BUSINESS VM1VM | Monday, August 17 2015 | Issue 054

X-RAY

IN CONTEXTHEN NEWS LEAKED last month that Afren, the AIM-listed independent ex-

ploration and production company, had been taken over by administra-tors, investors were rattled in no small measure. The company, which raised £31.2 million during its IPO and placements in 2005 produces about 22,000 barrels of oil per day from its Ebok and Okoro fields in Ni-geria’s Niger Delta region. In sharp contrast to a pre-tax profit of $140 million declared in 2013, Afren an-

nounced losses of $1.95 billion in 2014. The Telegraph of London la-belled the once shining star of fron-tier exploration ‘the first victim of the oil slump’.

Indeed, reverberations from sub-$60 oil prices regime, what many are calling the ‘new normal’ are being felt around the world. Of course, oil producing countries are feeling the pinch the most. Exporters are suf-fering unfavourable balance of pay-ments position and unprecedented

exchange rate volatility. Nigeria falls squarely in this category.

The domino effects of the fall in global oil prices have raised ‘risks to general commerce given the weaker macro and currency in Nigeria’ wrote analysts at Renaissance Securi-ties last month.

This, coupled with the induced economic paralysis the country suf-fered in the run-up to general elec-tions beginning in the last quarter of 2014 to the end of April this year, made for a tough operating environ-ment.

Q2 REPORT CARDSA close study of the year-to-date

deterioration of bank loan books paints a sobering picture of trouble ahead particularly for those with sig-nificant exposure to the oil and gas sector. First Bank, Fidelity Bank, and Diamond Bank have restruc-tured 11 percent, 14 percent, and 5 percent of their books respectively. The sector average is about 10 per-cent.

Preceding the announcement of Q2 results, analysts at FBN Capi-tal sent out a Half Year Results Preview note with a forewarning of what to expect. The prognosis was glum. ‘The combination of a weak underlying macroeconomic envi-ronment and a marked reduction in FX-related income due to decisions by the central bank would weigh on banks’ Q2 earnings. For manufac-turers a weaker macro environment precipitated by softer crude oil prices would have a negative effect. Con-sumer focused companies will feel the squeeze on household wallets, and that is likely to translate into even weaker top line growth for most firms.’

The slate of half-year financial results released by most companies on the Nigerian Stock Exchange have played out their portent omen. Speaking of his bank’s half year re-sults, Ladi Balogun, group manag-ing director of FCMB Ltd, described the period as one ‘characterised by significant macro-economic and pol-icy headwinds.’ The NSE’s All Share Index has fallen 9.3 percent this year. The exchange’s statistics show that over the 6 month period, foreign inflows of N285 billion were overcast by outflows of N304 billion, a net dif-ference of N19 billion.

Results posted by Mobil Nige-ria, and Seplat, bellwethers of the oil sector, give support to Balogun’s

Q2 results throw up glasses half-emptyIf failure is deemed a relative, and not an absolute metric then the companies that lagged behind in the first six months can take solace in the fact that they are in good company.

Nigerian oil rig technician. The fall in crude oil prices over the past 12 months has had a crippling effect on the Nigerian economy.

statement. Mobil Nigeria reported a 32.5 percent decline in H1 2015 revenue to N31.82 billion, and a 33 percent drop in profit to N4.11 billion against the same period last year.

Seplat, which produces 70,000 barrels of crude oil per day, fared worse. Its revenue fell 36 percent to $247.58 million, and pre-tax profit for the first 6 months slipped 73.5 percent to $41.26 million.

In a break from the omerta that shrouds the operators’ relationships with the national oil company, its filing disclosed that the Nigerian Petroleum Development Com-pany (NPDC), the operating arm of the Nigerian National Petrole-um Company (NNPC) had failed to meet obligations due to the company to the tune of $504 million, what is commonly referred to as cash call ar-rears. Seplat has a joint venture with NPDC for Oil Mining Leases (OMLs) 4, 38 and 41, in the western Niger Delta Basin.

Other sectors were not immune to the malaise. UAC, the conglomer-ate, reported a loss of N150.19 mil-lion compared to a profit before tax of N2.44 billion in the same period last year. A breakdown showed that occupancy rates at its UPDC Hotels fell 24.24 percent to 31 percent from a year ago. At UAC Restaurants, operators of Mr. Biggs, the quick service restaurant franchise, revenue fell 14.4 percent.

Nestlé, the nutrition giant with a portfolio of household brands like Milo, Golden Morn, Nescafe, Nido, and Cerelac, saw its profit after tax drop 33.18 percent to N8.89

billion. Its results were dragged down by finance costs, which rose 199.85 percent to N3.23 billion dur-ing the period. Analysts at FSDH Merchant Bank fingered the nutri-tion company’s ‘exposure to foreign exchange loss and the rising interest rate prevailing in the country’ for the ballooning of debt servicing charges.

Unilever was another tale entirely. The home and personal care prod-ucts manufacturer reported that its pre-tax profit dropped 95.5 percent from N2.08 billion to N94.1 million. This was mainly due to finance ex-penses from foreign loans that rose

137.4 percent to N1.6 billion in the first six months.

In the alcoholic beverages catego-ry, Nigerian Breweries reported an 8.5 percent decline in profit before tax of N3.1 billion. This figure would have been worse save for the compa-ny’s value brands led by Ace Roots, its ready-to-drink (RTD) answer to Guinness’ Orijin drink, and the Consolidated Breweries brands led by 33” Export Lager Beer, Hi-Malt Malt Drink and Maltex Malt Drink. Sales of its premium and mainstream beer brands are ex-pected to remain depressed due to weak consumer spending.

In the technology arena, Com-puter Warehouse Group an-nounced a 6 percent increase in rev-enues to N8.85 billion. Four factors combined to push the company’s second quarter results into the red. One, the negative movement of the naira increased CWG’s international procurement expenses.

Two, the company was compelled to write-off N103 million that had been recognized in the last quarter of 2014 due to a cancellation of that transaction. Three, its financing costs went through the roof, growing 173 percent to N109.49 million.

A fourth reason, according to Kunle Ayodeji, executive direc-tor, finance and operations, was that ‘many organizations are holding back on new capital expenditure and investments, as the economic direc-tion of the new government is being observed.’ Put together, the company declared a loss of N350.59 million.

Courteville Business Solu-

tions, another technology stock, cited ‘a difficult and volatile econom-ic environment driven by the drop in oil prices, a depreciating naira, and uncertainty in the run-up to the general elections’ as reasons for the meagre growth in revenues. These, according to Adebola Akindele, its group managing director, dampened consumer spending, rattled business confidence, and dipped government budgets. Courteville posted a 1.9 percent rise in half year revenues to N822.2 million, just as it managed

W

The fall in oil prices has thrown up ‘risks to general commerce given the weaker macro environment and currency in Nigeria’ – Analysts at Renaissance Securities

! Page VM2

X-RAY

BUSINESSVM2 VM | Monday, August 17 2015 | Issue 054

to shave off 21 percent off its cost of sales. The company’s profit before tax declined 2.4 percent to N250.6 million.

The pain has also been felt by com-panies once assumed to be immune from the business cycle. MTN, the country’s biggest telecoms operator with 62.8 million subscribers an-nounced that revenues at its Nige-rian subsidiary tumbled 9 percent in the six month period to June. Not so long ago a decline in revenues would have been unthinkable for the telco, which started operations in the coun-try fourteen years ago.

Most companies have issued opti-mistic statements about the second half of the year. With the All Pro-gressives Congress-led federal government yet to announce nomi-nees for key positions and publicly articulate its economic blueprint it is hard to judge at this stage if their sanguine estimates will turn to real-ity.

TALE OF TWO TECH COMPANIES

There are 9 companies listed under the Information and Communica-tions Technology (ICT) sector of the Nigerian Stock Exchange. Two of these, Computer Warehouse Group and Courteville Business Solutions, stand out from the rest because of their leadership, poten-tial, and track records.

Due to the divergence of speciali-ties in technology, attempts to com-pare the two run the risk of falling into the apples versus oranges trap, or pitting IBM against Facebook (both listed under Technology stocks on NASDAQ). Be that as it may, it would be still be educative for in-vestors to understand the spread of competences, and differences in challenges faced by players in the ICT sector.

CWG was started by Austin Okere, a University of Lagos Com-puter Sciences graduate, in 1992. Seeking to up his management intel-ligence, he later attended the Execu-tive MBA program at the IESE Busi-ness School, Navarra, Spain..

The story of how he started the company with N160,000 in capital

has become folklore. Over the years, it has evolved from a hardware sup-ply company to a systems integration solutions provider with direct opera-tions in Nigeria, Cameroun, Ghana and Uganda, while serving clients in more than 20 African countries.

The company’s culture retains its strong IT DNA, employing over 334 certified professionals out of head-count of over 600. About 80 percent of its employees are Information Technology Infrastructure Library (ITIL) certified. CWG draws a big part of its revenues as a vendor of hardware and solutions produced by global IT companies.

For example, through its part-nership with Wincor-Nixdorf of Germany, CWG has installed and services over 3,500 automated teller machines, or about 30 percent of op-erational ATMs in Nigeria.

CWG is the local partner for In-fosys, the global technology solu-tions provider. It has claimed over 55 percent market share for the Indian company’s Finacle core banking ap-plication. The company also has spe-cial vendor relationships with IBM, Cisco, Microsoft, and Oracle.

Though listed in the same sector, Courteville Business Solutions is a different type of ICT company. Its founder does not come from an IT background. Bola Akindele, the group managing director, has a multidisciplinary background. He re-ceived a bachelor’s degree in Animal Science from the University of Ife (now Obafemi Awolowo University), and went on to complete a master’s program in Banking and Finance at the University of Lagos. In addition, he has been conferred with fellow-ships by the Institute of Chartered Accountants of Nigeria, and the Chartered Institute of Taxation of Nigeria.

Until he started Courteville, Akin-dele’s entire career had spanned the whole spectrum of responsibilities in banking. He saw early the com-petitive advantage that technology-driven automation gave a number of banks over their peers still bogged down in manual processing. That les-son stuck with him.

The company he started in 2004 begun as a business process reengi-neering consultancy. From this ori-

gin, Akindele identified opportuni-ties in using custom-built technology applications to improve efficiency for previously non-automated tasks at organizations across the private and public sectors. Courteville’s flagship solution, AutoReg is targeted at motor vehicle administration agen-cies and leads that category by a wide margin. Others like its Central Insurance Industry Database (CIID), and the NAFDAC Auto-mated Product Administration and Monitoring System (NA-PAMS) also enjoy dominant market positions.

Hiring-wise, Courteville recruits from a broader pool of professional talent than CWG. The company em-ploys about 70 full time members of staff, who are supported by a 6,000-strong agent network spread across Nigeria.

Though focused on different mar-kets and offering different suites of solutions, both companies share a common start on their journey to be-coming public companies. Like sev-eral other companies, the two tech companies had their private place-ments in 2008, at the peak of the global financial crisis. In the two year period from 2007-9, investors put up N700 billion in these restricted capi-tal raising exercises.

Other companies in that cohort include Acorn Petroleum, Afro-media, ARM Properties, Batun Oil and Gas, BUA Group, Credit Registry, eTranzact, Food Con-cepts & Entertainment, Geo-Fluids, Industrial & General Insurance, Lead Insurance, MTech, Negris Holdings, Per-sonal Trust Savings and Loans, and Resort Savings & Loans. More than 6 years later, only a hand-ful of these companies have listed their shares.

In October 2008, CWG offered

qualified investors 487,000,000 ordinary shares of 50 kobo each at N3.40 per share. A few months later, Vetiva Capital valued the company at N6.97 billion. In 2013, the stock was listed on the NSE at N5.48. Since 2012, CWG has enjoyed Pioneer Sta-tus, which exempts it from the pay-ment of company income tax. It is the highest capitalized stock in the ICT sector.

In the same year, Courteville of-fered 2,960,000,000 ordinary shares at N1.53 per unit to qualified investors, raising N1.53 billion. Its shares were listed on the Main Board in 2009. Without delay, the company signalled its shareholder-friendly in-tentions by announcing a dividend even before putting the cash to use.

Over the last two years, both com-panies have announced a major change in strategy. While Courte-ville’s board has decided to pursue an aggressive products and geographic diversification strategy, CWG’s has announced a sharpened pursuit of ‘subscription business to enable it withstand macroeconomic shocks better’ through its CWG 2.0 vision.

The two companies share a few traits. Adebola Akindele, and Austin Okere have received numerous rec-ognitions for their contributions to the industry. They also share a com-

mon passion for mentorship. Both companies have benefited from sta-bility at the management team and boards levels. They are consistently ranked among the best places to work in the sector. Courteville has been listed on the rolls of Great Place to Work Nigeria, and CWG has been named as a Global Growth Com-pany by the World Economic Fo-rum, Davos.

Until recently, the two companies kept to their turfs. Now, for the first time they are rearing to go head-to-head in two areas: providing the

technology backbone for ecommerce retailers and developing financial and business management solutions for micro-, small- and medium en-terprises (MSMEs). In effect, they are opening the gates to red ocean territory.

In ecommerce, Courteville’s Ego-le site has been clawing market share by signing up sellers, while CWG’s OpenShopen.ng site is seeking to gain its place in the sun.

SME Lite, an online market hub and financial management portal aimed at MSMEs has received the at-tention of stakeholders, with a num-ber of banks signifying interest in utilizing it for qualifying companies in the category. SMERP is CWG’s answer for a scalable enterprise resource planning platform tailor-made for the country’s 17.7 million MSMEs. Time will reveal which com-pany wins the race in these two areas.

The next step will be to see how well the companies can execute on their articulated strategies. This year, Courteville entered the Jamaican market with its acquisition of Prior-ity Loss Adjusters, a leader in mo-tor vehicle administration in the Car-ibbean country. It has also launched its CIID in Zimbabwe. CWG is push-ing ahead with its CWG 2.0 strategy of becoming the Africa’s biggest IT utility enabler, the continent’s Ali-baba.

Courteville and CWG companies sit atop the pile of local technology companies creating indigenous solu-tions to peculiar business situations in Nigeria. It is telling that when Alexis Akwagyiram of Reuters, in his widely shared July article, Nigeria tech enclave springs up in Lagos suburb, identified Yaba as Africa’s budding Silicon Valley as a new phenomenon those in the know chuckled. Akindele saw this trend many years ago. In 2009, he moved the company from its plush office in the posh Ikoyi area to the gritty mainland neighbourhood to take ad-vantage of the ecosystem. For Cour-teville and CWG, identifying the next bounce of the ball is the only way to thrive. ;

The next step will be to see how well Courteville and CWG execute on their articulated strategies: Courteville in diversification and international expansion, CWG in transforming into CWG 2.0, Africa’s version of Jack Ma’s Alibaba.

Austin Okere, CEO, CWG weigns in during panel discussion a World Economic Forum event in Tianjin, China Adebola Akindele, GMD, Courteville Business Solutions

Q2 results throw up glasses half-empty

W Continued from Page VM1

by Obiora Onyeasoobiora.onyeaso@customsstreet.com

MARKET DATA VM3VM | Monday, August 17 2015 | Issue 054

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 – AUG 07 – 14, 2015MARKET REVIEW – AUG 07 – 14, 2015

TRADING UPDATE

Agriculture 1 3 1Conglomerates 1 4 0

Construction/Real Estate 3 5 1Consumer Goods 11 16 4

Financial Services 20 35 2Healthcare 3 6 1

ICT 0 11 0Industrial Goods 4 13 4

Natural Resources 0 5 0Oil & Gas 5 4 2Services 8 9 1

Declined Unchanged Advanced

TOP DECLINERS WTD

UNITED BANK FOR AFRICA PLC -18.55

ETERNA PLC -14.10

UNITY BANK PLC -13.66

RED STAR EXPRESS PLC -13.04

FIDELITY BANK PLC -12.99

TOP GAINERS WTD

TOTALFINAELF NIGERIA PLC 5.33

ROADS NIGERIA PLC 4.93

AIICO INSURANCE PLC 3.49

FORTE OIL PLC 3.37

PRESCO PLC 3.23

TOP DECLINERS WTD

VONO PRODUCTS PLC -12.39

NPF MICRO FINANCE BANK PLC -10.00

SKYE BANK PLC -10.00

CHAMPION BREWERIES PLC -9.82

CONOIL PLC -9.74

TOP GAINERS WTD

EVANS MEDICAL PLC 22.67

PORTLAND PAINTS AND PRODUCTS NIG. PLC 9.81

CAP PLC 8.83

UNILEVER NIGERIA PLC 8.44

HONEYWELL FLOUR MILL PLC 7.09

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 190.50 0.26% 1,201 192.50 195.00 190.00 -1.04% 7,185 183.15 4.01% 38,684 115.00 197.94 15.18% ABCTRANS 0.53 0.00% 115 0.54 0.54 0.53 -1.85% 10,875 0.52 1.92% 96,359 0.50 0.76 -7.02%

ACCESS 4.35 -1.58% 91,510 4.77 4.87 4.35 -8.81% 1,621,050 5.22 -16.67% 6,001,187 4.35 10.00 -30.84% AGLEVENT 1.05 0.00% 255 1.10 1.10 1.05 -4.55% 2,656 1.15 -8.70% 10,829 1.05 1.70 -19.85%

AIICO 0.89 7.23% 126,008 0.86 0.89 0.82 3.49% 149,572 0.97 -8.25% 680,541 0.65 1.24 5.95% AIRSERVICE 2.00 0.00% 1,365 2.00 2.01 2.00 0.00% 14,347 2.08 -3.85% 42,321 1.56 2.47 17.65%ASHAKACEM 23.50 2.17% 1,153 23.00 23.50 22.90 2.17% 4,304 21.92 7.21% 23,521 17.22 34.60 12.93% BETAGLAS 43.00 0 43.00 43.00 43.00 0.00% 433 35.91 19.74% 19,758 17.11 44.05 54.79%CADBURY 33.30 0.00% 119 33.30 33.30 33.30 0.00% 653 35.05 -4.99% 2,748 33.10 63.99 -20.71%

CAP 41.30 9.55% 2,772 37.95 41.30 36.06 8.83% 8,169 41.00 0.73% 17,079 32.31 43.99 10.72% CCNN 8.75 0.00% 1,066 9.50 9.69 8.75 -7.89% 6,665 9.60 -8.85% 103,499 8.37 15.98 -11.44%

CONOIL 33.28 0.00% 175 36.87 36.87 33.28 -9.74% 2,604 40.85 -18.53% 10,705 29.50 71.85 -12.67% CONTINSURE 0.90 0.00% 23,231 0.93 0.97 0.90 -3.23% 98,501 0.89 1.12% 6,502,168 0.80 1.12 -11.76%COURTVILLE 0.50 0 0.50 0.50 0.50 0.00% 4,696 0.50 0.00% 257,719 0.50 0.57 0.00%CUSTODYINS 4.20 2.44% 38,546 4.25 4.28 4.02 -1.18% 60,632 4.00 5.00% 303,170 3.14 4.41 16.02%

CUTIX 1.64 0.00% 72 1.64 1.64 1.64 0.00% 975 1.57 4.46% 17,064 1.24 1.99 32.26%DANGCEM 180.50 -1.37% 2,183 181.00 188.50 180.50 -0.28% 25,907 170.46 5.89% 75,000 139.10 231.00 -5.00%

DANGFLOUR 3.00 -1.96% 7,880 3.25 3.38 3.00 -7.69% 16,906 3.20 -6.25% 139,383 2.76 7.50 -34.07% DANGSUGAR 6.00 0.00% 1,674 6.00 6.10 6.00 0.00% 31,668 5.71 5.08% 150,712 4.70 9.00 -0.66% DIAMONDBNK 3.34 -4.57% 202,278 3.68 3.68 3.34 -9.24% 292,567 4.06 -17.73% 869,974 3.34 6.63 -38.72%

ETERNA 2.01 0.00% 304 2.34 2.34 2.01 -14.10% 25,406 2.09 -3.83% 46,075 2.01 4.50 -32.78% ETI 19.62 0.00% 800 20.00 20.65 19.62 -1.90% 138,507 20.62 -4.87% 353,231 12.22 22.65 22.65%

FBNH 6.52 2.03% 123,875 7.00 7.20 6.39 -6.86% 712,607 7.78 -16.20% 3,290,966 5.77 14.07 -17.56% FCMB 2.47 -1.59% 8,332 2.67 2.70 2.40 -7.49% 129,311 3.00 -17.67% 763,879 1.93 4.64 -1.20%

FIDELITYBK 1.34 -4.96% 53,303 1.54 1.56 1.34 -12.99% 341,091 1.61 -16.77% 1,593,649 1.13 2.27 -17.28% FIDSON 3.20 0.00% 5,265 3.25 3.37 3.20 -1.54% 18,958 3.31 -3.32% 232,976 2.79 3.94 -17.95%

FLOURMILL 28.03 0.00% 5,091 29.00 29.50 26.90 -3.34% 14,527 29.20 -4.01% 401,694 26.60 69.98 -28.39% FO 215.00 3.38% 2,476 208.00 215.00 200.00 3.37% 11,430 190.00 13.16% 42,118 141.67 215.22 13.61%

GLAXOSMITH 40.00 0.00% 14 40.00 40.00 39.10 0.00% 5,633 43.50 -8.05% 61,499 31.99 52.79 5.46% GUARANTY 23.05 1.10% 278,668 24.10 24.97 22.60 -4.36% 942,349 25.50 -9.61% 4,761,195 16.69 31.88 -8.46% GUINNESS 121.00 0.00% 487 131.00 135.00 121.00 -7.63% 3,158 141.80 -14.67% 21,896 110.00 214.98 -26.80%

HONYFLOUR 2.87 7.09% 8,918 2.68 2.87 2.56 7.09% 29,916 2.80 2.50% 77,394 2.56 4.20 -17.05% INTBREW 18.45 0.00% 282 18.24 18.45 18.24 1.15% 2,486 18.74 -1.55% 30,799 17.00 32.20 -16.93% JBERGER 43.31 0.00% 5,163 45.58 45.58 43.31 -4.98% 5,459 47.97 -9.71% 7,269 38.08 70.00 -24.85%

LINKASSURE 0.50 0.00% 0 0.50 0.50 0.50 0.00% 39,926 0.50 0.00% 539,284 0.50 0.52 0.00%MANSARD 2.76 0.00% 648 2.80 2.94 2.76 -1.43% 4,284 2.75 0.36% 2,013,759 2.30 3.72 -11.25%MAYBAKER 1.36 3.82% 2,143 1.50 1.50 1.31 -9.33% 17,798 1.45 -6.21% 79,520 1.27 2.01 -13.92%

MOBIL 154.00 -3.14% 38,829 160.00 165.00 154.00 -3.75% 41,578 155.00 -0.65% 51,951 136.33 182.00 -2.53% MRS 49.66 0.00% 0 49.66 49.66 49.66 0.00% 0 49.66 0.00% 83 47.18 58.90 -6.65%

NAHCO 4.52 0.44% 1,269 4.77 4.77 4.50 -5.24% 9,892 4.76 -5.04% 149,297 3.24 6.60 -0.56% NASCON 6.30 0.64% 5,441 6.80 6.98 6.26 -7.35% 10,962 7.00 -10.00% 92,724 5.68 10.30 -3.08%

NB 126.93 1.54% 6,791 135.00 135.06 124.89 -5.98% 76,193 129.60 -2.06% 507,185 120.00 184.99 -22.13% NEIMETH 1.35 0.00% 100 1.42 1.42 1.35 -4.93% 6,007 1.33 1.50% 93,811 0.64 1.59 77.63%

NEM 0.63 5.00% 26,494 0.65 0.66 0.60 -3.08% 112,706 0.63 0.00% 641,696 0.51 0.96 -3.08% NESTLE 858.00 0.00% 294 850.01 865.00 850.01 0.94% 11,466 856.93 0.12% 58,032 743.00 1,110.00 -13.82%

NIGERINS 0.50 0.00% 26,495 0.50 0.50 0.50 0.00% 180,998 0.50 0.00% 194,123 0.50 0.50 0.00%NNFM 12.83 0.00% 1,540 13.30 13.50 12.83 -3.53% 5,576 18.05 -28.92% 13,822 12.83 22.10 -28.92%OANDO 11.68 -2.59% 48,113 12.30 12.45 11.65 -5.04% 294,212 13.89 -15.91% 2,801,104 11.35 27.95 -33.26%

OKOMUOIL 24.83 0.00% 166 24.83 24.83 24.83 0.00% 3,862 25.82 -3.83% 19,365 23.20 35.58 -0.68% PAINTCOM 0.96 0.00% 2,106 1.00 1.01 0.96 -4.00% 2,828 1.33 -27.82% 34,472 0.96 1.61 -37.66%PORTPAINT 4.14 0.00% 25 3.77 4.14 3.59 9.81% 6,145 4.85 -14.64% 13,752 3.30 5.50 6.43%

PRESCO 32.00 0.00% 787 31.00 33.59 31.00 3.23% 2,426 31.19 2.60% 10,152 20.89 37.50 30.61% PRESTIGE 0.50 0.00% 0 0.50 0.50 0.50 0.00% 2 0.50 0.00% 7,057 0.50 0.53 0.00%

PZ 33.05 0.00% 24 34.51 34.51 33.05 -4.23% 3,567 27.88 18.54% 37,569 16.60 36.00 39.16%REDSTAREX 4.00 0.00% 234 4.60 4.60 3.96 -13.04% 9,727 4.75 -15.79% 40,264 3.44 5.51 1.52%ROYALEX 0.50 0.00% 0 0.50 0.50 0.50 0.00% 6,531 0.50 0.00% 9,534 0.50 0.63 0.00%

RTBRISCOE 0.62 0.00% 805 0.68 0.68 0.62 -8.82% 11,651 0.71 -12.68% 15,562 0.58 1.01 -26.19%SEPLAT 285.00 0.00% 342 300.00 300.00 285.00 -5.00% 1,485 319.00 -10.66% 5,901 252.93 700.00 -18.92%

SKYEBANK 1.89 -0.53% 18,636 2.10 2.18 1.89 -10.00% 168,456 2.10 -10.00% 686,331 1.62 3.11 -21.56% SOVRENINS 0.50 0.00% 5 0.50 0.50 0.50 0.00% 35 0.50 0.00% 979 0.50 0.50 0.00%STANBIC 19.87 -0.40% 2,784 21.00 21.97 19.87 -5.38% 15,138 23.65 -15.98% 515,972 19.87 35.00 -29.04%

STERLNBANK 2.15 0.00% 33,071 2.14 2.15 2.05 0.47% 189,238 2.05 4.88% 526,755 1.96 2.54 -11.16% TOTAL 158.00 0.32% 289 150.00 158.00 150.00 5.33% 927 164.95 -4.21% 8,823 134.05 188.89 6.04%

TRANSCORP 2.57 2.80% 137,986 2.66 2.88 2.35 -3.38% 510,862 2.33 10.30% 2,635,164 2.02 7.08 -19.94% UAC-PROP 8.60 0.00% 338 9.10 9.10 8.60 -5.49% 4,011 9.80 -12.24% 33,660 8.09 17.00 -10.14%

UACN 37.00 0.00% 5,204 37.00 38.00 36.25 0.00% 24,201 41.18 -10.15% 131,429 26.00 61.00 8.82% UBA 3.38 -4.25% 117,620 4.15 4.20 3.38 -18.55% 1,460,714 4.35 -22.30% 4,361,760 2.90 7.44 -21.76%

UBCAP 1.32 1.54% 28,604 1.37 1.40 1.30 -3.65% 210,692 1.39 -5.04% 589,839 1.26 2.25 -21.43% UBN 7.29 0.00% 1,056 7.34 7.58 6.97 -0.68% 9,621 8.37 -12.90% 39,695 6.48 11.74 -14.24%

UNILEVER 41.00 0.00% 1,671 37.81 41.00 37.81 8.44% 16,869 38.10 7.61% 133,791 27.00 50.61 12.39% UNITYBNK 1.77 -4.84% 8,953 2.05 2.14 1.77 -13.66% 56,664 2.40 -26.25% 348,549 1.77 5.00 -64.60% VITAFOAM 5.69 -1.56% 7,036 5.74 6.15 5.34 -0.87% 97,868 5.70 -0.18% 245,557 2.69 6.15 69.43%

WAPCO 103.50 0.49% 8,012 103.25 103.50 103.00 0.24% 37,835 100.00 3.50% 211,989 66.50 131.32 27.78% WAPIC 0.50 0.00% 237 0.50 0.50 0.50 0.00% 34,294 0.50 0.00% 1,043,672 0.50 0.81 -21.88%

WEMABANK 0.90 0.00% 4,924 0.90 0.90 0.82 0.00% 59,836 0.94 -4.26% 174,553 0.82 1.12 -2.17% ZENITHBANK 16.08 0.94% 195,028 16.90 17.18 15.90 -4.85% 1,544,461 17.84 -9.87% 13,054,629 14.54 25.48 -10.67%

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 4.3510.004.35

YtD -1.94 -1.85 -0.42-8.81%3M 1W

0.42

May Jun Jun

-30.84% -29.84%

10/08

M T W T F

14/08

ASHAKACEM 23.5034.6017.22

YtD 2.69 3.03 0.502.17%3M 1W

0.50

May Jun Jun

12.93% 14.80%

10/08

M T W T F

14/08

CADBURY 33.3063.9933.10

YtD -8.70 -6.60 0.000.00%3M 1W

0.00

May Jun Jun

-20.71% -16.54%

10/08

M T W T F

14/08

CAP 41.3043.9932.31

YtD 4.00 -1.70 3.358.83%3M 1W

3.35

May Jun Jun

10.72% -3.95%

10/08

M T W T F

14/08

CCNN 8.7515.988.37

YtD -1.13 -1.75 -0.75-7.89%3M 1W

0.75

May Jun Jun

-11.44% -16.67%

10/08

M T W T F

14/08

CONTINSURE 0.901.120.80

YtD -0.12 -0.09 -0.03-3.23%3M 1W

0.03

May Jun Jun

-11.76% -9.09%

10/08

M T W T F

14/08

FCMB 2.474.641.93

YtD -0.03 -0.63 -0.20-7.49%3M 1W

0.20

May Jun Jun

-1.20% -20.32%

10/08

M T W T F

14/08

GUARANTY 23.0531.8816.69

YtD -2.13 -6.95 -1.05-4.36%3M 1W

1.05

May Jun Jun

-8.46% -23.17%

10/08

M T W T F

14/08

MANSARD 2.763.722.30

YtD -0.35 -0.24 -0.04-1.43%3M 1W

0.04

May Jun Jun

-11.25% -8.00%

10/08

M T W T F

14/08

OANDO 11.6827.9511.35

YtD -5.82 -6.01 -0.62-5.04%3M 1W

0.62

May Jun Jun

-33.26% -33.97%

10/08

M T W T F

14/08

STANBIC 19.8735.0019.87

YtD -8.13 -10.13 -1.13-5.38%3M 1W

1.13

May Jun Jun

-29.04% -33.77%

10/08

M T W T F

14/08

UBA 3.387.442.90

YtD -0.94 -1.79 -0.77-18.55%3M 1W

0.77

May Jun Jun

-21.76% -34.62%

10/08

M T W T F

14/08

DANGCEM 180.50231.00139.10

YtD -9.50 2.00 -0.50-0.28%3M 1W

0.50

May Jun Jun

-5.00% 1.12%

10/08

M T W T F

14/08

FIDELITYBK 1.342.271.13

YtD -0.28 -0.54 -0.20-12.99%3M 1W

0.20

May Jun Jun

-17.28% -28.72%

10/08

M T W T F

14/08

GUINNESS 121.00214.98110.00

YtD -44.30 -39.00 -10.00-7.63%3M 1W

10.00

May Jun Jun

-26.80% -24.38%

10/08

M T W T F

14/08

MOBIL 154.00182.00136.33

YtD -4.00 2.70 -6.00-3.75%3M 1W

6.00

May Jun Jun

-2.53% 1.78%

10/08

M T W T F

14/08

OKOMUOIL 24.8335.5823.20

YtD -0.17 -3.61

0.000.00%3M 1W

0.00

May Jun Jun

-0.68% -12.69%

10/08

M T W T F

14/08

TOTAL 158.00188.89134.05

YtD 9.00 3.00 8.005.33%3M 1W

8.00

May Jun Jun

6.04% 1.94%

10/08

M T W T F

14/08

UNILEVER 41.0050.6127.00

YtD 4.52 -4.00 3.198.44%3M 1W

3.19

May Jun Jun

12.39% -8.89%

10/08

M T W T F

14/08

DIAMONDBNK 3.346.633.34

YtD -2.11 -1.14 -0.34-9.24%3M 1W

0.34

May Jun Jun

-38.72% -25.45%

10/08

M T W T F

14/08

FLOURMILL 28.0369.9826.60

YtD -11.11 -8.17 -0.97-3.34%3M 1W

0.97

May Jun Jun

-28.39% -22.57%

10/08

M T W T F

14/08

HONYFLOUR 2.874.202.56

YtD -0.59 -0.78 0.197.09%3M 1W

0.19

May Jun Jun

-17.05% -21.37%

10/08

M T W T F

14/08

NASCON 6.3010.305.68

YtD -0.20 -1.70 -0.50-7.35%3M 1W

0.50

May Jun Jun

-3.08% -21.25%

10/08

M T W T F

14/08

PRESCO 32.0037.5020.89

YtD 7.50 2.01 1.003.23%3M 1W

1.00

May Jun Jun

30.61% 6.70%

10/08

M T W T F

14/08

UACN 37.0061.0026.00

YtD 3.00 -3.00 0.000.00%3M 1W

0.00

May Jun Jun

8.82% -7.50%

10/08

M T W T F

14/08

WAPCO 103.50131.3266.50

YtD 22.50 5.00 0.250.24%3M 1W

0.25

May Jun Jun

27.78% 5.08%

10/08

M T W T F

14/08

ETI 19.6222.6512.22

YtD 3.62 0.72 -0.38-1.90%3M 1W

0.38

May Jun Jun

22.65% 3.83%

10/08

M T W T F

14/08

FO 215.00215.22141.67

YtD 25.75 55.40 7.003.37%3M 1W

7.00

May Jun Jun

13.61% 34.71%

10/08

M T W T F

14/08

INTBREW 18.4532.2017.00

YtD -3.76 -1.55 0.211.15%3M 1W

0.21

May Jun Jun

-16.93% -7.75%

10/08

M T W T F

14/08

NB 126.93184.99120.00

YtD -36.07 -27.07 -8.07-5.98%3M 1W

8.07

May Jun Jun

-22.13% -17.58%

10/08

M T W T F

14/08

PZ 33.0536.0016.60

YtD 9.30 4.65 -1.46-4.23%3M 1W

1.46

May Jun Jun

39.16% 16.37%

10/08

M T W T F

14/08

UAC-PROP 8.6017.008.09

YtD -0.97 -1.65 -0.50-5.49%3M 1W

0.50

May Jun Jun

-10.14% -16.10%

10/08

M T W T F

14/08

ZENITHBANK 16.0825.4814.54

YtD -1.92 -6.12 -0.82-4.85%3M 1W

0.82

May Jun Jun

-10.67% -27.57%

10/08

M T W T F

14/08

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 6.5214.075.77

YtD -1.39 -2.28 -0.48-6.86%3M 1W

0.48

May Jun Jun

-17.56% -25.91%

10/08

M T W T F

14/08

GLAXOSMITH 40.0052.7931.99

YtD 2.07 -4.20 0.000.00%3M 1W

0.00

May Jun Jun

5.46% -9.50%

10/08

M T W T F

14/08

JBERGER 43.3170.0038.08

YtD -14.32 -8.39 -2.27-4.98%3M 1W

2.27

May Jun Jun

-24.85% -16.23%

10/08

M T W T F

14/08

NESTLE 858.001110.00743.00

YtD -137.60 -42.00 7.990.94%3M 1W

7.99

May Jun Jun

-13.82% -4.67%

10/08

M T W T F

14/08

SEPLAT 285.00700.00252.93

YtD -66.50 -102.00 -15.00-5.00%3M 1W

15.00

May Jun Jun

-18.92% -26.36%

10/08

M T W T F

14/08

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

MARKET DATAVM4 VM | Monday, August 17 2015 | Issue 054