 0.00%CUSTODYINS 3.90 0.00% 25,075 3.86 4.00 3.70 1.04% 98,817 3.93 -0.76% 244,226 1.90 4.35 11.11%

CUTIX 1.59 3.92% 125 1.40 1.59 1.40 13.57% 2,784 1.57 1.27% 24,560 1.21 2.07 18.66%DANGCEM 153.01 -0.74% 1,776 153.00 157.99 152.09 0.01% 26,941 141.90 7.83% 193,049 139.10 250.02 -19.47%

DANGFLOUR 3.53 -1.67% 2,517 3.52 3.59 3.34 0.28% 16,429 3.60 -1.94% 74,676 2.88 9.30 -19.77% DANGSUGAR 6.39 -1.08% 4,788 6.50 6.83 6.30 -1.69% 57,423 6.14 4.07% 362,876 4.70 10.25 5.79% DIAMONDBNK 4.25 -0.93% 18,575 4.51 4.73 4.20 -5.76% 1,092,089 3.50 21.43% 4,363,485 3.45 7.05 -22.02%

ETERNA 2.57 0.00% 1,724 2.67 2.72 2.57 -3.75% 15,853 2.39 7.53% 31,754 2.39 5.35 -14.05% ETI 18.05 0.00% 719 17.95 18.99 16.95 0.56% 83,297 16.15 11.76% 1,255,105 12.40 20.28 -0.82%

FBNH 8.50 -4.82% 445,481 8.81 9.45 8.40 -3.52% 2,992,995 6.37 33.44% 12,144,600 6.35 16.52 -2.30% FCMB 2.59 0.00% 271,563 2.40 2.65 2.28 7.92% 1,925,053 2.00 29.50% 5,066,523 1.93 4.64 3.60%

FIDELITYBK 1.50 -3.85% 49,884 1.39 1.58 1.33 7.91% 815,490 1.25 20.00% 2,903,480 1.13 2.35 -6.25% FIDSON 3.00 0.00% 58 3.10 3.10 3.00 -3.23% 4,632 2.93 2.39% 42,965 2.32 3.90 -19.14%

FLOURMILL 34.05 0.12% 3,550 34.00 35.50 33.80 0.15% 31,026 29.40 15.82% 568,895 26.60 73.55 -13.00% FO 185.00 -0.54% 193 202.01 202.01 185.00 -8.42% 4,258 212.10 -12.78% 43,932 86.50 259.94 -18.54%

GLAXOSMITH 42.00 5.00% 650 40.01 42.00 39.15 4.97% 1,432 41.00 2.44% 30,077 38.22 71.20 -11.41% GUARANTY 25.00 0.00% 350,282 24.28 26.76 23.13 2.97% 1,702,003 17.00 47.06% 6,038,312 16.69 31.80 -0.71% GUINNESS 126.00 -0.40% 6,938 128.14 135.34 125.00 -1.67% 14,915 114.01 10.52% 57,453 110.00 214.99 -23.77%

HONYFLOUR 2.70 -1.82% 2,756 2.99 2.99 2.60 -9.70% 14,208 3.00 -10.00% 49,170 2.60 4.50 -18.18% INTBREW 17.80 -0.84% 6,535 19.42 20.44 17.67 -8.34% 18,973 18.44 -3.47% 337,344 17.01 32.20 -19.86% JBERGER 43.99 0.66% 2,697 43.47 46.00 40.00 1.20% 9,337 42.18 4.29% 304,464 38.08 76.45 -23.67%

LINKASSURE 0.50 0 0.50 0.50 0.50 0.00% 9 0.50 0.00% 9 0.50 0.50 0.00%MANSARD 3.00 0.00% 6,476 2.95 3.00 2.78 1.69% 31,201 2.82 6.38% 57,214 1.96 3.79 -3.54% MAYBAKER 1.80 3.45% 2,214 1.52 1.80 1.51 18.42% 15,285 1.41 27.66% 89,994 1.29 2.14 19.21%

MOBIL 149.00 -0.67% 276 162.90 162.90 149.00 -8.53% 4,022 153.00 -2.61% 11,433 112.54 182.00 -4.04% MRS 48.02 0.00% 0 48.02 48.02 48.02 0.00% 81 48.02 0.00% 117 41.84 70.00 -4.99%

NAHCO 5.00 0.81% 687 5.00 5.70 4.82 0.00% 30,825 4.53 10.38% 73,578 3.56 5.70 0.00% NASCON 6.50 -1.37% 9,288 6.73 7.08 6.50 -3.42% 91,686 6.17 5.35% 317,115 5.68 13.48 3.67%

NB 139.00 -0.71% 57,403 145.86 149.00 135.00 -4.70% 182,677 130.00 6.92% 815,354 122.55 189.00 -14.72% NEIMETH 0.70 1.45% 9,025 0.71 0.73 0.64 -1.41% 12,316 0.71 -1.41% 18,325 0.64 1.68 -7.89%

NEM 0.63 -1.56% 3,417 0.61 0.67 0.60 3.28% 102,858 0.53 18.87% 612,229 0.51 0.90 -3.08% NESTLE 819.96 2.50% 1,145 819.99 829.98 800.00 0.00% 12,834 751.00 9.18% 74,576 743.00 1,200.00 -17.64%

NIGERINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 90 0.50 0.00% 3,532 0.50 0.54 0.00%NNFM 17.16 0.00% 0 17.15 17.16 17.15 0.06% 18 17.15 0.06% 287 17.15 23.08 -1.10%OANDO 14.00 -4.11% 18,145 15.14 16.30 14.00 -7.53% 1,047,207 13.24 5.74% 1,585,639 12.83 36.89 -20.00%

OKOMUOIL 29.00 -4.92% 1,324 30.91 32.23 29.00 -6.18% 9,912 29.29 -0.99% 110,193 23.20 40.35 16.00% PAINTCOM 1.42 0.00% 1,000 1.43 1.43 1.42 -0.70% 1,060 1.53 -7.19% 3,945 1.33 1.81 -3.40%PORTPAINT 3.45 -9.45% 3,903 3.65 3.95 3.45 -5.48% 10,512 3.83 -9.92% 19,463 3.45 5.75 -7.01%

PRESCO 27.78 0.00% 61 30.77 30.77 27.78 -9.72% 7,211 29.80 -6.78% 41,133 20.88 43.42 8.01%PRESTIGE 0.50 0.00% 110 0.50 0.50 0.50 0.00% 110 0.50 0.00% 715 0.50 0.63 0.00%

PZ 25.75 -3.56% 456 27.71 28.10 25.66 -7.07% 22,382 26.00 -0.96% 549,268 16.60 39.80 8.42% REDSTAREX 3.94 0.00% 120 4.07 4.07 3.70 -3.19% 4,345 3.80 3.68% 31,043 3.44 5.35 4.79%ROYALEX 0.50 0.00% 15 0.50 0.51 0.50 0.00% 39,709 0.50 0.00% 68,299 0.50 0.64 -3.85%

RTBRISCOE 0.72 -7.69% 96 0.74 0.78 0.70 -2.70% 13,449 0.80 -10.00% 27,127 0.58 1.32 -14.29%SEPLAT 440.00 7.55% 101 440.00 456.75 409.10 0.00% 220 368.00 19.57% 19,944 252.93 735.00 25.18%

SKYEBANK 2.30 -2.54% 14,829 2.27 2.59 2.17 1.32% 515,526 1.82 26.37% 2,476,087 1.70 3.95 -9.09% SOVRENINS 0.50 0.00% 5 0.50 0.50 0.50 0.00% 705 0.50 0.00% 7,270 0.50 0.50 0.00%STANBIC 26.08 0.31% 1,432 27.30 28.49 25.40 -4.47% 25,251 24.90 4.74% 277,824 19.40 35.00 -3.69%

STERLNBANK 2.40 -1.64% 76,094 2.29 2.44 2.29 4.80% 259,876 2.32 3.45% 788,384 2.09 2.74 -0.83% TOTAL 140.50 -0.35% 6 144.50 144.50 140.00 -2.77% 927 130.43 7.72% 5,236 130.43 195.50 -5.71%

TRANSCORP 3.00 1.01% 371,373 2.80 3.09 2.73 7.14% 1,269,805 2.28 31.58% 4,324,229 2.19 7.08 -6.54% UAC-PROP 9.70 1.89% 53 9.61 9.70 9.00 0.94% 2,870 11.35 -14.54% 34,619 8.09 21.31 1.36%

UACN 36.00 0.00% 400,406 35.53 37.00 35.00 1.32% 411,858 34.58 4.11% 1,389,311 26.00 67.85 5.88% UBA 4.13 -0.72% 122,389 4.07 4.33 3.88 1.47% 1,415,799 3.00 37.67% 7,074,446 2.90 8.26 -4.40%

UBCAP 1.71 -0.58% 294,459 1.51 1.81 1.46 13.25% 1,470,550 1.33 28.57% 1,975,849 1.26 2.71 1.79% UBN 10.00 -0.10% 115,104 11.06 11.55 10.00 -9.58% 231,610 8.80 13.64% 538,428 6.48 11.55 17.65%

UNILEVER 35.00 2.73% 3,996 35.20 35.20 33.95 -0.57% 13,542 34.01 2.91% 137,272 27.00 55.00 -6.89% UNITYBNK 0.50 0.00% 13,000,116 0.50 0.50 0.50 0.00% 13,040,939 0.50 0.00% 13,049,542 0.50 0.50 0.00%VITAFOAM 3.64 1.11% 14,672 3.64 3.78 3.41 0.00% 33,279 3.42 6.43% 97,376 3.23 4.72 -4.96%

WAPCO 84.55 -7.09% 16,809 89.02 91.00 84.55 -5.02% 44,728 79.00 7.03% 129,474 66.50 136.73 4.38% WAPIC 0.50 -1.96% 926,178 0.52 0.54 0.50 -3.85% 1,424,983 0.50 0.00% 2,199,528 0.50 0.93 -21.88%

WEMABANK 0.93 0.00% 908 0.97 0.97 0.93 -4.12% 10,999 0.94 -1.06% 680,674 0.85 1.21 1.09% ZENITHBANK 20.55 -2.14% 358,602 20.94 23.07 19.95 -1.86% 2,024,114 15.62 31.56% 5,459,146 14.54 25.80 14.17%

MARKET DATA VM3VM | Monday, March 16, 2015 | Issue 033

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 6.1010.184.50

YtD -0.19 -0.04 -0.34-5.28%3M 1W

0.34

Dec Jan Feb

-3.02% -0.65%

09/03

M T W T F

13/03

ASHAKACEM 18.5034.6013.87

YtD -2.31 -3.71 0.000.00%3M 1W

0.00

Dec Jan Feb

-11.10% -16.70%

09/03

M T W T F

13/03

CADBURY 39.2285.4033.10

YtD -2.78 -0.78 -0.06-0.15%3M 1W

0.06

Dec Jan Feb

-6.62% -1.95%

09/03

M T W T F

13/03

CAP 36.2943.9933.01

YtD -1.01 -0.21 -1.91-5.00%3M 1W

1.91

Dec Jan Feb

-2.71% -0.58%

09/03

M T W T F

13/03

CCNN 11.7915.988.33

YtD 1.91 2.98 0.393.42%3M 1W

0.39

Dec Jan Feb

19.33% 33.83%

09/03

M T W T F

13/03

CONTINSURE 0.841.240.80

YtD -0.13 -0.03 0.022.44%3M 1W

0.02

Dec Jan Feb

-13.40% -3.45%

09/03

M T W T F

13/03

FCMB 2.594.641.93

YtD 0.09 -0.36 0.197.92%3M 1W

0.19

Dec Jan Feb

3.60% -12.20%

09/03

M T W T F

13/03

GUARANTY 25.0031.8016.69

YtD -0.18 3.15 0.722.97%3M 1W

0.72

Dec Jan Feb

-0.71% 14.42%

09/03

M T W T F

13/03

MANSARD 3.003.791.96

YtD -0.11 -0.04 0.051.69%3M 1W

0.05

Dec Jan Feb

-3.54% -1.32%

09/03

M T W T F

13/03

OANDO 14.0036.8912.83

YtD -3.50 -2.69 -1.14-7.53%3M 1W

1.14

Dec Jan Feb

-20.00% -16.12%

09/03

M T W T F

13/03

STANBIC 26.0835.0019.40

YtD -1.00 -2.42 -1.22-4.47%3M 1W

1.22

Dec Jan Feb

-3.69% -8.49%

09/03

M T W T F

13/03

UBA 4.138.262.90

YtD -0.19 0.33 0.061.47%3M 1W

0.06

Dec Jan Feb

-4.40% 8.68%

09/03

M T W T F

13/03

DANGCEM 153.01250.02139.10

YtD -36.99 -6.99 0.010.01%3M 1W

0.01

Dec Jan Feb

-19.47% -4.37%

09/03

M T W T F

13/03

FIDELITYBK 1.502.351.13

YtD -0.10 0.04 0.117.91%3M 1W

0.11

Dec Jan Feb

-6.25% 2.74%

09/03

M T W T F

13/03

GUINNESS 126.00214.99110.00

YtD -39.30 9.00 -2.14-1.67%3M 1W

2.14

Dec Jan Feb

-23.77% 7.69%

09/03

M T W T F

13/03

MOBIL 149.00182.00112.54

YtD -6.27 4.94 -13.90-8.53%3M 1W

13.90

Dec Jan Feb

-4.04% 3.43%

09/03

M T W T F

13/03

OKOMUOIL 29.0040.3523.20

YtD 4.00 3.92 -1.91-6.18%3M 1W

1.91

Dec Jan Feb

16.00% 15.63%

09/03

M T W T F

13/03

TOTAL 140.50195.50130.43

YtD -8.51 -11.53 -4.00-2.77%3M 1W

4.00

Dec Jan Feb

-5.71% -7.58%

09/03

M T W T F

13/03

UNILEVER 35.0055.0027.00

YtD -2.59 1.00 -0.20-0.57%3M 1W

0.20

Dec Jan Feb

-6.89% 2.94%

09/03

M T W T F

13/03

DIAMONDBNK 4.257.053.45

YtD -1.20 -0.72 -0.26-5.76%3M 1W

0.26

Dec Jan Feb

-22.02% -14.49%

09/03

M T W T F

13/03

FLOURMILL 34.0573.5526.60

YtD -5.09 -5.43 0.050.15%3M 1W

0.05

Dec Jan Feb

-13.00% -13.75%

09/03

M T W T F

13/03

HONYFLOUR 2.704.502.60

YtD -0.60 -0.40 -0.29-9.70%3M 1W

0.29

Dec Jan Feb

-18.18% -12.90%

09/03

M T W T F

13/03

NASCON 6.5013.485.68

YtD 0.23 0.52 -0.23-3.42%3M 1W

0.23

Dec Jan Feb

3.67% 8.70%

09/03

M T W T F

13/03

PRESCO 27.78 43.4220.88

YtD 2.06 3.46 -2.99-9.72%3M 1W

2.99

Dec Jan Feb

8.01% 14.23%

09/03

M T W T F

13/03

UACN 36.0067.8526.00

YtD 2.00 -0.10 0.471.32%3M 1W

0.47

Dec Jan Feb

5.88% -0.28%

09/03

M T W T F

13/03

WAPCO 84.55136.7366.50

YtD 3.55 12.55 -4.47-5.02%3M 1W

4.47

Dec Jan Feb

4.38% 17.43%

09/03

M T W T F

13/03

ETI 18.0520.2812.40

YtD -0.15 -0.20 0.100.56%3M 1W

0.10

Dec Jan Feb

-0.82% -1.10%

09/03

M T W T F

13/03

FO 185.00259.9486.50

YtD -42.10 -31.99 -17.01-8.42%3M 1W

17.01

Dec Jan Feb

-18.54% -14.74%

09/03

M T W T F

13/03

INTBREW 17.8032.2017.01

YtD -4.41 -6.90 -1.62-8.34%3M 1W

1.62

Dec Jan Feb

-19.86% -27.94%

09/03

M T W T F

13/03

NB 139.00189.00122.55

YtD -24.00 -5.49 -6.86-4.70%3M 1W

6.86

Dec Jan Feb

-14.72% -3.80%

09/03

M T W T F

13/03

PZ 25.7539.8016.60

YtD 2.00 -2.04 -1.96-7.07%3M 1W

1.96

Dec Jan Feb

8.42% -7.34%

09/03

M T W T F

13/03

UAC-PROP 9.7021.318.09

YtD 0.13 -0.50 0.090.94%3M 1W

0.09

Dec Jan Feb

1.36% -4.90%

09/03

M T W T F

13/03

ZENITHBANK 20.5525.8014.54

YtD 2.55 3.54 -0.39-1.86%3M 1W

0.39

Dec Jan Feb

14.17% 20.81%

09/03

M T W T F

13/03

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

0.01

May June July21/07

M T W T F

25/07

FBNH 8.5016.526.35

YtD -0.20 -0.08 -0.31-3.52%3M 1W

0.31

Dec Jan Feb

-2.30% -0.93%

09/03

M T W T F

13/03

GLAXOSMITH 42.0071.2038.22

YtD -5.41 -7.40 1.994.97%3M 1W

1.99

Dec Jan Feb

-11.41% -14.98%

09/03

M T W T F

13/03

JBERGER 43.9976.4538.08

YtD -13.64 -13.64 0.521.20%3M 1W

0.52

Dec Jan Feb

-23.67% -23.67%

09/03

M T W T F

13/03

NESTLE 819.961200.00743.00

YtD -175.64 39.86 -0.030.00%3M 1W

0.03

Dec Jan Feb

-17.64% 5.11%

09/03

M T W T F

13/03

SEPLAT 440.00735.00252.93

YtD 88.50 145.00 0.000.00%3M 1W

0.00

Dec Jan Feb

25.18% 49.15%

09/03

M T W T F

13/03

3 4 5

8

12

9 10

11

6

13

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. 1-year price change9. 3-months price change10. 1-week price change11. Daily price movement over 3 months.12. 30-day moving average13. Daily price movement over last week

BUSINESSVM2 VM | Monday, March 16, 2015 | Issue 033