vanguard markets, november 10, 2014 edition

Turbulence! Fasten seat belt sign on

IGERIA’S POLICY makers are battening the hatches.

Two weeks ago, the Central Bank of Nigeria expressed its concern over ‘the growth in foreign currency borrow-ings of banks through foreign lines of credit and issuance of foreign currency denominated bonds (Eurobonds).’

Figures released by Afrinvest, an investment bank, show that this year alone, the country’s banks led by Zenith Bank, First Bank, Diamond Bank, and FCMB, have raised about $2 billion through this means, and $4

billion since 2011. Sterling Bank has joined the queue with plans to issue up to $200 million in Eurobonds in 2015.

These figures have sparked anxiety among the country’s economic managers that the end of quantitative easing by the US Federal Reserve could cause a hike in rates with domino effects on borrowers’ balance sheets.

To protect the banking sector, the CBN lowered the ceiling on foreign currency borrowing by financial insti-tutions to 75 percent of share-holders’ funds. Under the pre-vious rule, Section 6 of the Guidelines for Foreign Borrowing for on-Lend-

ing by Nigerian Banks is-sued in November 2001, they were allowed to borrow up to 200 per cent of shareholders’ funds in foreign currency.

According to a report by Reuters, the CBN is also seeking ‘to ease pressure on the naira as banks borrow more dollars to cover inter-est payments offshore and as demand for imported goods stays high at 80 percent of all non-food consumption.’

Austerity syrup one drop at a time

Last week the apex bank is-sued a circular wherein it stat-ed that ‘in order to maintain the existing stability of the for-

eign exchange market and to further strengthen the various policy measures initiated by the Central Bank of Nigeria’ it would henceforth exclude cer-tain consumer-focused items from the Retail Dutch Auc-tion System (RDAS). Affect-ed were generators, finished products, information technol-ogy, telecoms equipment, and invisible transactions. These account for up to 50 percent of forex demand at the auc-tion. Importers who deal in these items would now have to source funds from the inter-bank foreign exchange market.

The action provoked acute volatility in the interbank market causing the naira to

shed N2.75, falling to a low of N170.10 to the dollar.

The CBN’s latest move is a policy admission that the fed-eral government can no longer bear the burden of meeting forex demands in the face of dwindling foreign earnings as oil prices continue their down-ward spiral. Oil prices have fallen more than 40 per cent from a peak of $115 a barrel in July to a 5-year low of $82 per barrel this month. Crude oil sales account for 80 per cent of the country’s fiscal revenue and about 95 percent of for-eign exchange earnings, writes Ayodeji Ebo of Afrinvest.

By itself, the list of excluded items would not seem a big deal when misjudged as a one-off act. It is not. On deeper reading, it marks a big shift that going forward the belt hole is going to be clasped a couple of notches tighter.

It’s the elections, schtupid

The RDAS exclusion circu-lar is the first salvo in a long overdue restructuring of the Nigerian economy postponed

since the January 2012 fuel subsidy removal stalemate. The federal government backed down then due to po-litical considerations in recog-nition of President Jonathan’s delicate mandate despite win-ning elections months earlier.

The drop in oil prices pre-sents the perfect excuse for a ‘shock therapy program’ most likely to be launched no later than the middle of next year. It would include the removal of the subsidy on fuel, the de-valuation of the naira, possibly a reset on the sharing formula of the excess crude account (ECA) between the federal government and state govern-ments, and a slew of austerity measures.

President Goodluck Jonathan and the People’s Democratic Party need to win and win convincingly big too at the legislature and state levels to assure the political le-gitimacy required to carry out the wholesale reforms being pressed by international finan-cial institutions.

Vanguard Markets | Monday, November 10, 2014 | Issue 018

FIXED INCOME & FOREX

Volatility ahead

Source: FMDQ

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MACRO

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The Nigerian economy is sailing dangerously close to a perfect storm. The price of oil, the country’s main export, has fallen sharply in recent weeks wreaking havoc on exchange rates with no end in sight as Saudi authorities play a game of chicken with shale producers in the United States. Add to that fears of fiscal indiscipline motivated by the political business cycle leading to elections in February 2015. Top it all off with an expanding terrorism-fuelled insurgency in the north-eastern part of the country. Totalled up it has led to nervousness among the large cohort of foreign portfolio managers on the Nigerian Stock Exchange, a pause on new investment, and general seat-belt buckling in preparation for a rough ride in 2015.

‘I can explain’. Ngozi Okonjo-Iweala, primus inter pares in the Federal Executive Council, stressing a point.

The country is like a household. There may be periods that your income may shrink because of some unforeseen circumstances and you must adjust.

– Dr. Ngozi Okonjo-Iweala, coordinating minister

of the economy

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EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

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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.

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In a way the looming crisis is an answered prayer for those who have been calling for a recalibration of the economy. The coming elections are the main reason why the reforms cannot be pushed faster down the throats of Nigerians. Once that is out of the way the real business of swallowing the bit-ter medicine would begin.

It is not a question of if, but when.

Mixed signals on the macro plane

Dr. Ngozi Okonjo-Iwea-la, the co-ordinating minister of the economy, is quick to urge caution among political parties when discussing the budget in public debate. In an interview she gave to Foreign Affairs, a journal published by the influential Council of Foreign Relations, a U.S-based think tank, she advised that ‘our politicians need to re-alize that you do not politicize the budget. In a developing country, that’s lethal.’

Whatever the minister’s touchy-feely attitude to the subject, in these times of eco-nomic turbulence the budget is a legitimate area of civic dis-course, however heated and partisan. In an election season no subject is off the table.

Since the beginning of the year, concerns have issued from various quarters over the risk of inflation and distortion of Nigeria’s economic well-be-ing due to the pressures of the political business cycle. There is a strong belief that federal and state governments will embark on reckless spending sprees in a populist attempt to shore up the self-explanatory stomach infrastructure, a new entry into the lexicon of Nigerian politics.

Speaking with journalists at a recent engagement, the bespectacled technocrat, who earned the nickname Okonjo-Wahala for her insistence on due process and transparency when she served under the President Olusegun Obasanjo administration, brushed aside fears that government spend-ing in the lead up to 2015 elec-tions is stoking inflation.

The Harvard-trained econ-omist gave assurances that the government has adhered strictly to the budget. The bulk of the spending that the administration of President Goodluck Jonathan will em-bark on will be tied to provid-ing the logistical requirements necessary for the conduct of

the elections, she remarked. As if proof was needed, she

pointed out that ‘we are in Oc-tober and we are just running the budget the way it should be run.’

Although she has won credit for her masterful handling of the Nigerian economy dur-ing her two tours as minister of finance, there are creeping doubts whether she has enough foam in her can to douse the fire this time. Sensing the unease,

she felt compelled to tell her listeners that ‘despite the dwin-dling revenue of the nation due to falling crude oil prices and decrease in output, the nation is not broke, as feared in some quarters… though the money that comes into the coffers now is a little bit small.’

While pitching the econo-my’s growth prospects, she slipped in that the finance ministry had facilitated a $14.1 billion loan on ad-

vantageous terms to support government projects. That set alarm bells ringing among many who have accused the Jonathan administration of going on a borrowing binge less than a decade after Ni-geria reached a deal with the Paris Club of creditors to set-tle $30 billion in accumulated debt through a mixture of cash ($12 billion), and debt relief ($18 billion).

The irony is not lost that

Okonjo-Iweala led the federal government’s team of negotia-tors at the successful talks with its bilateral creditors. In her defence, supporters argue that the accomplishment is ade-quate evidence that she would not go on pawn the country’s future, and her reputation, to satisfy the electoral aspira-tions of the ruling People’s Democratic Party.

Geo-politics hits the grocery list

The fall in oil prices is a fallout of the contest between powerful Arabian produc-ers led by Saudi Arabia, and shale producers in the United States. Rising tensions in the Middle East over the last dec-ade has pushed the United States to focus attention on guaranteeing energy security from domestic sources.

Technological advances like hydraulic fracturing and hori-zontal drilling have boosted oil production in the U.S. by more than 60 per cent since 2010 to 9 million barrels a day. This threatens the domi-nance of producers like Saudi Arabia. As a result, the Riyadh government is rallying mem-bers of the Organization of Petroleum Exporting Countries, the 12-member producers’ cartel, in a long-term greedy counter-intuitive strategy to maintain supply levels in the face of falling prices. This it hopes will drive shale producers in the US out of the market.

From the look of things, this game of intercontinental brinkmanship is not fazing the target. Chesapeake En-ergy Corporation, a major shale producer is confident that shale production is here to stay. Archie Dunham, the company’s non-executive chairman, told Bloomberg that ‘if the Saudis take the price down to $60 or $70 a barrel, you will see a slowdown in the U.S. But you’re not go-ing to see it stop. The conse-quences for other OPEC coun-tries are far more dire.’ Some companies like Texas-based EOG Resources have told investors that they can make money at $40 a barrel, reaping a 10 per cent rate of return.

The antagonistic sentiment is best described by Scott Shef-field, chief executive of Pio-neer Natural Resources, a large independent U.S. oil and gas company. He told the Wall Street Journal that ‘we’re in a battle with Saudi Arabia in re-gard to market share.’

So far, commentators have framed the contest along the lines of ‘who blinks first?’ This is not an either-or existential struggle. In reality, OPEC will

need to adjust to the rise of US-based production. On its part, US producers will eventually reach an accommodation with the cartel to limit production in defence of global oil prices.

All this time, Nigeria is anx-iously watching from the side lines. Coupling concerns about slowing global growth with a strengthening US dollar as funds flow back to US treas-ury bonds post-QE, and a glut in supply the projections are not heartening for Nigeria’s public finances. Barclays and Goldman Sachs have issued reports in recent weeks that do not see a return to prices above $100 in 2015.

Dr. Okonjo-Iweala drove the point home at her press briefing in October.

‘The country is like a house-hold. There may be periods that your income may shrink because of some unforeseen circumstances and you must adjust. If, in the past, you were indulging in very expensive food you may tell your chil-dren that it is time we just manage garri and if you have a spouse that is not working, you tell her please you must go and start a trade.’

Stock markets feel the pain

It was a lethal week. At the close of trading on Friday, the All Share Index had lost a whopping 11.52 percent. Since January, it has declined 19.61 per cent. The fall in oil prices is only one side of the story. The end of quantitative easing in pulling money back from the periphery to the centre.

Not the C-wordNigeria’s economic man-

agement team is doing its best not to spook markets. It is call-ing the situation anything but a crisis. That is the unspoken rule. The coordinating minis-ter herself attested this much when she said that in difficult times ‘you would not jump out and begin to tell people that your condition is the worst of all and that you are dying. This is because you know that it is a temporary condition. That is the same with a country.’

The obvious take home here is that tough times do not last but tough countries do. While hapless Nigerians pray, the CME and CBN governor are praying harder. The two sen-ior officials must be fervently hoping that they can main-tain their juggling act without drawing too much attention to the fact. Until President Good-luck is safely re-elected to pow-er with a comfortable majority the real work of dietary adjust-ment from expensive dishes to garri cannot begin. ;

Volatility ahead

ECONOMYVM2 VM | Monday, November 10, 2014 | Issue 018

W Continued from Page VM1

Data visualization by Publican Media

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 – OCT 31 – NOV 7, 2014MARKET REVIEW – OCTOBER 31 – NOVEMBER 7, 2014

TRADING UPDATE

Agriculture 2 3 0Conglomerates 3 2 0

Construction/Real Estate 2 7 0Consumer Goods 15 14 2

Financial Services 26 29 2Healthcare 4 6 0

ICT 2 9 0Industrial Goods 8 13 0

Natural Resources 0 5 0Oil & Gas 6 4 1Services 8 8 2

MARKET DATA VM3VM | Monday, November 10, 2014 | Issue 018

Declined Unchanged Advanced

TOP DECLINERS WTD

LAFARGE AFRICA PLC -30.14

DANGOTE SUGAR REFINERY PLC -29

ASHAKA CEMENT PLC -28.62

P. Z. INDUSTRIES PLC -26.43

TRANSNATIONAL CORPORA-TION OF NIG PLC -23.76

INDICES WTD

NSE All-Share Index -11.54

NSE 30 Index -12.08

NSE Banking Index -7.39

NSE Insurance Index -3.25

NSE Consumer Goods Index -12.65

NSE Oil/Gas Index -14.71

INDICES WTD

NSE Lotus Islamic Index -14.8

NSE Industrial Index -19.88

NSE ASeM INDEX 1.49

TOP DECLINERS WTD

OANDO PLC -21.98

UNILEVER NIGERIA PLC -21.55

VONO PRODUCTS PLC -21.14

FBN HOLDINGS PLC -20.03

R. T. BRISCOE (NIG.) PLC -20TOP GAINERS WTD

BETA GLASS COMPANY (NIG.) 5

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD PE EPS Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change,

% Volume Open Change, % Volume Low Close ( ) High

7UP 128.25 -4.29% 679 164.35 165 128.25 -21.97% 35,826 162.86 -21.25% 93,140 69.00 197.94 79.55% 30.27 4.46 ABCTRANS 0.62 3.33% 19,497 0.65 0.67 0.59 -4.62% 105,785 0.69 -10.14% 154,524 0.59 0.97 -20.70% 2.95 0.21

ACCESS 7.40 -2.63% 254,689 8.50 8.55 7.00 -12.94% 758,223 8.77 -15.62% 3,919,411 7.00 10.65 -22.92% 4.71 1.57 AGLEVENT 1.42 2.90% 97 1.52 1.52 1.38 -6.58% 980 1.33 6.77% 16,087 1.25 1.86 -12.88% 6.44 0.23

AIICO 0.80 0.00% 61,610 0.87 0.87 0.76 -8.05% 177,064 0.80 0.00% 1,524,530 0.74 0.97 -13.04% 5.26 0.15 AIRSERVICE 1.74 0.00% 20 1.80 1.9 1.74 -3.33% 1,109 1.91 -8.90% 15,656 1.74 3.97 -48.06% 3.66 0.50 ASHAKACEM 22.37 -9.69% 816 31.16 32.79 22.37 -28.21% 16,849 32.00 -30.09% 129,867 13.87 34.60 2.24% 27.96 0.80 BETAGLAS 21.30 -3.40% 529 20.01 22.05 20.01 6.45% 2,178 19.00 12.11% 11,831 13.75 22.10 47.61% 6.52 3.38 CADBURY 33.10 -4.94% 804 42.78 45.03 33.10 -22.63% 29,428 54.52 -39.29% 57,835 33.10 110.00 -65.94% 22.18 1.57

CAP 38.38 -4.00% 1,982 42.00 42 36.47 -8.62% 7,111 39.00 -1.59% 41,243 35.96 51.66 -20.01% 22.93 1.67 CCNN 10.99 5.17% 1,460 12.83 13 10.45 -14.34% 9,802 15.00 -26.73% 64,862 8.00 15.98 -8.34% 9.81 1.12

CONOIL 46.77 0.00% 22 44.44 46.77 44.44 5.24% 614 52.00 -10.06% 14,325 44.36 79.80 -23.73% 14.75 3.34 CONTINSURE 0.85 -3.41% 1,951 0.97 0.99 0.85 -12.37% 3,280,894 1.00 -15.00% 3,572,041 0.85 1.29 -29.17% 5.31 0.16 COURTVILLE 0.50 -1.96% 15,948 0.53 0.57 0.50 -5.66% 86,237 0.53 -5.66% 226,182 0.50 0.89 -23.08% 4.54 0.11 CUSTODYINS 3.25 -4.97% 2,869 3.79 3.98 3.25 -14.25% 123,014 3.98 -18.34% 738,863 1.70 4.30 49.08% 13.54 0.24

CUTIX 1.48 -7.50% 507 1.52 1.6 1.48 -2.63% 9,035 1.98 -25.25% 54,416 1.48 2.27 -24.10% 8.16 0.19 DANGCEM 188.53 -5.00% 527 215.00 219.88 188.53 -12.31% 21,079 217.01 -13.12% 105,340 185.00 250.02 -12.78% 15.98 11.80

DANGFLOUR 6.23 0.00% 10 6.23 6.23 5.92 0.00% 511 6.23 0.00% 7,860 5.92 10.76 -39.10% DANGSUGAR 4.91 -9.58% 149,943 7.00 7.35 4.91 -29.86% 248,408 8.10 -39.38% 551,943 4.91 12.49 -56.55% 6.14 0.81 DIAMONDBNK 5.31 -3.63% 441,557 6.00 6.11 5.24 -11.50% 1,014,141 6.20 -14.35% 2,457,734 5.24 8.20 -29.20% 3.21 1.65

ETERNA 3.33 0.00% 1,346 3.43 3.67 3.31 -2.92% 11,843 3.80 -12.37% 55,724 2.73 5.73 -29.60% 5.46 0.61 ETI 16.72 -4.89% 97,901 18.93 19.45 16.71 -11.67% 474,472 18.85 -11.30% 3,667,297 12.40 20.28 2.01% 4.56 3.67

FBNH 9.25 -7.13% 873,225 11.60 11.79 9.00 -20.26% 2,131,516 12.91 -28.35% 6,079,318 9.00 17.29 -43.25% 4.29 2.16 FCMB 3.22 -4.73% 273,126 3.89 4.07 3.18 -17.22% 1,239,510 4.30 -25.12% 2,724,518 3.01 4.64 -16.15% 3.66 0.88

FIDELITYBK 1.65 -8.33% 151,323 1.95 1.95 1.63 -15.38% 551,376 2.02 -18.32% 3,177,496 1.63 2.86 -38.89% 2.43 0.68 FIDSON 3.12 -0.32% 11,098 3.48 3.48 2.98 -10.34% 62,184 3.33 -6.31% 127,692 1.91 3.72 13.45% 12.58 0.24

FLOURMILL 58.33 0.00% 783 58.33 58.33 55.42 0.00% 1,962 62.16 -6.16% 88,238 55.42 83.64 -28.71% 17.26 3.38 FO 175.77 -9.75% 2,458 207.36 215 175.77 -15.23% 13,366 220.50 -20.29% 47,834 78.51 259.94 89.26% 37.94 4.63

GLAXOSMITH 46.55 -5.00% 2,662 51.35 51.49 46.55 -9.35% 29,928 58.06 -19.82% 102,599 46.55 74.97 -33.50% 16.34 3.00 GUARANTY 24.00 -1.28% 462,491 25.00 26 22.61 -4.00% 1,663,912 29.57 -18.84% 4,486,166 22.61 31.80 -13.51% 7.35 3.27 GUINNESS 160.60 -0.25% 2,155 161.50 169.57 156.75 -0.56% 21,134 193.98 -17.21% 104,877 156.75 262.00 -31.95% 20.38 7.88

HONYFLOUR 3.31 -4.89% 1,791 3.96 3.96 3.31 -16.41% 20,534 3.83 -13.58% 202,995 2.80 4.50 -14.03% 10.23 0.34 INTBREW 31.00 3.33% 13,790 30.51 32 29.93 1.61% 41,250 31.00 0.00% 131,412 21.85 32.20 9.46% 49.17 0.63 JBERGER 63.84 0.00% 115 63.84 63.84 63.84 0.00% 600 60.65 5.26% 3,344 59.18 76.45 1.22% 9.97 6.74

LINKASSURE 0.50 0.00% 3,000,000 0.50 0.5 0.50 0.00% 8,022,625 0.50 0.00% 8,433,344 0.50 0.50 0.00% 12.57 0.04 MANSARD 2.99 -0.33% 35,221 3.00 3.1 2.84 -0.33% 1,811,943 3.00 -0.33% 5,681,198 1.96 3.15 19.60% 19.55 0.15 MAYBAKER 1.60 -2.44% 351 1.72 1.86 1.56 -6.98% 18,464 1.83 -12.57% 166,864 1.33 2.64 -37.25% 18.22 0.09

MOBIL 161.98 0.00% 282 164.20 170.5 161.98 -1.35% 2,322 174.00 -6.91% 17,930 111.01 182.00 39.64% 15.52 10.44 MRS 53.20 0.00% 15 53.20 53.2 53.20 0.00% 47 53.20 0.00% 240 40.00 70.00 2.86% 53.85 1.04

NAHCO 4.59 4.79% 3,156 5.00 5.09 4.38 -8.20% 31,098 4.91 -6.52% 161,934 4.38 6.46 -27.72% 15.39 0.32 NASCON 6.96 0.43% 6,823 8.07 8.49 6.93 -13.75% 18,099 9.26 -24.84% 102,617 6.93 15.10 -53.13% 6.63 1.05

NB 143.45 0.00% 44,390 162.00 166 142.31 -11.45% 179,291 180.00 -20.31% 495,062 140.00 189.00 -13.07% 27.18 5.24 NEIMETH 0.87 0.00% 350 0.97 0.98 0.87 -10.31% 4,792 1.05 -17.14% 37,466 0.79 2.08 -20.91%

NEM 0.65 -4.41% 30,520 0.75 0.76 0.65 -13.33% 144,154 0.77 -15.58% 470,129 0.55 0.97 -19.75% NESTLE 839.33 -5.00% 6,096 950.05 980 839.33 -11.65% 13,465 1,022.00 -17.87% 51,389 839.33 1,250.01 -28.99% 29.12 28.82

NIGERINS 0.50 0.00% 2 0.50 0.5 0.50 0.00% 2,026 0.50 0.00% 5,699 0.50 0.54 0.00% NNFM 18.96 0.00% 0 20.90 20.9 18.96 -9.28% 11,038 20.90 -9.28% 11,540 18.00 25.00 -13.86% OANDO 16.99 -4.66% 206,501 21.66 22.74 16.09 -21.56% 374,882 25.20 -32.58% 963,002 10.86 36.89 -36.44% 15.16 1.11

OKOMUOIL 29.79 0.00% 115 29.79 29.79 29.79 0.00% 873 33.00 -9.73% 23,042 29.45 45.85 -33.55% 13.69 2.29 PAINTCOM 1.55 0 0 1.55 0.00% 0 1.33 2.14 -20.51% 4.57 0.35 PORTPAINT 4.97 0 5.23 5.23 4.97 -4.97% 21 5.23 -4.97% 26,134 4.00 6.25 -5.33% 8.74 0.60

PRESCO 24.82 -4.98% 1,799 28.93 28.93 24.82 -14.21% 6,526 35.36 -29.81% 32,493 24.82 49.00 -36.36% 2.96 8.38 PRESTIGE 0.50 0.00% 4 0.51 0.53 0.50 -1.96% 33,054 0.50 0.00% 165,303 0.50 0.81 -20.63%

PZ 17.54 -4.62% 3,097 23.84 25.09 17.54 -26.43% 17,193 31.92 -45.05% 115,613 17.54 41.06 -52.59% 13.09 1.34 REDSTAREX 4.00 0.25% 9,710 4.00 4 3.82 0.00% 269,485 4.40 -9.09% 372,889 3.82 5.35 -5.88% 6.54 0.61 ROYALEX 0.55 0.00% 8 0.55 0.55 0.53 0.00% 4,437 0.57 -3.51% 159,879 0.50 0.69 1.85% 5.29 0.10

RTBRISCOE 0.72 0.00% 518 0.86 0.86 0.72 -16.28% 20,824 0.89 -19.10% 50,671 0.72 1.49 -48.94% SEPLAT 508.53 -1.71% 48 517.37 517.37 508.53 -1.71% 182 610.00 -16.63% 11,812 508.53 735.00 -15.92%

SKYEBANK 2.39 -4.40% 87,808 2.50 2.77 2.28 -4.40% 495,982 2.77 -13.72% 1,604,632 2.28 4.67 -47.01% 2.82 0.84 SOVRENINS 0.50 0.00% 0 0.50 0.5 0.50 0.00% 18,051 0.50 0.00% 193,945 0.50 0.50 0.00% 3.36 0.15 STANBIC 26.74 -2.90% 17,725 29.99 30.5 26.74 -10.84% 77,079 32.02 -16.49% 510,458 19.00 35.00 19.70% 13.91 1.92

STERLNBANK 2.19 0.46% 5,623 2.36 2.41 2.16 -7.20% 3,885,587 2.32 -5.60% 5,812,417 2.09 2.74 -12.40% 3.49 0.63 TOTAL 157.00 1.23% 349 157.71 160 152.00 -0.45% 2,774 176.00 -10.80% 23,541 146.26 195.50 -9.41% 11.77 12.91

TRANSCORP 3.08 -9.68% 218,450 4.04 4.19 3.08 -23.76% 1,792,230 5.49 -43.90% 6,483,213 2.11 7.08 -29.03% 35.10 0.09 UAC-PROP 11.41 -5.00% 2,024 13.30 13.3 11.41 -14.21% 9,132 14.50 -21.31% 34,756 11.41 21.31 -25.79% 5.46 2.20

UACN 44.68 5.25% 900 51.05 51.2 42.45 -12.48% 22,032 58.00 -22.97% 140,164 42.45 67.85 -20.20% 20.86 2.14 UBA 4.30 2.14% 373,685 4.75 5.19 4.00 -9.47% 1,512,780 6.31 -31.85% 3,925,454 4.00 9.60 -53.01% 2.53 1.70

UBCAP 1.53 -6.71% 23,775 1.89 1.91 1.53 -19.05% 294,560 2.05 -25.37% 687,129 1.25 3.04 -32.60% 5.28 0.29 UBN 7.16 -0.14% 11,061 7.90 8.01 6.48 -9.37% 90,599 9.06 -20.97% 228,029 6.48 10.89 -25.49% 37.28 0.19

UNILEVER 28.32 -4.93% 7,729 34.30 34.3 28.31 -17.43% 80,503 45.65 -37.96% 195,576 28.31 64.00 -46.57% 20.67 1.37 UNITYBNK 0.50 0.00% 307 0.50 0.5 0.50 0.00% 3,618 0.50 0.00% 499,022 0.50 0.69 0.00% 4.65 0.11 VITAFOAM 4.09 0.00% 770 4.21 4.3 4.05 -2.85% 36,425 4.27 -4.22% 163,038 3.87 5.70 -14.97% 5.76 0.71

WAPCO 76.84 -5.00% 63,323 109.99 110 76.84 -30.14% 159,239 128.00 -39.97% 281,596 76.84 136.73 -33.18% WAPIC 0.58 -4.92% 4,490 0.66 0.69 0.58 -12.12% 171,877 0.71 -18.31% 977,322 0.58 1.48 -48.67% 8.29 0.07

WEMABANK 0.95 0.00% 46,914 0.95 0.96 0.90 0.00% 253,073 0.99 -4.04% 1,543,654 0.85 1.40 -25.78% ZENITHBANK 20.11 -1.90% 702,044 21.30 22.79 19.00 -5.59% 2,353,174 22.80 -11.80% 5,579,154 19.00 27.40 -19.56% 5.81 3.46

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 7.4010.657.00

YtD -2.20-22.92%

-2.60-26.00%

-1.10-12.94%3M 1W

PE 4.711.10

August September October03/11

M T W T F

07/11

ASHAKACEM 22.3734.6013.87

YtD 0.492.24%

-11.54-34.03%

-8.79-28.21%3M 1W

PE 27.968.79


M T W T F

07/11

CADBURY 33.10110.0033.10

YtD -64.08-65.94%

-37.44-53.08%

-9.68-22.63%3M 1W

PE 22.189.68


M T W T F

07/11

CAP 38.3851.6635.96

YtD -9.60-20.01%

-2.57-6.28%

-3.62-8.62%3M 1W

PE 22.933.62


M T W T F

07/11

CCNN 10.9915.988.00

YtD -1.00-8.34%

-4.20-27.65%

-1.84-14.34%3M 1W

PE 9.811.84


M T W T F

07/11

CONTINSURE 0.851.290.85

YtD -0.35-29.17%

-0.18-17.48%

-0.12-12.37%3M 1W

PE 5.310.12


M T W T F

07/11

FCMB 3.224.643.01

YtD -0.62-16.15%

-1.08-25.12%

-0.67-17.22%3M 1W

PE 3.660.67


M T W T F

07/11

GUARANTY 24.0031.8022.61

YtD -3.75-13.51%

-6.40-21.05%

-1.00-4.00%3M 1W

PE 7.351.00


M T W T F

07/11

MANSARD 2.993.151.96

YtD 0.4919.60%

0.4919.60%

-0.01-0.33%3M 1W

PE 19.550.01


M T W T F

07/11

OANDO 16.9936.8910.86

YtD -9.74-36.44%

-9.71-36.37%

-4.67-21.56%3M 1W

PE 15.164.67


M T W T F

07/11

STANBIC 26.7435.0019.00

YtD 4.4019.70%

-2.60-8.86%

-3.25-10.84%3M 1W

PE 13.923.25


M T W T F

07/11

UBA 4.309.604.00

YtD -4.85-53.01%

-3.59-45.50%

-0.45-9.47%3M 1W

PE 2.530.45


M T W T F

07/11

DANGCEM 188.53250.02185.00

YtD -27.63-12.78%

-41.47-18.03%

-26.47-12.31%3M 1W

PE 15.9826.47


M T W T F

07/11

FIDELITYBK 1.652.861.63

YtD -1.05-38.89%

-0.38-18.72%

-0.30-15.38%3M 1W

PE 2.430.30


M T W T F

07/11

GUINNESS 160.60262.00156.75

YtD -75.41-31.95%

-38.19-19.21%

-0.90-0.56%3M 1W

PE 20.380.90


M T W T F

07/11

MOBIL 161.98182.00111.01

YtD 45.9839.64%

-9.08-5.31%

-2.22-1.35%3M 1W

PE 15.522.22


M T W T F

07/11

OKOMUOIL 29.7945.8529.45

YtD -15.04-33.55%

-4.71-13.65%

0.000.00%3M 1W

PE 13.690.00


M T W T F

07/11

TOTAL 157.00195.50146.26

YtD -16.30-9.41%

-19.20-10.90%

-0.71-0.45%3M 1W

PE 11.770.71


M T W T F

07/11

UNILEVER 28.3264.0028.31

YtD -24.68-46.57%

-20.48-41.97%

-5.98-17.43%3M 1W

PE 20.675.98


M T W T F

07/11

DIAMONDBNK 5.318.205.24

YtD -2.19-29.20%

-1.09-17.03%

-0.69-11.50%3M 1W

PE 3.210.69


M T W T F

07/11

FLOURMILL 58.3383.6455.42

YtD -23.49-28.71%

-13.94-19.29%

0.000.00%3M 1W

PE 17.260.00


M T W T F

07/11

HONYFLOUR 3.314.502.80

YtD -0.54-14.03%

-0.74-18.27%

-0.65-16.41%3M 1W

PE 10.240.65


M T W T F

07/11

NASCON 6.9615.106.93

YtD -7.89-53.13%

-3.36-32.56%

-1.11-13.75%3M 1W

PE 6.631.11


M T W T F

07/11

PRESCO 24.8249.0024.82

YtD -14.18-36.36%

-11.19-31.07%

-4.11-14.21%3M 1W

PE 2.964.11


M T W T F

07/11

UACN 44.6867.8542.45

YtD -11.31-20.20%

-16.32-26.75%

-6.37-12.48%3M 1W

PE 20.866.37


M T W T F

07/11

WAPCO 76.84136.7376.84

YtD -38.16-33.18%

-45.16-37.02%

-33.15-30.14%3M 1W

PE --33.15


M T W T F

07/11

ETI 16.7220.2812.40

YtD 0.332.01%

-1.61-8.78%

-2.21-11.67%3M 1W

PE 4.562.21


M T W T F

07/11

FO 175.77259.9478.51

YtD 82.9089.26%

-63.23-26.46%

-31.59-15.23%3M 1W

PE 37.9431.59


M T W T F

07/11

INTBREW 31.0032.2021.85

YtD 2.689.46%

3.5012.73%

0.491.61%3M 1W

PE 49.170.49


M T W T F

07/11

NB 143.45189.00140.00

YtD -21.56-13.07%

-41.65-22.50%

-18.55-11.45%3M 1W

PE 27.1818.55


M T W T F

07/11

PZ 17.5441.0617.54

YtD -19.46-52.59%

-20.21-53.54%

-6.30-26.43%3M 1W

PE 13.096.30


M T W T F

07/11

UAC-PROP 11.4121.3111.41

YtD -3.97-25.79%

-5.59-32.88%

-1.89-14.21%3M 1W

PE 5.461.89


M T W T F

07/11

ZENITHBANK 21.3027.4019.50

YtD -3.70-14.80%

-3.78-15.07%

-1.29-5.71%3M 1W

PE 6.131.29


M T W T F

07/11

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

PE 7.290.01

May June July21/07

M T W T F

25/07

FBNH 9.2517.299.00

YtD -7.05-43.25%

-6.04-39.50%

-2.35-20.26%3M 1W

PE 4.292.35


M T W T F

07/11

GLAXOSMITH 46.5574.9746.55

YtD -23.45-33.50%

-16.03-25.62%

-4.80-9.35%3M 1W

PE 16.344.80


M T W T F

07/11

JBERGER 63.8476.4559.18

YtD 0.771.22%

-2.89-4.33%

0.000.00%3M 1W

PE 9.970.00


M T W T F

07/11

NESTLE 839.331250.01839.33

YtD -342.67-28.99%

-274.67-24.66%

-110.72-11.65%3M 1W

PE 29.12110.72


M T W T F

07/11

SEPLAT 508.53735.00508.53

YtD -96.27-15.92%

-183.47-26.51%

-8.84-1.71%3M 1W

PE --8.84


M T W T F

07/11

3 4 5

9

13

10 11

12

6

8

14

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. PE ratio9. 1-year price change10. 3-months price change11. 1-week price change12. Daily price movement over 3 months.13. 30-day moving average14. Daily price movement over last week

MARKET DATAVM4 VM | Monday, November 10, 2014 | Issue 018

vanguard markets, november 10, 2014 edition

Documents

foreign earnings

apex bank

diamond bank

zenith bank

investment bank

foreign borrowing

sterling bank

central bank of nigeria